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Post-COVID-19 Economy: Why businesses need trust-based processes–VerifyMe Boss

By Juliet Umeh

Co-founder and Chief Executive Officer of an identity verification and KYC technology company, VerifyMe Nigeria, Mr. Esigie Aguele, has said that trust is the new currency of business in the post-COVID-19 era for it to thrive.

Aguele said that as businesses are coming to terms with the realities of Covid-19 pandemic, business leaders need to build trust-based processes across their systems in order to thrive in the post-COVID-19 economy.

He said: “It has become
increasingly clear that it is a major economic driver that enables faster and

Covid 19

more cost-effective transactions. This makes it imperative for businesses to
consciously invest in processes and systems that establish trust in every
action, relationship and transaction.”

He noted that trust will enable businesses to attract the right kind of partners in order to achieve their goals, he stressed that it will be a grave mistake for organisations to continue to view trust from the lens of a token social virtue.

Aguele said: “In the
past few weeks, Nigeria has seen most businesses adapt their processes to work
remotely in response to the repeated lockdowns. As this becomes the new normal,
identity authentication and fraud solutions must become the competitive differentiator
for organisations if users are to put their faith and money in them,” he
said.

“In financial service
industries such as banking, insurance and credit-lending institutions,
businesses have statutory and reputational-risk mandates to ensure that new
customers are adequately vetted during onboarding. They need to verify that
customers match who they claim to be even without physical interaction.

“Establishing a digital identity
and KYC infrastructure will help organisations within the sector protect their
ecosystems as they grapple with the expected increase in demand for their
services, particularly with approving customers for loans and other forms of
credit,” he added.

Explaining how organisations can
balance customer needs while reducing risks and maintaining regulatory
standards, Aguele said: “Most customers are frustrated by lengthy and
cumbersome on-boarding processes which affect their trust in a company even
before the relationship has started. However, businesses are also concerned
about fraud prevention and regulatory compliance. For most organisations,
digital identity verification offers a solution to this problem.”

Digital ID solutions offered by
VerifyMe Nigeria allow businesses to create simple and streamlined onboarding
experiences for trusted Know-Your-Customer (KYC) data via API for corporates
and via an online portal for individuals. With Anti-Money Laundering (AML) and
CBN Tier III compliance, VerifyMe’s products give decision-makers the tools to
assess customer suitability for financial and other services.

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