We already see the glass ceiling challenging KYC-regulated e-commerce and m-commerce majors. For them, customer ID authentication is a must, but no less critical is rapid response.
(PRWEB) August 18, 2014
A survey of six major European countries by Idealo, an Axel Springer price comparison service, revealed that more UK e-commerce websites are “m-commerce ready” then those in Italy, Spain, France, Germany and Poland. 86% of UK online e-commerce websites were found to offer a mobile-optimized website for smartphones, tablets or an app. This compares with 74% in Spain and France, 68% in Germany, 50% in Italy and 46% in Poland (Source: http://cardnotpresent.com/news/default.aspx?id=6233).
But the picture is different where KYC-regulated e-commerce and m-commerce services are concerned. Customer onboarding, account ownership verification and a list of transactions in online and mobile financial services, telco, social trading, and other verticals are bound to hit the glass ceiling of customer ID authentication. Many e-commerce and m-commerce service providers still employ manual examination of customer submitted ID document images and manual checking of document data against keyed-in data and referencing resources. It is well known “secret” that manual eye-balling of hundreds of pictures of ID documents over many hour shifts is costly, inconsistent and often unreliable. But what is bound to impair growth and drive abandonment is also slow reaction time. According AU10TIX market reviews as application volumes increase manual processing translates to customer acquisition bottlenecks that delay response to customers by hours and even days. If left without the support of adequate automation, regulated e-commerce and m-commerce players may lose an increasing share of prospects as they grow…
“We already see the glass ceiling challenging KYC-regulated e-commerce and m-commerce majors”, says Ron Atzmon, Managing Director of AU10TIX: “For them, customer ID authentication is a must, but no less is rapid response. They need to comply with tightening KYC regulations. At the same time they realize very quickly that is they don’t augment their operation with solutions such as AU10TIX BOS then they quickly reach prohibitive back-office costs and customer abandonment. I can only recommend compliance and operations managers to learn about Secure Customer Onboarding solutions.”
“Empirical research suggests that back office personnel may be working up to 8-9 hour shifts but attention drop arrives after 10 minutes of concentration,” says Ofer Friedman, VP Marketing of AU10TIX: “But even if they can maintain perfect focus throughout their shift, once volumes grow then error rate increases and response time slows down. Online Secure Customer Onboarding solutions such as our BOS platform enable a shift from manually “Check all” policy to manually “Check irregularities” policy. This way, the majority of genuine customers can be “Fast Track” onboarded, thus increasing conversion success chances and boosting effective volume handling capacity."
AU10TIX Limited, a fully owned subsidiary of ICTS International N.V, deals with the authentication and digitization of identifying documents including Passports, identity cards, driving licenses and other complementary identifying documents. The company specializes in implementing hardware & software based applications used for scanning, identifying, content retrieval, authentication and validation of identifying documents. AU10TIX is a pioneer of all-channel (front-end and online) ID authentication and processing solutions. The company's products drastically reduce identifying document-based fraud, reducing the costs associated with client processing and enabling effective regulatory compliance, while making the sales and support operations speedier and considerably more efficient.
For more information, visit http://www.au10tix.com.
About ICTS International N.V.
ICTS specializes in the development and implementation of innovative security concepts and solutions designed to meet the needs of a variety of industries, mainly aviation transportation, border control and sensitive facilities. ICTS International benefits from over two decades of expertise and international operational experience in transportation security, with a particular emphasis on high-risk environments, passenger processing transactions and the integration of security services to provide a comprehensive security solution. It also offers a wide variety of customized training programs, tailored procedures and a wide range of security consulting services. The company has developed and implemented unique technological solutions, based on its comprehensive approach to security, designed to enhance the level of security while accelerating the security check process.
For more information, visit http://www.icts-int.com.
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, regarding the Company’s business strategy and future plans of operations. Forward-looking statements involve known and unknown risks and uncertainties, both general and specific to the matters discussed in this press release. These and other important factors, including those mentioned in various Securities and Exchange Commission filings made periodically by the Company, may cause the Company’s actual results and performance to differ materially from the future results and performance expressed in or implied by such forward-looking statements. The forward-looking statements contained in this press release speak only as of the date hereof and the Company expressly disclaims any obligation to provide public updates, revisions or amendments to any forward-looking statements made herein to reflect changes in the Company’s expectations or future events.
Ofer Friedman, VP Marketing
Tel.: +357 (22) 007698
ICTS International NV
Tel.: +31-20-716 3421