Back in 1973, the very first mobile – by Motorolla – was introduced in the consumer market. Since then, stepping into 2019 now we are heading towards 5G networks. Now, with the explosions of mobile phones and smart devices, the telecommunication market is highly saturated having extreme switching rates. The network operators are trying their best to keep with the latest trends.
However, competition in the market is giving a tough time for companies to come up with new innovations in order to retain their customers. Above all, subscription fraud is ever-growing in the telecom sector. There is dire need of a powerful solution that not only combats these frauds but also provides a competitive edge to the mobile service operators. Digital ID verification presents the perfect solution.
Though telecom frauds have already been there in the market for years, subscription fraud is the most common one. In this type of fraud, fraudsters and criminals use stolen identities and information to purchase SIM cards and later on, it becomes a lethal problem for mobile network operators (MNOs). Furthermore, this harms the reputation of the service operators because of distrust among customers whose credentials were being used. As a result, they blame it on the negligence of MNOs.
Digital ID verification Replacing Traditional Practices:
Even in the world of digitization, most telecom companies still use traditional ways of verification – in-person verification for authentication. In fact, most of the providers don’t even have ID verification policies. This bad practice of not properly identifying the customers before issuing them sim cards often land them into a dark pit resulting in detrimental costs and brand damage. Also, there is massive legal exposure that comes to light for allowing criminals to use telecom services for committing fraud and criminal activities – like kidnapping and terrorism.
These factors are forcing the telecom companies to adopt advanced verification methodologies that verify and authenticate users in real-time. Digital ID verification services are the best fit not only to reduce the risk of ID fraud in the sector but also it helps the organizations to establish a frictionless and exceptional customer experience.
This ID verification solution based on hybrid technology – artificial intelligence and human intelligence – provides error-free verification results.
Key benefits of Online ID verification
Other than combatting subscription frauds, digital ID verification provides many other significant benefits for the telecom companies. Some of them are:
Frictionless Customer Onboarding
With online ID verification service, the identity of the customers can be verified within seconds which makes it faster and more accurate. Henceforth it is quite helpful in providing a frictionless onboarding process to customers. According to a study, 76% of the network subscribers prefer single sign-on service from their mobile network operators.
The onboarding process that requires more time and effort often frustrates the customers, hence causing them to abandon the process in mid-way. The automated ID verification solution allows the organization to automatically extract the data from ID documents and verify it against the customer.
Building Customer Loyalty
With the increasing trend of ID theft and digital frauds, individuals are very concerned about their security and privacy. The organizations integrating advanced solutions to secure the customer data and identities establish an unspoken trust among the customers. Building trust is the foremost step in establishing a long-term clientele. Moreover, these services help businesses to meet regulatory KYC and AML compliance. It helps MNOs to build their reputation in the market.