How Identity Access Management can help your business

How does improved IAM accelerate onboarding/business processes? originally appeared on Quora: the place to gain and share knowledge, empowering people to learn from others and better understand the world.

Answer by Rodger Desai, CEO at Prove Identity, on Quora:

According to a report from Ping Identity, 97% of companies experienced identity verification issues between February and March 2024. Of these companies, 49% said the fraud prevention strategies in place at their organization were “somewhat or completely ineffective,” particularly against the threat of AI and other emerging technologies. It is now more important than ever for companies to implement identity verification processes to verify their users. In the past, companies have allocated huge fraud budgets to bolster outdated security systems that claim to mitigate fraud risks but make the user do all the hard work of proving their identity. As companies increasingly shift to digital-first operations, cumbersome identity verification processes can delay sign-in or prevent users from completing onboarding altogether. Instead of burdening users with one-time passwords and CAPTCHA tests to verify themselves, Enterprise Identity Access Management (IAM) processes can be integrated into business workflows, allowing companies to transact with consumers and other businesses worldwide. This leads to increased security, improved compliance, increased productivity and reduced costs.

In addition to protecting against fraud and managing compliance and risk, IAM processes improve customer experience and commerce by leveraging device-based intelligence to verify user identities. Using mobile device data such as cellular, telecom and other signals eliminates unnecessary account friction in the IAM process, and tools like the Prove Link SDK simplify ongoing IAM for enterprises and enable real-time identity management across the entire consumer identity lifecycle. By integrating IAM into workflows, companies can provide customers with fast, easy and secure authentication – from buying concert tickets to returning an online purchase to signing up for new credit or requesting a ride. Improved IAM also enables companies to offer custom identity-based experiences to verified users, resulting in increased trust and customer loyalty. By consistently and continuously introducing identity verification processes into their workflows, online trust becomes a pillar of the digital ecosystem, enabling consumers and businesses to interact with confidence and security.

This question originally appeared on Quora – the place to acquire and share knowledge, empowering people to learn from others and better understand the world.