How does improved IAM accelerate onboarding/business processes? originally appeared on Quora: the place to gain and share knowledge, empowering people to learn from others and better understand the world.
Answer by Rodger Desai, CEO at Prove Identity, on Quora:
According to a Ping Identity report, 97% of organizations experienced challenges with identity verification between February and March of 2024. Of those organizations, 49% shared that the fraud prevention strategies in place at their organization are “somewhat or entirely ineffective,” especially against the threat of AI and other emerging technologies. It is now more critical than ever for businesses to adopt identity verification processes to verify their users. Historically, enterprises have allocated massive fraud budgets toward strengthening outdated security systems that claim to mitigate fraud risks, but require the user to do all of the heavy lifting to prove their identity. Now, as businesses increasingly shift to digital-first operations, arduous identity verification processes can delay sign-ups or deter users from completing onboarding altogether. Instead of overwhelming users with one-time passwords and CAPTCHA tests to verify themselves, enterprise identity access management (IAM) processes can be integrated into business operations, enabling companies to transact with consumers and other businesses worldwide. This results in strengthened security, improved compliance, increased productivity, and reduced costs.
In addition to protecting against fraud and managing compliance and risk, IAM processes improve the customer experience and commerce enablement by leveraging device-based intelligence to verify user identities. Using mobile device data like mobile, telecom, and other signals, eliminates unnecessary account friction from the IAM process, and tools like the Prove Link SDK simplify ongoing IAM for businesses, enabling real-time identity management throughout the entire consumer identity lifecycle. By adopting IAM into workflows, businesses can confidently deliver fast, easy, and secure authentication for customers – for everything from buying concert tickets, to returning an online purchase, to signing up for a new credit, or ordering a rideshare. Improved IAM also enables businesses to offer custom identity-based experiences for verified users, resulting in increased trust and customer engagement. With the consistent and continued adoption of identity verification processes for their workflows, online trust will become a pillar of the digital ecosystem, empowering consumers and businesses to interact confidently and securely.
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