The Benefits of Verifying Transactions Digitally

Mar 31, 2020 9:03:00 AM

Summer Hilfers & Kristi Brown

Imagine a verification solution that vastly improves the customer’s experience allowing them to review and approve the terms of service electronically on their own device; incorporates compliance standards that provide increased adherence to regulatory requirements ensuring protection for customers and your business; while increasing your bottom line. Regulated service providers in Financial Services, Energy, Healthcare, Telecommunications, are driving incremental sales and higher conversion rates while reducing risk by leveraging a digital first verification approach.

The following are three of the key benefits to verifying transactions digitally:

 

IMPROVED CUSTOMER EXPERIENCE


When utilizing traditional verification methods, customers are likely spending several minutes on hold waiting to begin the verification, and then upwards of 8 – 10 minutes stuck on the phone answering questions presented by the verification Agent. This experience is lengthy and invasive. In contrast, a digital verification can be completed immediately following the sale, in a fraction of the time, privately on their own personal device providing a more secure and streamlined experience.

According to Forbes Stats on Digital Transformation and Customer Experience, Dec 2019, “84% of customer-centric companies prioritize their mobile customer experience.”  Why?  Because, “digital transformation and a focus on customer experience can generate a 20-30% increase in customer satisfaction and economic gains of 20-50%.”  Companies can’t afford to not prioritize customer satisfaction. And most customers prefer a digital verification over antiquated live agent solutions.

 

INCREASED COMPLIANCE CONTROLS


Based on user experience, verifying transactions digitally seems like a no brainer. So why wouldn’t all companies have a digital verification solution in place?  We’ve seen companies’ strategic initiatives to improve compliance controls within the customer’s journey stall out based on three factors:

  1. If they aren’t currently incorporating a verification into their process, when complaints and fines roll in, they focus on agent training, improving presentation tools, adding Quality Assurance team members, which are all important, however, due to either lack of knowledge or perceived costs, they leave this critical step in the customer journey unaddressed.

  2. If they are doing a verification and they’ve been using the same process and provider for an extended period, it’s hard for them to manage or initiate change either due to deeply rooted systems, relationships, or people’s jobs dependent on legacy/manual processes.

  3. They have a misconception that digital verification isn’t as compliant as when using live agent. Which could be entirely true if you don’t have the necessary controls in place.

However, with the right partner and controls, a digital verification enhances compliance controls. It does this by leveraging built-in risk prevention safeguards that aren’t available with a live verification. For example, during the digital verification process, the customer’s specific geolocation and IP address are captured and validated against the geolocation and IP address that was used by the company’s representative during the transaction. In addition, client specific business rules and requirements can be configured within a digital solution to flag potentially fraudulent activity.

Compliance regulations set forth by regulators vary from market to market and by customer acquisition channel. The right digital verification solutions allow for the necessary flexibility and control to ensure you are always compliant.

 

ACCELERATE PROFITABILITY AND GROWTH


No matter what industry you’re in, a fully integrated digital enrollment and verification solution will be more efficient and cost effective compared to legacy solutions in place.  Monthly costs to manage sales operations while leveraging disparate tools and processes place undue administrative burdens on team members resulting in disengagement, rework, and mistakes. Costs and risk go up while margin and conversion rates go down. You can put a stop to this merry-go-round by transitioning to a fully digital solution.

Technology breeds efficiency, consistency, and streamlines process. These efficiencies save you money, improve team engagement, and customer experience.

Check out how Emerios implemented a fully digital verification solution for a leading energy supplier increasing annual revenue by $144 million by clicking here or schedule a consultation today.

 

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