How to use video identification to attract new customers?
COVID-19 has permanently changed consumer behavior patterns. A survey conducted by a global consultancy firm shows that 95% of consumers have significantly changed the way they live, work and shop. Business operations have been increasingly shifting to the online realm. To attract and identify new customers online, a company needs an online sale, onboarding and e-contracting platform. Solutions for video identification (LiveID) and self-identification (SelfID) have attracted most attention in this context.
Are businesses ready for such changes? To be ready, they need to adapt their business strategies to accommodate varying needs of their customers, gain their confidence and also add value in the process.
Why implement a video identification and self-identification solution?
Video identification and self-identification solutions are necessary in the process of enrolling a new customer who is unable or unwilling to go through this process at a brick & mortar outlet.
LiveID or video identification – it combines online operator advisory, collaboration tools, and user identification and e-signature in real time through one video call.
SelfID or self-identification – this refers to cases where a person identifies themselves without involving an operator.
This solution provides a company with a comprehensive suite that allows enrolling new customers, identifying them, real-time electronic document signing, and sale of services.
Personal security is primary
An interaction between a business and its customer may have an immediate and long-lasting impact on his or her feeling of confidence and loyalty.
Most customers expect to be able to arrange services and shop entirely online, enjoying new security standards from the safety of their own home. Personal security is a new customer expectation, which is considered to be an essential consumer need, in addition to value for money and ease of shopping. These essential needs must be satisfied before a customer is able to consider his or her psychological needs such as an excellent customer experience. It is crucial for these processes to be technologically secure and compliant with the applicable regulations.
Which benefits does video identification bring
To a customer, the greatest benefit of such solutions is that they allow them to complete the whole process on their computer, tablet or smartphone, without requiring any further installations, within 10 minutes.
The confidence between the customer and the company becomes multidimensional. From the customer perspective, brand loyalty becomes secondary when it comes to selecting a provider of a particular service or product. This is why businesses should ensure:
- a feeling of security;
- personal data protection;
- legal compliance; and
- a satisfactory digital customer experience.
A good practical example
Generali Investments raised the level of its business operations by implementing e-signature. The first wave of the crisis caused by the pandemic required a rapid response. TIS’s eSIG solution allowed this company to operate remotely. E-signature has made the entire business 80-90% easier to conduct because they integrated e-signature with other internal apps, quickly preparing grounds for full digitalization.
Video identification and self-identification solutions give businesses a great competitive edge and facilitate the process of reaching new customers who will thanks to such online experience remain regular buyers of their services/products.
Author: Marina Meštrović, Business Solutions Consultant, TIS
