Harnessing Friction in the Identity Verification Process

Identity verification isn't just a buzzword that's been flying around the financial and healthcare industry; it's the backbone of your organization's trust and security framework. In a world that's increasingly digital and interconnected, knowing your customer is who they say they are is both essential and complex. 

At first glance, the term “increased friction” might sound like a setback, a hurdle that slows down the onboarding process. Most organizations view it as a necessary evil, something to be minimized in the name of customer satisfaction and seamless service. What if we could change the perspective that it’s always better to reduce friction? What if we told you that this increased friction in the identity verification process is not a thorn in your side, but a strategic advantage in disguise?

The truth is that onboarding best practices are not about eliminating friction completely, but about creating a thoughtful, strategic friction – a friction that adds value rather than creating an unnecessary burden. Strategic friction doesn’t push customers away; it reassures them. It tells them that you're committed to their security, that you're willing to go the extra mile to verify their identity and safeguard their data.

 

How would you feel if you booked a plane ticket and the airline simply let you walk right on, without any security measures in place? There was no one checking your bag or your person for potentially dangerous items. Their only goal is to reduce friction. While it may make your airport experience much quicker, you’d certainly wonder who else they were letting in without a care and whether or not you’d be safe once on board. You may even reconsider the flight altogether!

 

In the same vein, think of friction as a quality control mechanism. Consider another example, that of alphanumeric or complex passwords. At first, these were seen as a cumbersome requirement, frustrating users and slowing down the experience. Over time, however, they evolved into standard practice, significantly reducing the risk of unauthorized access. In the realm of identity verification, you're doing more than just confirming an identity; you're establishing trust and laying a foundation for a lasting relationship with your customers. 

 

By taking these measures in your identity verification process, you signal to would-be fraudsters that your platform isn't an easy target. You also build a reputation with potential users as a business that prioritizes their security and privacy.

 

It's not about eliminating friction completely, but about creating a thoughtful, strategic friction – a friction that adds value rather than creating an unnecessary burden. Strategic friction doesn’t push customers away; it reassures them. It tells them that you're committed to their security, that you're willing to go the extra mile to verify their identity and safeguard their data.

 

Think of friction as a quality control mechanism. Consider the example of alphanumeric or complex passwords. At first, these were seen as a cumbersome requirement, frustrating users and slowing down the experience. Over time, however, they evolved into standard practice, significantly reducing the risk of unauthorized access. In the realm of identity verification, you're doing more than just confirming an identity; you're establishing trust and laying a foundation for a lasting relationship with your customers. By taking these measures, you signal to potential fraudsters that your platform isn't an easy target and build a reputation as a business that prioritizes security and privacy.

When you add a layer of security to your onboarding process, you're not just verifying an identity. You're establishing trust, creating a solid foundation for a lasting relationship with your customers. You're also sending a message to potential fraudsters and those who want to cause harm and chaos that your platform isn't going to allow it. A well-done identity verification process allows you to build a reputation in your industry as a business that values security and privacy.

 

You're not merely adding a step in a process. You're building a fortress of trust.

This may initially sound like a tall order, however, the rewards are more than worth the effort. To achieve this, we need to challenge the conventional wisdom that friction is inherently a bad thing in the customer journey. We need to redefine the very concept of friction in the context of identity verification.

 

Instead of asking, ‘How can we reduce friction?’ consider posing a more constructive question like, “How can we make friction work for us?" This shift in thinking enables you to fit the perfect balance between security and convenience. It’s about reconciling the need to establish trust in a user's real world identity with the desire to meet customer expectations in a user experience (UX). By embracing friction as a tool rather than a hurdle, you can create a process that both protects and pleases. 

In the end, the safest business is the best business. This is especially true for those in Financial Services, like banking, lending, credit cards, and cryptocurrency. Consider the well-known adage that the best business is the one that knows its customers. Embrace the friction and discover how a more rigorous identity verification process can benefit not just your organization, but your customers too.

 

Are you ready to experience the benefits of a solution that's designed specifically for you? For more information on how to turn identity verification challenges into your competitive advantage, contact Vouched. Our innovative solutions improve onboarding in a number of verticals, including healthcare and telemedicine, as well as automotive, financial services, and many more. If you don’t see exactly what you need on our website, don’t worry. Because we developed the proprietary technology behind our identity verification platform, we’re able to completely customize your solution to be exactly what you need. No other identity verification company can say that. It’s time to unlock the power of flexibility with Vouched's platform and redefine friction in order to make it your ally!