July 1, 2020

Post-COVID-19: Businesses need trust-based processes — VerifyMe Boss

Post-COVID-19: Businesses need trust-based processes — VerifyMe Boss

By Juliet Umeh

Chief Executive Officer of an identity verification technology company, VerifyMe Nigeria, Mr. Esigie Aguele, has said that trust should be the new currency for any business that hopes to thrive in the post-COVID-19 era

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 after the pandemic.

He said: “It has become increasingly clear that trust is a major economic driver that enables faster and 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, arguing that it will be a grave mistake for organisations to continue to view trust from the lens of a token social virtue.

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For him,”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 on boarding. They need to verify that customer’s 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 services, particularly with approving customers for loans and other forms of credit,” he added.