When it comes to onboarding customers online, businesses have adopted eKYC solutions to ensure their new customers are who they say they are and are suitable to do business with. But most eKYC solutions are limited in scope, forcing companies to research, purchase, integrate and maintain dozens of different point solutions to meet all their identity verification requirements across the customer journey.
This approach puts a huge burden on organizations, in terms of time, resources and money, and it creates an unmanageable web of complexity. This is why so many companies are now turning to end-to-end identity proofing platforms with orchestration.
What is Orchestration?
Orchestration is the ability to run multiple KYC checks against a variety of risk signals and dynamically adjust the workflow based on real-time inputs. For example, your workflow might start with a device check, and if the user’s cell phone has already been used multiple times to open accounts, a more rigorous set of checks will be initiated.
Orchestration allows organizations to provide a frictionless experience for their legitimate customers and increase scrutiny for higher-risk individuals. The result is both higher conversions and higher fraud deterrence. It also saves you money, because you can check the lower-cost risk signals first to filter out a lot of the fraudsters before you run the more advanced identity verification processes such as ID scanning and liveness detection.
Beyond Onboarding
Once your customers are onboarded, orchestration is also useful for continuous authentication and risk-based monitoring. For example, if a customer logs in from an unusual location, simply requiring a password might not be enough. Instead, your workflow can trigger the user to take a selfie and compare it to the one they took when they created the account to ensure it’s the same person. You can also run screening checks periodically to ensure your customers remain suitable to do business with, such as verifying that they haven’t been put on a sanctions list other watchlists.
No-Code Orchestration
Traditionally, workflows have been difficult to create and required working with engineering teams to implement the required business logic. This meant every time you needed to make a change you had to go through design, implementation, testing and production phases.
No-code orchestration provides the ability to create workflows in minutes instead of weeks. The drawback is that many no-code solutions provide only limited capabilities, so more complex workflows are not possible in those solutions without going back to the engineering team. Thankfully, companies like Jumio now offer robust no-code orchestration tools that allow you to create all the complexity your business requires without writing a single line of code.
Real-time Rules Editor
Rules are the logic behind the workflows. For example, you might create a rule to launch additional checks when a risk score is above a specific threshold. However, rules can’t remain static. As trends change and new fraud patterns emerge, it’s essential for businesses to be able to change the parameters to either tighten or relax the rules in response to what’s happening in real time. Jumio’s rules editor makes it easy for you to make these changes and see the results immediately.
The Advantage of a Platform
While technically an orchestration tool could allow you to connect to multiple data sources from different vendors in your workflow, a single platform provides huge advantages:
- You only have to sign a contract and maintain a relationship with one vendor, which saves companies time and resources.
- Integrations to different data sources are pre-built and orchestration requires no coding, so you can focus on your business and not on fighting fraud.
- When regulations change or if a data source no longer meets your needs, you don’t have to worry about finding and implementing a different data source — the platform vendor handles everything for you.
The Jumio KYX Platform provides everything you need to orchestrate sophisticated and flexible workflows that can connect to hundreds of data sources, all from a single API. Our real-time rules editor lets you respond immediately to sudden changes in fraud patterns to ensure you’re keeping criminals out without increasing friction for legitimate users. And our unified dashboard gives you a holistic view of the person’s risk so you can make informed decisions faster. To learn more about the power of orchestration and how you can accelerate digital trust in your organization, check out this webinar, or contact us to start a conversation.
Originally published: April 28, 2022 Updated: November 29, 2022
