Identity Verification: Balancing Security And User Experience
When entering their username and password to complete online transactions or access online banking, how much consideration do customers truly give it?
Not much.
They think the program they’re utilizing is acting morally, and they have faith in the website. However, there is rising concern about security lapses and phishing assaults on the Internet, which might result in a significant quantity of sensitive data falling into the wrong hands.
Security systems are struggling to keep up with internet attackers who use sophisticated techniques to enter computer systems without authorization worldwide.
Digital interactions are now a prominent and pervasive factor in people’s life all around the world, thanks to lengthy work hours and time spent on gadgets after work. The global COVID-19 pandemic in 2020 and 2021 rewired people to prioritize digital.
As a result, companies and enterprises are now intensely focused on improving user experience (UX) to make sure that clients and staff can interact with all of their digital assets with ease, supporting and fostering business expansion.
Regretfully, this implies that cyberthreats are more common than ever and that dishonest people are likewise becoming more numerous.
The Problem with Traditional Online Security Systems
Consider two scenarios:
One where you can check your email without a password, and the other where you have to use CAPTCHA codes to verify your login information every few minutes.
From an individual’s experience perspective, the very first scenario is unquestionably extremely nice, but it is not secure. Simultaneously, no one will be enthusiastic about using the second one, even though it is incredibly secure and highly inconvenient to use.
This is where businesses must learn how to strike a balance between security and user experience.
HCISec, or Human Computer Interface and Security, is the academic term for the relationship between security and user experience that has been extensively researched. Security experts should be well aware that, although system security must come first, user experience is something they cannot ignore.
Are there any practices for identity verification?
Yes – there are plenty of them. The following identity verification API procedures can help strike a compromise between security and usability:
1. Preserve Simplicity
One of the best ways to enhance the user experience is to make the identity verification process as seamless as possible.
Avoid asking complicated security questions that users might not be able to respond to, and limit your requests for information to only that which is absolutely necessary. Instead, consider using biometric information, such as fingerprints or face recognition, to verify the user’s identity.
2. Provide Detailed Directions
Provide thorough information on how to carry out the identity verification process. Users should be aware of precisely what data is required and how they can provide it. Use plain language instead of technical slang that could confuse users.
3. Try and Get Better
Regular testing and user feedback should be used to improve the identity verification process. Get feedback from users and make changes in response to their recommendations. This help to make the process as efficient as possible and enhance the user experience.
Automated, fully integrated verification is the solution
Financial service respondents recognize the benefits of an automated, completely integrated verification of identity suite that leverages cutting-edge technologies to successfully negotiate the thin channel between protection and CX.
Mechanized
First off, while 74% of decision-makers in the financial services industry concur that automated processes improve customer experience (CX), only 14% of firms now have entirely machine-readable verification procedures in place.
The company Funding Circle is one that does. For instance, the biggest lending platform in the UK for small and medium-sized businesses formerly depended on witnesses and wet signatures to confirm the signer’s identity. By digitizing these procedures, security has been bolstered, supporting the general degrees of diligence and confidence that lenders have come to anticipate.
It is now necessary for each receiver to self-verify prior to signing a loan agreement that has been produced and electronically delivered for execution. Customers can sign and verify documents with ease thanks to DocuSign ID Verification, an appliance that is integrated into Funding Circle’s current eSignature workflow and automatically validates IDs and eIDs.
Prior to putting ID Verification and DocuSign eSignature into place, Funding Circle discovered that signing and sending back a contract might take up to 48 hours. It only takes an hour now.
Fully integrated
Leaders in the financial services industry also understand the advantages of utilizing a fully incorporated identity verification technology suite. While less than one-third of respondents said they currently use one, 79% said they would benefit from one, and 75% said having an integrated tech suite in the future would be essential.
Advanced technologies
Ultimately, developing a safe and easy identity verification process depends on the acceptance of future technology. In a study, 82% of decision-makers in the financial services industry agreed that new verification technologies, like eIDs and biometric data, would be very beneficial.
In the last 24 months, there has been a surge in the adoption of new technologies such as digital identity certificates (produced during the transaction or beforehand), eIDs issued by banks or governments, and biometrics. Businesses already employ a range of verification techniques, but they recognize that streamlining the process would benefit from a reduction in the number of approaches.
Businesses with a “high maturity” rating for identity verification have the highest adoption rates, and biometrics is the most popular sophisticated technology.
After all!
Finding the ideal balance between security and user experience is a constantly changing art. Positively, users are becoming more astute every day and most of them don’t mind waiting for an extra security layer to be put in place before they have access to their data if doing so increases security.
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