Getting identity right is the key to digital success for FSI and hospitality

Digital services that promised to enhance a customer’s experience were once thought of by many in the financial services and hospitality industries as something “nice to have”.

That has changed today with the post-pandemic new normal. The unprecedented disruption has only accelerated the shift to digital as a competitive requirement that delivers added revenue streams to these two industries.

It is clear today that mapping out end-to-end digital experiences is crucial to market growth and an enterprise’s ability to acquire new customers.

The financial industry

With a smooth, secure, and privacy-enabled identity verification process, financial firms can achieve superior customer engagements.

These, in turn, support additional revenue streams from new innovative digital products and service offerings that target new markets.

Just as importantly, by removing the barriers to digital onboarding and online transactions and by accurately securing user attributes, identity verification improves operational efficiencies. When implemented correctly, this eliminates manual processes that lead to human errors and creates an enhanced digital experience that users have been looking for.

Keeping track of changing passcodes, PINs, and security questions is time-consuming, less secure, and less convenient than biometric identity verification and authentication.

Financial institutions shouldn’t have to compromise security for a better customer experience. The fight against banking fraud, cyberattacks, and risk mitigation are sacrosanct for the financial industry, but they shouldn’t come at the expense of customer satisfaction.

Today’s digital identity verification solutions can “orchestrate” multiple dynamic data sets to not only detect and deter fraud, but also deliver a delightful customer experience that users love.

The hospitality industry

In a survey by Oracle, 41% of 702 hotel guests said they were more likely to visit with greater frequency if they were recognised by an employee without having to give their name.

In the same study, 62% of hotel guests believed that having this recognition would improve their experience.

To meet these expectations, hotel brands are now embracing enhanced digital and biometric technology, which help elevate the traditional guest experience, reduce complexity, and improve customer satisfaction.

The hospitality industry understands today that digital technology can help personalise the complete guest experience.

While ensuring privacy and security, a biometric verification and authorisation platform uses identity to customise and create a personal experience both on and off hotel properties.

A trusted, secure, contactless hotel experience of the future should be:

  • Transparent – Instantaneous guest identification with the guest’s loyalty account to customise their stay, based on their previously indicated personal preferences (such as a non-smoking room, sundowners at 6 pm, and firm pillows).
  • Automated – Digital profiles allow guests to fast track check-in and payments, removing time-consuming barriers to their luxury hotel experience.
  • Seamless – All interactions with the hotel are routed via the app and verified with the guest’s most unique asset – their face – for a truly customised experience.
  • Contactless – Health and safety, as well as speed and ease of use are paramount with such an identity verification and authentication system. Imagine a fully touchless experience.

Knowing your customer

While the financial services and hospitality sectors are unique, they both can engage customers better and find new revenue streams through improved identity verification in the years ahead.

Whether the process involves electronic know-your-customer procedures or check-ins at a hotel, identity verification is at the heart of the remote customer experience.

It will be increasingly critical in enabling banks, hotels, and other establishments to successfully deliver more digital and face-to-face experiences to meet new expectations.