Trust is the foundation of any significant relationship, not just among friends and family members.
When consumers interact with a business, they need to trust their personal information will be protected and used for its intended purpose. For businesses, trust is equally important: in order to confidently and securely provide a high quality, personalized product or service experience, businesses must be sure that customers are who they say they are.
Think about the moment someone sets up a new bank account, starts a new job, enrolls in a school or simply creates an online profile with their favourite retailer. Being able to verify and trust the information being exchanged allows organizations to meet their goals, whether it’s growing revenue during a challenging economic time, optimizing costs by making use of digital channels or reducing the risk of fraud.
This could explain why 91 per cent of business executives surveyed by consulting firm PwC in 2023 said the ability to build and maintain trust improves the bottom line, and why 79 per cent of consumers polled by Interac Corp. (Interac) amid Data Privacy Week said protecting their data is very important to building trust.
Interac, Canada’s most trusted financial services brand, recently conducted a survey of close to 300 Canadian business decision makers to learn more about:
- Current awareness of digital verification solutions
- Digital verification features that offer the biggest potential and promise
- Barriers to adoption and plans for the future
For most organizations, adopting digital verification processes will require collaboration across multiple areas such as business, IT, legal and sales. It takes individuals running those functions to identify and articulate the use cases where digital verification will bring value. Chief information officers (CIOs)and their teams need to assess the impact on everyday processes and to assist with the selection and deployment of the right solutions.
The path towards digital verification can be streamlined if those in both business and IT have a deeper understanding of where their peers are on this journey today.
This report will explore the survey data in more detail to offer Canadian companies guidance on leveraging the digital verification solutions they need.
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