Integrated identity verification platforms can unlock efficiency and drive ROI

Friday 15 September 2023 08:41 CET | Editor: Mirela Ciobanu | Interview

Zac Cohen, Chief Operating Officer at Trulioo, discusses the efficiency of integrated identity verification platforms and how they can empower businesses to streamline customer onboarding and realise a strong ROI.


In a robust economy, organisations often prioritise business expansion over operational optimisation. But as economic conditions change, the focus naturally shifts toward addressing inefficiencies.

Customer onboarding is a common area of inefficiency because companies often rely on point solutions from multiple vendors to verify people and businesses in different countries. That inefficiency leads organisations to search for ways to consolidate verification vendors, onboard customers with high lifetime value, and maximise ROI.

A global identity verification platform can help by streamlining business and person verification through layered native capabilities. In the following interview, Zac Cohen, Trulioo’s Chief Operating Officer, provides insights into how an integrated identity verification platform can optimise the cost of onboarding good customers around the world and nurture growth in a dynamic digital economy.


How does an integrated identity verification platform contribute to minimising onboarding inefficiencies?

Businesses can benefit from an identity platform that lets them tailor verification processes based on customer risk profiles. The ability to access the right verification capabilities within a single platform at the right moment is a powerful advantage for organisations striving for operational efficiency and smooth customer onboarding. A strong user experience design adds tremendous value to the equation by providing customers quick access to a business's services while minimising onboarding friction.


Could you elaborate on how an identity platform with layered verification capabilities can enhance person and business onboarding?

An agile identity platform enables organisations to configure verification workflows to fit their business needs. More specifically, it empowers companies to adjust specific rules and leverage different data sources to optimise the cost of each verification.

For instance, if a customer fails one verification check, that personally identifiable information can be immediately submitted for verification using a different rule set. That layered, automated approach reduces bottlenecks and can help businesses make informed decisions while optimising onboarding processes to achieve the best results.



What is a real-world example of how streamlined identity verification has helped businesses achieve more efficient onboarding?

Imagine a scenario of a business wanting to onboard a younger demographic. While data source verification is known for accuracy, an organisation can experience challenges when verifying young people with limited credit history.

ID document verification, though, provides robust global coverage and would be the most efficient choice for that situation. An identity platform with automation can initiate a customised verification workflow that caters to the specific needs of a younger demographic, resulting in a flexible user experience that contributes to elevated account-opening rates.


Can you discuss the potential benefits of consolidating technology across the different business departments involved in user onboarding?

Most companies have unique in-house processes and tech stacks that various departments manage. The advantage of an integrated verification platform is its ability to harmonise with different technologies without the need to overhaul an organisation's internal processes.

Through a single API, companies gain access to an identity platform’s suite of native verification capabilities. A truly integrated platform can go the extra mile by simplifying connections with external systems and creating a verification process that instils customer trust and confidence.


How important is it for businesses to tailor their onboarding and identity verification processes to match the market realities of different regions?

No two markets or countries are identical, and optimising for inclusion is a top priority. Every customer presents a different verification challenge, whether because of risk profile or demographics. The key is for organisations to lay out precise requirements for each verification.

That is where an integrated identity platform comes into play. The platform can help businesses streamline onboarding and maximise investments. The result? Smarter spending, better value for your customers over time and a more comprehensive fraud defence. A global identity platform is a game-changer that can boost an organisation’s efficiency and revenue.



Are there any emerging trends in identity verification that businesses should consider to further enhance efficiency?

Identity verification is constantly evolving, and digital identities represent the next phase. That trend is driven by government and consortium standards geared toward securing personal information and strengthening account-opening safety.

While those types of advancements are on the horizon, they don’t mean traditional methods are going away. Instead, the rise of digital identities underscores the need for an agile verification platform that can evolve with any innovation in the digital economy.


About Zac Cohen

Zac has more than 15 years of experience managing, operating and scaling high-growth companies. He’s a startup and tech veteran, having held a wide range of interdepartmental leadership roles responsible for strategy, business operations, and growth. He joined Trulioo in 2015 and runs the company’s ecosystem, PMO and People & Culture departments. Prior to joining Trulioo, Zac held senior leadership roles at a global regulatory technology company, founded a successful international startup and worked for a boutique consulting firm specialising in the technology sector and knowledge economy.


About Trulioo

Trulioo is dedicated to verifying the identity of anyone and any business. Its identity platform drives global growth for organisations by helping them navigate the challenges of compliance and providing real-time verification of more than 5 billion people and 300 million businesses worldwide. By leveraging world-class technology designed to make identity verification faster and more efficient, Trulioo is opening the door to the digital economy for everyone on the planet.

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Keywords: identity verification, identity theft, fraud prevention, online security, digital onboarding, Trulioo
Categories: Fraud & Financial Crime
Companies: Trulioo
Countries: World
This article is part of category

Fraud & Financial Crime


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