The global pandemic has expedited inevitable digital transformation and mandated that almost every business have an online presence — and fast. With this comes the need to meet security concerns to address growing fraud while providing superior customer experiences.
According to PwC’s Global Economic Crime and Fraud Survey 2020, nearly half (47%) of all companies have experienced fraud in the past 24 months. And Forrester estimates that fraud and data breaches in banking will reach an all-time high in 2021.
To manage this ever-expanding threat landscape composed of stolen identities due to data breaches, phishing scams, synthetic identities and deepfakes, the market has responded with focused identity-proofing solutions that leverage digital identities, document verification, biometrics, AI and machine learning. There is an abundance of solutions, so narrowing down where to start is key. For example, if speed-to-market and a fast implementation time are what you need, then a no-code solution is for you.
What is a no-code identity-proofing solution?
No-code solutions are built to enable businesses to achieve their digitization goals, provide a great customer experience and protect their solutions from fraudsters — without the heavy overhead of large IT teams and lengthy development cycles. No-code solutions can be used by business citizen developers or technical developers to expedite the delivery of solutions to the market.
As its name suggests, no-code (and low-code) solutions are usually a few lines of code offered as prebuilt drag and drop elements requiring minimal technical expertise to adopt. It greatly minimizes integration costs and enables rapid adoption, which can have immense benefits from the go-to-market (GTM) perspective for new businesses and new product launches. To realize the ease of deployment, further emphasize the operational savings and support rapid deployment, no-code solutions leverage vendor’s cloud infrastructure.
Not all no-code solutions are alike, so what should you be looking for?
Traditionally, no-code solutions are thought of as only for business users/citizen developers or those with a low feature set and no flexibility. They are thought of as inferior, less powerful versions of solutions that involve compromise. That is simply not the case today. No-code solutions are increasingly sophisticated in the power of the tech they offer, what they allow you to accomplish and can even take on your own branding.
So when researching a no-code solution, it’s important to look for a provider that offers more than drag-and-drop in a template. Ask questions about the technology that powers the tool and what can be integrated. You want to deliver an automated, context-driven user experience, with minimum friction introduced according to the level of risk your users present.
While you want to address your current use case, you should also be forward-thinking. Choose a solution that allows you to make quick changes to your workflows — you should be able to add or remove services/features based on your users and your industry landscape/regulations. An organization operating in a highly regulated industry such as finance or healthcare, for instance, needs to be able to adapt quickly and easily, ensuring they tick all the compliance boxes.
Ideally, you want to enhance the customer experience to grow your business, not turn anyone off or have high abandonment rates. Look for a smooth workflow and UX with some customization options. Adding more pieces to secure onboarding, like document authentication and facial recognition matching, will streamline and strengthen the process for verification and reuse.
Robust no-code solutions will guarantee high availability and take advantage of the scaling and the ready-to-use capabilities of cloud infrastructures — including the possibilities for big data analysis and the intelligence to continuously improve its performance. No-code can really be a game-changer when it comes to identity-proofing. You just need to ask the right questions.
With thanks to Forbes and Glen Larson,the Vice President of Engineering at Acuant. The full story is here: https://www.forbes.com/sites/forbestechcouncil/2021/04/08/why-no-code-tech-is-a-game-changer-for-identity-proofing-in-the-era-of-digital-transformation/?sh=20cd66004ce4
Find out how The Identity Organisation can help you onboard Digital Identities, Avoid Fraud and Keep Data Secure with AcuantGo
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