In the digital landscape of today, there is a clear need for solutions that provide a secure online experience. Digital trust is given only to companies that can clearly provide the necessary privacy, verification, and security that users are seeking. These services provide a reliable online solution that gives businesses and customers confidence in their reliability.
How does digital trust work?
To establish digital trust, companies need to show that they have implemented and follow certain measures in order to provide a higher level of security and transparency. However, for many companies, it’s unclear what these measures look like, as there are no real standards as far as the type of measures that are necessary and which services offer the best solutions. The needs of each company is also dependant upon the industry and the type of data being handled as well as the complexity of the various processes and dealings with customers.
What do digital trust services look like?
Digital trust services are solutions that companies can use or implement to improve digital trust both internally and externally with customers. Depending on the industry, there are many options for companies looking to increase digital trust in the customer experience. Trust services online often take the form of solutions that help with authentication, data security, and transparency.
- Provide added level of ID verification
Businesses handling workflows that require identity checks for their onboarding or various workflows face the challenge of ensuring that a signee is the same person completing a form. Digital trust services allow companies to implement software that provides added levels of identification verification through a variety of methods: from text confirmation to more thorough options such as national database lookup and confirmation.
- Provide opportunity for background checks (PEP, Sanctions list)
Taking the identity verification past basic checks, some businesses need to ensure that a potential future customer is not a Politically Exposed Person or isn’t currently on a list of sanctioned individuals. These checks help companies reduce risk and save time in checking the identity and any crucial background information from the start of a customer relationship, if it continues.
- Provide a secure portal for managing documents
Digital trust services today provide a simple, easily managed place to gather and handle customer details securely. They also offer a completely digital workflow, aiding businesses in a digital transformation to improve efficiency and user experience. Depending on the solution, documents handled in these workflows are part of a secure process that is accessed through a company portal.
The benefits of digital trust for businesses
The primary benefit for businesses looking to improve their digital trust is the resulting increased confidence in their reliability and how clearly they communicate their efforts to protect personal data of customers. Digital trust can impact how dependable a business is perceived as far as their security measures.
- Customer trust/expectations
With increasing expectations of customers to have safety when sharing their information online, as well as understanding their rights as far as the sharing of their data, customers are already looking for companies that clearly understand the risks and have taken steps to offer enhanced security measures to increase digital trust.
- Changing regulations (GDPR, eIDAS)
The two main regulations that have impacted the security landscape for companies are the General Data Protection Regulation (GDPR), which covers user data security, and the electronic Identification, Authentication, and Trust Services (eIDAS), which deals with online transactions. While both are European regulations, international companies are affected and are required to adhere when dealing with European customers.
- Transparency to prevent corruption
Companies today are under scrutiny for their practises as far as data protection and procedures for dealing with data breaches. Due to the GDPR and eIDAS contribute to the need for businesses to be clear about what measures are being taken to meet new digital trust expectations.
Taktikal’s digital trust solutions
- Standard, Advanced and Qualified signatures
Depending on the type of document and industry, different electronic signatures are possible. Taktikal offers 2-factor authentication for the secure collection of Standard Electronic Signatures (SES) as well as Advanced Signatures (AES) based on verification of government issued IDs and biometric information. Enhanced verification with Qualified Electronic Signatures (QES) is also available in certain locations.
- AML/KYC onboarding
Companies dealing with finance must follow due diligence measures to ensure that new companies and customers meet Anti-Money Laundering (AML) regulations and fulfil their Know Your Customer (KYC) needs. Taktikal allows tailored online forms to allow fast and efficient gathering of details online in a white-labelled environment.
- Sealed documents / Date & time stamp
All signed documents receive a timestamp at the moment of signing and are then electronically sealed, which means that it is not possible to alter the document after the signing is completed.