Council Post: How Companies Can Establish Trust In Today’s Digital Environment

CEO of Mitek, leader in mobile capture & digital identity verification solutions built on the latest advancements in AI & machine learning.

As we all know, digital services that once were a convenience are now a lifeline. Yesterday, DoorDash delivered my lunch. I didn’t think much about it; it was one of many transactions during a busy day based on mutual trust and connection.

We now conduct many aspects of our lives, relationships and businesses online. As business leaders, convincing customers to do business with us virtually has become a matter of survival — one that requires the ability to engender the type of mutual trust I relied on when I ordered lunch.

As humans, we are hardwired to read in-person social cues to determine if we can trust those we encounter. Whether we realize it or not, I believe we establish relationships, both personal and professional, based on these subtle cues. However, these signals are not as apparent when conducting business online.

Some companies have, over the years, successfully established brands that invoke high levels of customer trust and loyalty in both in-person and online transactions. Companies that have not made that a priority now must develop new ways to rapidly establish trust with their online customers.

I believe technology can help. In fact, after 17 years in Silicon Valley, it was this drive to use technology to help companies and their customers establish a mutual trust that drew me to the field of digital identity verification. Today, I lead a company that specializes in identity verification, which allows me to work with some of the world’s experts in the field.

Trust is a two-way street.

Of course, trust, both online and off, has to be mutual to be effective. Your customers must trust you, and you must trust that they are who they say they are in today’s digital environment. This is because even after the pandemic recedes, the shift to online commerce will remain.

A McKinsey study from October confirmed what we have seen: Businesses around the world have accelerated their adoption of digital technology by as much as seven years (10 years in parts of Asia). Furthermore, an August McKinsey study of U.S. consumers showed that as many as 75% of surveyed consumers have used a new shopping behavior in response to Covid-19, and many of these consumers intend to continue doing so post-pandemic.

In the years ahead, I believe the ability to demonstrate online trust will become a differentiator that will significantly determine who will thrive in this new environment. Through my company’s work in the space, I’ve seen that technology like identity verification can help assure a potential customer your business cares about their online safety as well as minimize your business’s risk to synthetic identities, deep fakes or impersonations.

There are numerous ways to incorporate this type of technology into your security protocols. One of the most effective is what my company calls a “linked and layered” approach. Depending on a company’s particular situation, this might include ID document verification, biometrics, AI and human expertise. All these and more can play a role in making the digital world safer for both individuals and companies.

That being said, companies interested in employing technology to help win customer trust should also consider the following:

• Strive for balance. Finding a balance between security protocols and customer convenience is key. Everyone wants the easiest and fastest way to complete an online transaction, whether it is opening a new account or depositing a check. Being transparent about how your security protocols, even if they require an additional step or two, protect your customers from bad actors will create trust and aid acceptance.

• Educate consumers. Consumers are rightfully concerned about online privacy. If, for example, you will be asking a person to submit a selfie as a way to verify their identity when opening a new account or as part of a shared-economy transaction, explain why, how providing the photo or biometric data benefits them and how the data will be used.

• Pace adoption. Even with good communication, the invention of new technology almost always outpaces people’s acceptance. For example, I’ve observed hesitation in biometrics. Providing an iris scan, fingerprint or another measure to gain access to an online account might be faster, easier and more secure, but adoption could require more time, communication and track records of safety than you expect.

• Prioritize cybersecurity. The field of online security is fast-moving, and so are fraudsters’ increasingly sophisticated attempts to circumvent your security systems. You can consider working with experts whose job it is to stay on top of it all.

• Integrate systems. Many of us have learned the hard way that piecing together disparate software systems rarely works as well as we had hoped. Ensure you’re taking a comprehensive, integrated approach to online security.

The subject of online security is vast and changes daily. In the past year, companies have become amazingly innovative about developing ways to help us navigate this “new normal.” I am optimistic about the future of this field and honored to help educate others about how to use technology to protect themselves online and reduce risk to companies as businesses adapt to our new digital-first reality.


Forbes Business Council is the foremost growth and networking organization for business owners and leaders. Do I qualify?


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