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Identity verification lags even as 84% consider it ‘critical’ or ‘very important’ in the card scanning process
June 15, 2015
3 Min Read
PRESS RELEASE
Los Angeles, CA, June 16, 2015 – Acuant, the leading provider of credential management solutions, announced today results of an original survey on the growing use of card scanning for information capture, verification and authentication, based on responses from 115 IT decision makers across industries.
According to the survey, 55 percent of respondents currently rely on card scanning information capture processes compared to only 19 percent which still use ‘paper based’ processes and 17 percent which rely on ‘customer entered’ data. The survey also noted a strong trend toward more sophisticated information verification and authentication functions, which promise to improve the accuracy, security and efficiency with which information is collected and give companies more time to devote to customer relations.
The survey identified the following findings, which illustrate the growing market need for cloud-based information capture.
Accuracy: Only 28 percent of respondents were “very confident” in the accuracy of the information collected using current systems, which include basic information capture, paper-based processes, and customer entered data. An alarming 72 percent admit to experiencing errors in the information they collect from customers.
Automation, Validation and Authentication: Although a vast majority of respondents (70 percent) said they validate information captured from customers, only 17 percent have a system in place to “fully automate” information validation. Notably, 71 percent of respondents said information validation and authentication is “very” or “moderately” time consuming.
Connectivity with External Sources: Thirty nine percent of respondents said connectivity with external data sources would be helpful to their business. However, only 17 percent of respondents said their current information systems had “excellent” connectivity with external sources and 21 percent of respondents said they have no ability to connect with external data sources. Sixty two percent said they currently have “some connectivity” with external sources, noting a trend toward this capability.
Security: Although 84 percent of respondents said identity verification is either “critical’ or “very important” and 49 percent consider identity fraud to be “catastrophic” to their business, only 37 percent of companies surveyed have “strong” protection in place. Only 43 percent of respondents said they currently take “some steps” to verify a customer’s identity.
“Companies understand that more sophisticated information capture, verification and authentication significantly improves efficiency and security while making a positive impact on customer satisfaction,” said Yossi Zekri, President and CEO of Acuant. “Businesses across a range of industries are beginning to embrace advanced card scanning solutions for smarter, fully automated information capture, which also helps businesses satisfy demands of today’s consumer to be served quickly and efficiently.”
Methodology:
Conducted between April 16, 2015, and May 29, 2015, the study reflects responses from 115 IT decision makers including CXOs, Vice Presidents of Operations and Directors of IT across industries including healthcare, automotive, financial services, retail, security, gaming and others.
Resources:
About Acuant:
Acuant’s award-winning and patented credential management solutions automate the intake, processing and verification of unstructured data from ID documents. Leveraging virtually any device, our solutions transform this data into useful and insightful information - whether in the cloud or locally - which is used in critical business applications.
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