Month: September 2020

5 Steps to Improve Your KYC with Biometrics

KYC stands for “Know Your Customer.” It refers to the process where a business verifies the credentials and information of its potential and existing customers.

KYC is an essential step to prevent hijacking and tampering of sensitive customer data. It also helps businesses verify customers’ identities and assess their risk quotient.

Traditional KYC verification has many downsides, including restricted data portability and high costs. At the same time, vendors can’t exactly ignore KYC, especially as online transactions become rampant during COVID-19. 

To overcome the limitations of pen-and-paper identity verification, businesses have started leveraging next-gen solutions like biometrics. Let us talk about the advantages and best practices of using biometrics to streamline KYC. But first, let us understand why KYC is important and what are the issues with conventional KYC.

Why is KYC Important for Businesses?

Businesses, especially banks and financiers, rely on KYC for many reasons. A robust KYC system helps them to:

  • Thoroughly investigate new customers and verify their identities.
  • Prevent money-laundering and identity theft.
  • Assess the loan-repayment capability of clients.
  • Minimize potential security risks.
  • Comply with regulatory requirements.

Companies that don’t follow a stringent KYC procedure can expose themselves to fraudulent customers, insolvency, and reputation damage.

What Are the Drawbacks of Traditional KYC for Businesses and Customers?

Banks and financial institution have eliminated outdated KYC verification systems because of the following reasons:

1. Too Much Customer Friction

Customer-onboarding time has increased considerably ever since laws made KYC mandatory. According to a Thompson Reuters study, a simple account-opening process took 18% more time in 2018 as compared to 2017 since the verification time has stretched. 12% of customers say they got frustrated and switched banks when their bank asked for additional documents to complete complicated KYC.

Not only do customers have to wait longer for basic work, but they also resent the level of documentation they are asked to furnish. Privacy intrusion issues can arise when companies request for personal customer details.

2. High Compliance Costs

Companies are spending too much on legal fees and labor that are required to complete customer due diligence. Every week, 50% of bankers spend 1.5 days on onboarding new clients. The global compliance costs amount to $500 million annually for banks and finance-related businesses. If companies spend 15% to 20% of the total “bank-running” costs on compliance, risk, and governance, their profit margins dip.

3. Variable Data Rules

The list of permissible KYC documents varies from nation to nation. For example, Cyprus has recently updated their KYC requirements. They now demand an in-person meeting with each account holder. 

On top of that, there is no cognizance between companies when it comes to KYC rules. Different banks can ask for different verification documents from different clients. For instance, corporations may have to provide the director’s tax and legal papers. LLCs may be asked to furnish the Articles of Organization, etc. 

Compliance requirements depend on the Central Bank’s dictates. Plus, banks might formulate their own compliance policies. With such fluid rules, it becomes difficult for customers to keep documents handy.

For all of the above reasons, biometric verification for KYC has become popular.

Biometric-based KYC is scalable, company-agnostic, and standardized. The collection of user data is fast, simple, and portable. Moreover, biometric provides more precise and reliable MFA multi-factor authentication) than knowledge-based authentication (KBA) like passwords or PINs. 

Last, biometrics can be based on facial-recognition, voice ID, or fingerprints. By disallowing shared user credentials, biometrics is the most secure authentication system for KYC and AML (anti-money laundering). 

5 Biometric Best Practices You Need to Follow

There’s no denying that biometric KYC is the way forward. However, to use this cutting-edge technology in the best way, you need to follow the tips below.

1. Allow Single-Sign-On (SSO)

Often, users find it challenging to remember multiple passwords. Biometric-enabled SSO enables users who fail to recall passwords, to sign in. Busy, multi-taskers enjoy the convenience and time-saving of SSO. Intel has already leveraged SSO to allow users to log in to multiple systems securely using a single username and password.

2. Integrate Anti-Spoofing features

The biometric system should include built-in security systems that risk-proof your KYC from imposters. Fingerprint scanners require a live finger not recorded finger pictures to complete the scan. Similarly, liveness detection ensures that the customer is a live one. Iris-pattern scanners may require you to move your eyeball or blink to pass the due diligence routine.

3. Include Multi-Factor Authentication (MFA)

To prevent data breaches, add a security layer by using MFA. It has two components—a custom pin that is system-generated, and personal authentication data (fingerprint, voice ID, iris pattern, geolocation, etc.). Mastercard’s “selfie pay” biometric system double-checks users’ identities by asking them to upload an instant selfie.

4. Take Advantage of Multi-Modal Biometrics

Typically, a single biometric data point is used to authenticate users. But background disturbances can distort voice tags and lighting can impact facial recognition. In such scenarios, authentic users can be locked out of systems. Also, a single data point is relatively easy to penetrate. That’s why some banks use multi-modal biometric KYCs that combine the results of more than one biometric. 

Your access control machines can be equipped with geolocation tracking and face scanners. Your bank locker systems can ask for voice identification along with eye patterns. This way, you can prevent spoofing even if one of your data points is compromised.

5. Be on Top of Trends

Identity verification is a fast-evolving space. Why so? That’s because fraudsters are always one step ahead of the legal system. As new ways of data leaks, account takeovers, and credit card frauds crop up, authentication systems also revamp. So, it is essential that you be abreast of trends in data security domains. 

If you use outdated, weak protocols, you are risking your customers’ financial and personal information. You are culpable for damages that your customers incur for your negligence and incompetence. Apart from the huge legal costs, you can also damage your business reputation and goodwill in the market.

Are You Ready to Improve Your KYC with Biometrics?

With SSN and KBA systems phasing out, biometrics-based KYC is the need of the hour. Since your customer relationships and business reputation are at stake, leave no stone unturned to master biometrics KYC. They offer convenience, cost-savings, and security to you and your customers. 

Leverage all the tips mentioned above and keep a lookout for changing trends. Subscribe to our blog to get free, monthly updates on the latest developments in product development, software innovation, design, and more.

To know more about iView Labs, kindly log on to our website www.iviewlabs.com and to get in touch with us with your queries and needs just write us an email on info@iviewlabs.com and sales@iviewlabs.com.

Download the latest portfolio to see our work.

4 Benefits of Using Blazor Framework for Full-Stack Web Apps

JavaScript has disrupted the world of web apps. Using the language, developers can replicate beautiful, user-friendly interfaces on browsers. But what about .NET developers? They don’t really have this advantage.

But that’s about to change with the entry of Blazor by Microsoft. Just imagine, .NET  web apps running on a browser, without any plugins or coding wizardry. Unbelievable, right? 

Let’s learn more about Blazor, the fantastic .NET web framework that has taken the app world by storm. 

What Exactly is Blazor?

Blazor is a markup syntax, using which you can embed server-based code into your web pages. It is comparable to Angular or React, the only difference being that it is powered by C#. Based on the latest web standards, Blazor doesn’t require any add-ons or plugins to work. 

As a result, Blazor bundles full-stack app development with the same consistency, stability, and productivity that .NET provides. Moreover, Blazor is completely open-source since it is implemented through WebAssembly. 

WebAssembly is the secret sauce that makes this magic possible. It is a web standard that converts high-level languages to a simplified form that runs at the speed of native machine codes. Thanks to this groundbreaking platform, code based on sophisticated languages like C# and F# can be run on web browsers. 

Now, let’s read about all of Blazor’s benefits below.

Advantages of Creating Full-Stack Web Apps Using Blazor

Blazor has the same benefits that a modern-age single page application (SPA) like Vue or React offers. Plus, both the client-side and server-side coding can be done using the same .NET technology. This means you can reuse the same classes on both sides.

In short, web apps built on the Blazor framework are fast and native-like. Their code is customizable, secured, and shareable. Let’s take a look at all the advantages of Blazor-based development.

1. You Can Run .NET Code in Browsers 

Until Blazor came out, JavaScript was the gold standard for full-stack web apps. This means back-end .NET developers had no option than to learn JavaScript if they wanted to ace full-stack development. 

With the advent of WebAssembly, the monopoly that NodeJS enjoyed in app development comes to an end. Via client-side Blazor, the same validation code can be used for all in-browser logic.

2. It Is Faster than JavaScript

If you use the client-side Blazor framework, you can develop performance-intensive apps like video gaming and augmented reality easily. Plus, Blazor is pre-compiled into WebAssembly so your server-side code is deployed and run faster than in languages like JS. As the full-stack cycle progresses, the deployment completes and code execution becomes even faster. 

You may not notice the speed difference in simple codes, but the difference is palpable in sophisticated programs.

3. Codesharing Is Possible on Server and Client Sides

Often, the same validation code that is run on the client-side needs to be executed on the server-side. 

For instance, you can tell users that they have entered a non-existent username as soon as they enter it, to save them a round trip to the server. Then, the same validation code is implemented on the server-side just to double-check the user input for the pre-fed username logic.

When you use Balzor, you create a class library with the validation algorithm and add the library as a reference to your user-facing Balzor app and the server-side app. This way, the same bit of code is deployed but without writing the class twice. Naturally, you save a lot of effort and development time.

4. Blazor-Powered Apps Can Run Offline

Blazor-run apps don’t consume too much network bandwidth since the server-side Blazor doesn’t pass data to the server time and again. Once users download the app from the internet, they can use the app completely without web support, with no impact on speed or performance.

Does this mean that Blazor is flawless? To answer this question, let’s look at its drawbacks.

Is Blazor Just Hype?

With a recent roll-out in May 2020, Blazor is still in the infantile stage. It has, thus, quite a few disadvantages that the team hopes to iron out as the framework matures.

1. Huge Payload

As of now, a fresh Blazor project weighs around 2.4MB. Since the entire server-side code needs to be shipped onto the client-side, the payload inflates. This means that even if your code contains a few lines only, the app size can run into megabytes. 

2. Long Initial Load Time

If your users have poor internet connectivity or are working on non-standard browsers, they can get frustrated with long load times. They have to wait out the period when the WebAssembly is downloading and static files on the server-side are being created.

3. Restricted Runtime

Blazor apps are subject to the same browser sandbox restrictions as JavaScript apps. If you’re working with thin clients, you may have to install polyfills to boost runtime. This is not recommended as you can lose many performance benefits of Blazor in the process.

4. Limited Debugging Capability

Client-side Blazor apps have their own custom debugging tab, but it has limited options. So, if your app has complex logic with hard-to-track bugs, you may have to write an initial code for debugging or place a huge amount of code into logging. To an extent, this nullifies the time-saving benefit of Blazor apps.

What is the Future of Blazor?

We wouldn’t be over-optimistic if we forecast a bright future for Blazor. Currently, there is a huge barrier to entry of .NET apps in the webspace. Blazor can help full-stack developers in this area. 

By poising itself as a single UI framework, Blazor demonstrates great potential. We see it growing in this direction and becoming a direct competition to JavaScript. As for the size and speed issues, the Blazor team is working overtime to streamline the programming kinks. We can hope for good news soon.

Do you need more in-the-moment updates on software development? Then, stay hooked to this blog. Also, let us know the topics you would like to read about. Till then, stay safe and software-smart!

To know more about iView Labs, kindly log on to our website www.iviewlabs.com and to get in touch with us with your queries and needs just write us an email on info@iviewlabs.com and sales@iviewlabs.com.

Download the latest portfolio to see our work.

How to Simplify User Onboarding for Product Development?

Imagine you are thrust into a new work environment, with no instructions or orientation. Everything, from colleagues to equipment, is unfamiliar. How will you feel? Lost in the woods, disoriented, overwhelmed? 

That’s exactly how a new user feels when he opens a new app or digital product for the first time and finds it bereft of proper onboarding. It’s no wonder that 25% of people abandon an app after the first use itself.

Source: Localytics

Now, envisage this situation: 

You enter an app, you are greeted by a warm welcome. Then you are explained how to set up the app’s features and hand-held through the registration process. You tend to feel confident at having hit the ground running. You are eager to explore the app and you may come back to it again and again. That’s how user onboarding helps in boosting user retention.

In this article, you will learn:

  1. What is user onboarding
  2. Why is it essential
  3. How to simplify it

Let’s get started.

What is User Onboarding?

User onboarding is a process where new users are instructed or guided through the product experience. It can be as simple as a greeting pop-up or as complex as configuration workflows.  The aim is to deliver value to users from the get-go and reduce drop-offs.

For instance, take a look at Hopper’s onboarding interface. Through a series of clean screens, the flight-booking app conveys its value proposition to first-time users.

Image via Hopper

A super-smooth onboarding experience sets up users for success. Users understand how to apply a product in order to extract maximum value. Let’s understand the other benefits of user onboarding.

Why Is Onboarding Your Users Necessary?

With countless apps available for every possible use case, it’s imperative that your app proves its worth from the outset. Seamless onboarding is one factor that keeps users hooked to your product lest they abandon you in favor of competitors.

Plus, it renders a favorable first impression. It’s likely that users considered your product useful when they first installed it. The onus to prove them right lies on you. If your product’s orientation is rough, customers feel disappointed and dejected. They pre-empt that the future journey will also be bumpy. In anticipation, they leave prematurely, even if your product holds promise.

Last, modern customers like to share their reviews on social media, which has become a conversation driver of sorts. Don’t be surprised if you find your app’s ratings falling and sign-ups dwindling. It’s quite possible customers frustrated by your onboarding ran on aggregator websites. And don’t count on word-of-mouth publicity or referrals at all.

To save yourself from all that trouble, follow the best practices of designing a pleasant onboarding experience.

Tips to Simplify the User OnBoarding Process

The right onboarding experience can boost your revenue, referrals, and customer lifetime value in the long-term. Take a look at some hacks that can simplify your onboarding strategy.

1. Design with a Customer-First Mindset

Getting a user to sign-up doesn’t qualify as a success from a business point of view. What good is earning a sign-up if the user doesn’t eventually convert? For converting people, keep an eye on the right metrics.

Don’t obsess over counting conversions or subscriptions. Focus on nurturing customer relationships. Equip users with tools and knowledge they would need to use your product efficiently. Make everything so simple and painless that they naturally glide towards check-out.

Some onboarding processes end with feedback, which serves no real purpose. The users have barely started using your product. It’s advisable to ask for a product review after they complete one whole app session. This way, they can provide more actionable perspectives.

2. Minimize User Fatigue

The drop-off rate among new users is almost directly proportional to user fatigue that cumbersome onboardings induce. If you ask too much personal data from new customers, they are bound to leave in a huff. You will naturally inject friction into their journeys. 

At the same time, gathering customer data is unavoidable to set up processes and preferences. To overcome the hurdle, track usage metrics and collate the findings to draw pertinent insights. Metrics like NPS (net promoter score) can be calibrated later, during product reviews. 

To keep onboarding seamless, don’t overwhelm new users with too many questions. Complying with regulatory protocols like GDPR can be attributed to complicated orientation. So, minimize data collection and let users in on the action as soon as possible.

3. Keep Onboarding Flexible

Some users are impatient to start their product journeys right after installation. For them, allow a “skip intro” option. But if your onboarding covers vital product features that all users should be aware of, keep popping reminders to get users to resume the intro.

Break user journeys into small, manageable sprints and guide users to where they are headed. Keep user resources and tools handy in plain sight. Nothing frustrates new users more than if they have to dig through an incomprehensible UX for transactional information. 

4. Optimize the Process Consistently

Onboarding should not be an afterthought. You need to plan for it during the product-ideation stage itself. Also, it is not a one-time deal. Depending on the user response to your onboarding mechanism, keep optimizing the process for the best results.

Once customers start using your product regularly, ask them for feedback through email or in-app surveys. You should also solicit improvement suggestions and try to incorporate them into your process on priority. Don’t forget: your products are successful only if they satisfy user intent and expectations. 

Ready to Nail Your User Onboarding?

User onboarding is critical to foster customer loyalty, conversions, and retention. Your onboarding needs to be simple and anchored around customer needs. Keep your mantra straightforward: sign up users easily, deliver value quickly. 

Are you looking for more tidbits on product development and strategy? Stay tuned to this blog.

To know more about iView Labs, kindly log on to our website www.iviewlabs.com and to get in touch with us with your queries and needs just write us an email on info@iviewlabs.com and sales@iviewlabs.com.

Download the latest portfolio to see our work.