Yes, I know, another article about GDPR. It’s probably making you either shudder or yawn as the deadline slowly but surely approaches. Maybe your processes are water tight, or else you’re still working out the final details; whatever your status, does GDPR have to be such an onerous process? By implementing some small tweaks to your processes, it could lead to huge gains for your customers, and in turn your business.
No doubt verifying your customers is a vital part of your business both for Know Your Customer and Anti-Money Laundering requirements. Depending on the processes you already have in place, this can be long-winded, and are you really confident that the data you are storing is safe? By having strong identity verification processes, which includes the use of encrypted data and the right for citizens to delete their data at any time, organisations can build stronger relationships with their customers, based on higher levels of trust and develop a more streamlined user experience. This higher level of trust and loyalty will have a knock-on effect, inviting more individuals to transact with a trusted organisation.
Another day, another data breach. Your IT teams are no doubt on constant alert, trying to stay ahead of the tricks and techniques used. You’re probably carrying out a fair number of identity checks on a daily basis, we therefore recommend choosing a software supplier who automatically deletes identifying data or fully encrypts all data, which will help alleviate that headache. Communicating these processes to your customers will encourage them to feel confident transacting with you. Building a GDPR compliant verification system isn’t an onerous task; many solutions will quickly and reliably verify an individual’s identity, using document checks via mobile authentication. With no data trails and no personal information stored, the company is protected, and individuals retain their privacy.
Coming from Germany, we’ve had strong data protection laws in place for many years now. This is obviously a brand-new experience for the UK and it will be interesting to see how many companies are prepared, come GDPR-day. Will this lead to a new privacy movement as the reigns are handed back to consumers to have more control over their data? Companies who are ahead of the curve with regards to GDPR have the opportunity to stand out as a shining example, leading to a positive brand experience and ultimately a stronger customer bond.