Identity checks during the account creation process are not simply a compliance exercise. They also present a golden opportunity to build trust and loyalty with consumers. By applying the most effective identity verification method based on the level of risk associated with a digital identity and transaction/activity, organizations can deliver an account opening experience that balances speed and security.

To learn more about the role of identity checks during account creation, PaymentsJournal sat down with Zac Cohen, COO at Trulioo, and Tim Sloane, VP of Payments Innovation at Mercator Advisory Group. During the conversation, Cohen and Sloane discussed data on consumer expectations, the benefits of identity checks, and what organizations can do to deliver an effective account opening experience.

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Consumer attitudes have been shifting

The abundance of high-profile data breaches over recent years has influenced what factors consumers consider important during the online account creation process. In the past, consumers primarily valued speed. “We had a very high value put on how easy it was to create that account and how quick and seamless it was to start engaging with that service online,” explained Cohen.

But as more and more people’s personal data was exposed online, security became a paramount concern for consumers. This change is reflected in surveys from Trulioo where the company had consumers rank which factors were most important to a great online account creation experience.

As the survey indicated, security is the most critical factor for consumers, with 89% reporting it was very important. Strikingly, only 1% of consumers viewed security as unimportant.

This shows that consumers “want to make sure that their information is safeguarded, that it is taken seriously and secure, and that the risk of their personal information being stolen and misused and abused is minimal,” said Cohen.

Sloane agreed, noting that data from Mercator Advisory Group reflected this broad concern for security as well. “The onboarding process and the ability to authenticate the user is a critical aspect of building customer trust,” continued Sloane. Having established that consumers are overwhelming concerned with security, Cohen and Sloane transitioned to talking about how companies can provide what consumers want.

Building trust and loyalty through identity checks

An effective identity check solution needs to be operating in real time...