Precise Explains How Biometric Onboarding Stops Abandoned Applications

Precise Explains How Biometric Onboarding Stops Abandoned Applications

Precise Biometrics is highlighting some of the benefits of selfie authentication and the new Precise YOUNiQ onboarding solution. In an interview on the company’s blog, Precise YOUNiQ Senior Business Developer Ermin Kosovac explains that biometric authentication is more convenient and more secure than current alternatives like passwords.

Those advantages will be familiar to anyone in the biometrics industry. However, Kosovac does call particular attention to the problem of “abandoned applicants.” If the onboarding process takes too long or is too complicated, many people will quit halfway through, which is a problem for companies looking to convert new users.

Precise is pitching YOUNiQ as a potential solution to that problem. The platform uses document verification to match a selfie against an official ID, first confirming that the document is legitimate before verifying that the person submitting the selfie is indeed the person pictured on the ID. The entire process can be done online, reducing the number of abandoned applicants while remaining compliant with strict Know Your Customer requirements.

Precise first indicated that it was looking to move beyond fingerprints and offer multimodal authentication solutions back in October. YOUNiQ represents the company’s efforts to deliver on that promise, while the platform itself recently got a boost thanks to a new partnership with Covr. The shift to multimodality is part of a long-term growth strategy for the company.  

July 5, 2019 – by Eric Weiss