The advancement in technology is driving the future of the industries leading them to a whole new dimension. Almost every industry is transforming its business operations by leveraging technology.
To stay put with the competitive market it’s essential for the businesses to streamline their processes and improve the customer experience. The more important aspect that businesses need to cover is digitizing their operation to meet customer demand.
The digitization of the world is bringing new challenges for businesses, security being the significant one. Here are some of the ways technology is helping businesses to secure their operations and enhance the customer experience as well.
Digital Identity Verification for User Authentication
Over the past few years, the trend of digital frauds such as financial frauds, account takeover, identity theft, etc., has rapidly increased. The reason accounted for such rapid growth is the lack of advance authentication checks.
Businesses still rely on traditional passwords verification to authenticate users, which are no more secure or reliable because they are easily hackable.
The Digital Identity Verification solution is one of the innovations of technology that is based on advanced principles of artificial intelligence that can verify and authenticate the users in real-time. These services are rapidly adopted by businesses that facilitate them in securing their organization from fraudsters and identity thieves.
Most of the time organizations face loss and data breaches due to intrusion of its own employees. The reason is the inability of the companies to guard their sensitive information and data; they still rely on the locks and pin codes to hinder access to unauthorized employees. This is not an effective way, hence resulting in unwanted situations for the business.
Taking into account the growing threat of security breaches posed by company insiders, many businesses are incorporating the biometric technology to limit the unauthorized access of individuals to the data and sensitive area of organization. Face verification, one of the secure and reliable biometric solutions, can check for the remote presence of the person trying to access information.
This extensive use of biometrics is facilitating businesses to streamline their business in many ways. For example, the attendance registers are being replaced by the fingerprints systems that can automatically update the employee attendance records.
It helps the organization to reduce ghost employee fraud and track their attendance with proper check-in and check-out times. Moreover, it keeps the organization secure since only the employees can surpass the authentication check and enter the building or department.
Secure Client Onboarding Through Digital KYC
Clients are the assets of an organization and their experience matters a lot for the success of an organization. But the stringent regulatory pressure on the organizations is throwing a greater challenge for businesses in streamlining their “know your clients” processes. With the strict KYC/AML requirements, businesses are obliged to implement KYC and AML solutions to verify the identity of their customers.
Traditionally, these processes are quite time-consuming, costly, prone to errors and require a lot of effort. Moreover, with the increasing trend of digitization, the businesses are onboarding clients from different parts of the world.
In these situations, the manual KYC is not reliable and effective; therefore, businesses are incorporating AI-based digital KYC verification that verifies and authenticates the customer identity in real-time.
Based on the advanced technologies, know your customer process provides seamless customer experience and moving the mountain for businesses that automatically extracts the client’s data and documents, and perform the customer verification within seconds. To say technology is proving to be a balancing wheel between security and customer experience for businesses won’t be an understatement.
Cloud Computing and Data Encryption to Secure Information
Dealing with the data is as much important as keeping it secure. With strict data protection laws such as GDPR, coming into effect, businesses are obliged to take action to keep the consumers’ data secure and safe. The use of cloud computing technology is proving to be quite beneficial and convenient in this regard. This technology replaces the traditional practices of storing data which posed a threat to an organization.
Cloud computing proves to be a secure and cost-effective technology for businesses dealing with voluminous data. The reason is it allows the company’s authorized employees to access the data from anywhere. Moreover, if followed by proper security standards, the cloud data can be protected from breaches and cyber-attacks. For this purpose, data encryption is actively adopted by organizations.
What companies do is, they encrypt all the sensitive data before uploading it on the cloud, so that even if the data is compromised, the hackers won’t be able to access the information encoded. If we look years back, all these security practices wouldn’t have been possible. It’s all because of technological advancements that businesses are getting more secure.
data security – DepositPhotos
