Commentary

Not Everybody Confident About The Information They Collect

According to a new survey by Acuant, 55% of respondents currently rely on card scanning information capture processes, compared to only 19% which still use ‘paper based’ processes, and 17% which rely on ‘customer entered’ data. The survey noted a strong trend toward more sophisticated information verification and authentication functions, which promise to improve the accuracy, security and efficiency.

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Level of Confidence in Accuracy of Information Collected (% of Respondents)

Confidence Level

% of Respondents

Very confident: rarely have mistake

28%

Somewhat confident: occasional errors

57%

Fairly confident: mistakes, but eventually corrected

10%

Not confident: numerous inaccuracies

5%

Source: Acuant, June 2015

 

The survey identified findings which illustrate the growing market need for cloud-based information capture, says the report. Only 28% of respondents were “very confident” in the accuracy of the information collected using current systems, which include basic information capture, paper-based processes, and customer entered data. An alarming 72% admit to experiencing errors in the information they collect from customers.

Although 70% of respondents said they validate information captured from customers, only 17% have a system in place to “fully automate” information validation. Notably, 71% of respondents said information validation and authentication is “very” or “moderately” time consuming.

Process For Validating/Authenticating Info Collected From Customers (U.S. IT Decision Makers; May 2015)

Attitude

% of Respondents

Validation System

Very time consuming

22%

Employee manually confirms key information by phone

Moderately time consuming

49%

Some systems in place to automate info verification requiring employee involvement

Fully automated

17%

Fully automate information capture and verification

Not applicable

12%

Rarely authenticate customer information

Source: Acuant, June 2015

39% of respondents said connectivity with external data sources would be helpful to their business. However, only 17% of respondents said their current information systems had “excellent” connectivity with external sources and 21% of respondents said they have no ability to connect with external data sources. 62% said they currently have “some connectivity” with external sources, noting a trend toward this capability.

Although 84% of respondents said that identity verification is either “critical’ or “very important,” and 49% consider identity fraud to be “catastrophic” to their business, only 37% of companies surveyed have “strong” protection in place, says the report. Only 43% of respondents said they currently take “some steps” to verify a customer’s identity.

Yossi Zekri, President and CEO of Acuant, points out that “… companies understand that more sophisticated information capture, verification and authentication significantly improves efficiency and security… businesses… are beginning to embrace advanced card scanning solutions for… fully automated information capture… (to) satisfy demands of today’s consumer… “ 

For Infographic, and access to additional information from Acuant, please visit here.

 

 

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