The key component to long-term business success is customer satisfaction. With online users expecting the instant gratification of swift and hassle-free experiences, adapting to the rapidly evolving digital and mobile landscapes is necessary for all businesses.
A consumer study from our sister company, IDology, found that while the use of desktop is growing for new account openings—42% in 2022 compared to 33% in 2021—the use of mobile is growing much more significantly and rapidly, with 78% of survey respondents having used a mobile device as part of an account opening process.
When it comes to onboarding, the key is balancing the customer experience with effective identity proofing processes to prevent fraud while still ensuring compliance. Ineffective processes will result in dissatisfied customers and business loss, and in some cases, hefty fines for noncompliance.
Here are three challenges companies are likely to face when onboarding:
There is significant pressure that comes with ensuring users are satisfied, particularly as part of the onboarding process. Today people have high expectations for consistency and minimal friction. If the onboarding process takes an unreasonable amount of time or is too cumbersome, users are highly likely to drop off and it will leave a negative first impression. In fact, the study found that 47% of the users surveyed said they would abandon a brand after two negative digital interactions. Address verification helps to reduce form abandonment rates by providing a quicker way to enter customer address details. In fact, our type-ahead solution reduces data entry time by 78%.
With heightened governmental—nationally and internationally—scrutiny on the importance of data privacy and data protection, companies will need to ensure they are jurisdictionally compliant with evolving privacy laws such as GDPR. Address verification is an important first step and data point in capturing identity.
It is not enough for companies to solely focus on seamlessly onboarding new users.
The role of address verification is to ensure good data flows to all other downstream systems and decision processes. Address verification solutions can automatically validate and verify addresses against reliable databases and sources. This helps minimize manual data entry errors, such as typos, misspellings, or incorrect postal codes. By eliminating inaccuracies at the point of entry, businesses can maintain clean and accurate user data.
Accurate and quality data helps businesses across the world make location data-driven decisions to deliver superior user experiences. Data quality is essential to both the user and your business to create a seamless onboarding process.
Loqate gives businesses the distinctive capability to obtain and maintain the most accurate premise-level address data in the world.
By combining easily deployable and highly performant address capture and verification technology with the richest premise-level address data for 249 countries and territories, we give businesses the unrivalled precision they need to make data-driven decisions, deliver superior customer experiences, help prevent fraud and enable cross-border transactions – globally and at scale.