New data from Interac report shows how decision makers think about digital verification
TORONTO, August 16, 2023 – The rising need for digital services is leading many Canadian businesses to rethink how they verify personal information to reduce risk and build trust with customers. Interac Corp., one of Canada’s leading and most trusted brands, examined the motivations of Canadian business decision makers across the lifecycle of digital verification adoption and released findings via a new report – Digital Verification for Canadian Businesses: Insights from Decision Makers.
The report notes that 57 per cent of surveyed business leaders are looking to adopt digital verification solutions or see value in understanding how these solutions can help their businesses. Almost half of those looking to adopt digital verification solutions will pursue some new form of digital verification in the next six to 12 months. Business leaders see that customers and employees value an easy, transparent, and secure onboarding user experience that allows them to access online services swiftly and safely.
The report highlighted several reasons for adopting digital verification:
- Access: 77 per cent of business leaders surveyed say that digital verification solutions enable customers and employees to safely access services remotely.
- Security: Six in 10 business leaders polled (61 per cent) see digital verification as a way of protecting customer data.
- Employee safety: Eight in 10 business leaders polled agree that digital verification solutions make their organization safer for employees.
“Trust is the cornerstone of any meaningful relationship, whether personal or business related,” said Debbie Gamble, Chief Officer, Innovation Labs & New Ventures at Interac Corp. “This was reflected back to us by the decision makers we surveyed who identified the competitive advantage they could gain by creating more trusted interactions with their customers. By using digital verification solutions, organizations can ultimately drive growth, optimize costs, and reduce the risk of fraud.”
Digital Verification for Canadian Businesses: Insights from Decision Makers also explores why business leaders see the case for digital verification, challenges in implementing these services and guidance on how to accelerate adoption.
The full report includes:
- The business case for advanced verification: More businesses today are concerned with cybersecurity. The ability to digitally verify customer and employee data doesn’t just offer a better experience, but one in which everyone can be more confident that critical information is protected.
- The current approaches to digital verification in Canada: The survey found businesses are using a range of verification options with varying degrees of security. Moreover, a lack of information about the benefits of potential digital verification solutions presents a key barrier to adoption.
- The ideal outcomes business leaders want from digital verification: Businesses strive to put customers first, comply with industry regulations, and reduce the risk of fraud. Digital verification is a fundamental part of customer centricity and gives customers convenience and more options over how they verify their data.
- Key steps to developing the right digital verification strategy: Bring the right stakeholders into the mix, align on the most relevant KPIs, develop a trusted partnership, and establish open and ongoing feedback mechanisms.
About the research
A 15-minute online survey was administered from March 10 to 20, 2023 by RepData.
The survey was administered to a pool of full-time Business Decision Makers (BDMs) across Canada. A total of 299 BDMs completed the survey.
About Interac Corp.
Interac empowers Canadians to transact digitally with confidence by providing payment and value exchange services. In helping to develop the future of money, data, and verification in Canada, security is the core of everything we do. Through our privacy, fraud mitigation, governance, and verification and authentication services, we help keep Canadian customers safe and secure when transacting. With nearly 300 financial institutions connected to our network, Canadians choose Interac products over 20 million times a day on average to exchange money. Interac champions workplace culture and corporate citizenship based on the principles of responsibility, diversity and inclusion. We are proud to be one of Canada’s leading and most trusted financial brands.