When buyers think about the cost of an identity verification product, they often think first about the dollar cost of a verification. That makes sense, because those are the literal dollars that are leaving your bank account each time someone completes a verification.
However, the price you pay to your identity verification vendor is likely among the lowest cost components of identity verification.Your marketing team likely spends dollars per click to bring users to your site. Your growth team may spend months optimizing your funnels to increase conversions by some percentage. Your product team spends years building out features to stay ahead of the competition and provide value to your users. But it’s worth it, because the lifetime value of that user hopefully greatly exceeds their acquisition cost.
However, when it comes time to verify their identity, whether for fraud deterrence, age verification, compliance or otherwise, your identity verification provider is letting you down. Anyone who has used identity verification products can attest that there is often significant user dropoff at the time of verification.
Often companies will move identity verification as far down the funnel as possible in order to increase user intent and therefore conversion. If you assume that any user who completes identity verification will become a productive user of your product, then you can multiply the verification churn rate by the lifetime value of an average user to estimate the conversion cost of identity verification.
Users churn because the identity verification process is often clunky, taking minutes to complete after the required information has been submitted in a world where users demand instant gratification. They churn because they don’t know how to complete the verification process successfully. And they churn because they’re being asked to perform a high-friction task, like taking a photo, transferring to their computer and then uploading. Think of all that investment in marketing, product, and sales just to lose a prospect to a bad verification flow!
This is one of the key reasons why we built Berbix. Berbix has prevailed in every head-to-head test we’ve done against any of our competitors. And the primary reason why people choose Berbix is because we increase conversion substantially vs. the competition, with our customers often seeing 10-15% increases in absolute conversion (e.g. 70% increasing to 80-85%).
How do we do this? Berbix is fully automated for every single verification. What this means is that our systems have been built for speed. When a user goes through the Berbix verification process, we are able to process that image in a split second. If it’s not of sufficient quality to complete a successful verification, we ask the user to try again right then and there. This is a huge distinction from the typical process which has the user complete the entire process before being able to provide a result. We call this feature “Live User Coaching”, and it makes a massive impact on user success.
Additionally, because of the fully automated nature of the Berbix solution, we are able to provide instant results. This means that we’re processing the information as the user is completing the verification flow. We call this feature “Progressive Verification”. By the time they finish, we’re done processing and we’re able to provide instant results every time. Users demand instant gratification, and with Berbix you can provide that to every user.
We’d be thrilled to help you provide the best user experience possible to your users. If you’d like to join the growing list of companies that have improved conversion by switching to Berbix, reach out to us at berbix.com/contact.