The financial industry is still trying to catch up with the digital era. Many people are getting their first credit card at 16 years old, and some even before they’ve graduated high school. It’s clear that financial institutions need to do more than just offer credit cards or other payment services—they need to provide a safe way for users to navigate this new world of digital commerce.
Consider if it’s cloud-based or on-premise
As you consider what kind of identity verification software is right for your financial services business, it’s important to think about the type that will work best for your team. The two main options are cloud-based solutions and on-premise solutions.
Cloud-based solutions are more flexible and scalable than their on-premise counterparts because they can be used by multiple users at once, but they may not be as secure. On-premise solutions can be more secure than cloud-based ones, but they’re also more limited in how many employees can use them at once—and they may incur higher costs if you need to purchase hardware.
Review your functionality needs
Identity verification software is a broad term. There are many different types of identity verification software: some are simple, while others are complex and serve multiple purposes. Before you buy, it’s important to understand the different types of services available so that you can make an informed decision about which product best suits your needs and budget.
Decide on how deeply you’ll integrate it with your systems
Integration with other systems is crucial for efficiency and security, compliance, and scalability reasons. For example integration with your internal customer relationship management (CRM) system ensures that follow-up contacts are made automatically when a new client signs up for IDV services. This helps ensure that clients are kept informed throughout the IDV process and don’t have to wait until the final step before receiving service from an agent or another team member at your company.
Integration with other security tools can help automate processes like user access reviews. When changes are made in one system, they’re automatically reflected in others so IT teams don’t have to worry about manually updating their records every time someone joins or leaves their team—they can just let their existing processes get the job done for them.
Think about accessibility and security
Ensuring that financial service professionals use identity verification software effectively is a challenging task. It’s important to create a security system that allows staff to work quickly and efficiently while also ensuring that your customer’s personal information is protected from malicious attacks.
To do this, you’ll need to take into account the unique needs of each branch or office in your company. For example, if your employees are often traveling between locations on business trips, it may be more difficult for them to access their credentials than if they were stationed at one location full-time. In addition, some branches may have special security measures in place (e.g., video surveillance) while others don’t—so understanding what sort of authentication process works best for each branch of your business will be key as well.
Regardless of how many branches/offices there are within your company or how much travel occurs between them, there are some basic guidelines everyone should follow when implementing any sort of identity verification software.
Conclusion
Identity verification is a vital part of the financial services industry, as it ensures that only qualified individuals can access sensitive data. The use of identity verification software allows financial service professionals to identify fraud and prevent unauthorized access.
With so many different types of software available on the market today, it can be overwhelming for businesses to choose which solution will work best for their needs. By considering whether their chosen product is cloud-based or on-premises, reviewing its functionality needs, deciding how deeply they want to integrate it within their systems, reviewing accessibility considerations such as connectivity speeds, and evaluating security protocols like two-factor authentication (2FA), companies can ensure that they are choosing wisely when selecting an identity verification solution provider.
