A new Reusable Digital Identity product suite has been introduced by a comprehensive verification platform to enhance the efficiency of identity verification processes. This suite is aimed at reducing the burdens associated with repetitive identity verifications and Know Your Customer (KYC) checks, which often lead to user frustration and higher drop-off rates during onboarding.
KYC procedures are crucial for maintaining security, preventing fraud, and ensuring compliance with regulatory requirements. However, the need for users to repeatedly verify their identities across different services, particularly for essential access to financial and transport applications, can lead to a negative experience. As a result, companies often experience diminished conversion rates and user engagement.
Data analysis from the platform demonstrates that one-third of applicants have already been verified, illustrating the ongoing issue of repetitive KYC checks. In response, this new solution has been developed to streamline the verification process for both individuals and companies, facilitating compliance without compromising security.
The Reusable Digital Identity suite comprises two innovative products: Sumsub ID and Reusable KYC. These tools enable users to bypass tedious documentation steps while ensuring that all necessary regulatory checks are still executed.
Sumsub ID provides a secure method for users to store and reuse their verified documents across various client platforms associated with the service. In contrast, Reusable KYC allows companies integrated within the ecosystem of this service to share customers’ data with their consent, further expediting the onboarding process.
Both products focus on enhancing customer experience while preserving security and compliance. They aim to simplify identity verification by minimizing unnecessary documentation uploads and repetitive data entries, ultimately leading to improved onboarding speed and higher conversion rates.
With a decade of experience in the industry, the organization emphasizes its goal of enabling businesses to conduct digital identity checks with swift efficiency comparable to payment processes, without compromising on compliance standards. The introduction of Sumsub ID and Reusable KYC signifies a transformative advancement in digital identity verification, assisting companies in enhancing their onboarding efficiency while empowering users with better control over their personal data.
Sumsub ID facilitates the onboarding process by allowing users to securely store their verified documents, making it easier to reuse them for future verifications across a network of over 4,000 companies that utilize the same verification platform.
Meanwhile, Reusable KYC supports a collaborative approach among businesses, streamlining user onboarding while placing control in the hands of individuals through explicit consent for data sharing.
Now accessible to a wide array of users, Sumsub ID is designed for seamless verification and onboarding across various sectors, including cryptocurrency, fintech, banking, e-commerce, traditional finance, security, regulatory technology, and fraud prevention.
This product suite seeks to create a more user-friendly verification experience, enhancing overall satisfaction while maintaining a strong focus on compliance and security within the digital landscape. The launch of these tools represents a significant step toward transforming how identity verification is approached in an increasingly interconnected digital world.