Laura Barrowcliff, Head of Strategy, share her views on how layered identity verification is supporting the digital economy. She also discusses the importance of how our unique blend of data, tech and people means every business in the world can trust every customer in the world.
Hi, thanks for joining me, Darnell Walker I lead GBGs new business team within the identity verification division of our company and I'm joined here with Laura. Laura do you want to tell us a little bit about yourself in your role.
Yeah, sure thanks Darnell. Hi everyone. I'm Laura Barrowcliff, I'm Head of Strategy at GBG. I've been at GBG for about 10 years, about the same time as you I think Darnell so we've known each other a long time now.
So why is getting identity verification right so important?
I think it's a really great question Darnell, and it's actually really simple, essentially the digital economy would be flawed without identity verification.
And without getting that right, we've seen this huge acceleration in digital, in digital transformation essentially, where we're talking about a five-year leap for businesses and you know more consumers going online more people having to access services online than ever before.
So getting identity verification right is really important to quite simply mitigate against fraud for businesses and protect against fraud for individuals as well. So, it's really about understanding customers, it's about getting the good customers in and keeping the bad customers out.
How does the product release align to the group strategy?
So this product release is a really significant one for us actually, so back to our vision of enabling every business in the world to trust every customer in the world in terms of how we do that it's really about the best data, the best technology and the best people in the industry.
So, this product release really brings a fusion of that absolutely and it’s kind of really core to what we do.
So opening up access to multiple bureaus, that really gives our customers the breadth and depth of data along with the other data sets in the documents that we've provided as part of our identity verification services.
But also this product release gives our customers more choice to how they orchestrate that in their platform.
So, they can configure the data and the functionality to really meet their needs, to really meet either their compliance processes or their non-regulated kind of identity processes to allow them to onboard more good customers.
Many companies who need to perform identity checks use credit reference agencies. Why would they use GBG instead?
It's a great question and for this specifically, when we look at GBG we have 30 years of expertise in the industry.
We have over 20,000 customers across the globe and as we talked about, we bring together the best data, the best technology, the best people in the industry.
And actually, if you think about if you go directly to a credit reference agency, for example, you're looking at that kind of one area of data.
Where GBG comes in we layer multiple data types, we also underpin that with really great technology and apply that expertise over that and you just gain, you fill that picture.
You may only get part of the picture by accessing the data directly. We partner with over 200 data providers. We have access to validate over 4,000 document types.
So, if we think about the expertise and the breadth and depth of documents and data that GBG brings really that's where we can differentiate over competitors.
For me I guess GBGs technology allows you to have greater confidence in the CRA data that we take and then when combined with other data sources you get trust what's your take on the trust that we are giving to our customers.
Identity is at the heart of all of our solutions. Whether that's our location services that enable customers to get their deliveries on time and deliveries to the right place.
Whether it's our identity verification services that allow businesses to check that person is who they say they are whether it's fraud prevention and detection, understanding identity whether that's, real identities or synthetic identities is actually really core part to our strategies as a group and, our vision as a company is to enable every business in the world to trust every customer in the world and identity is really at the heart of that.
Why would lesser regulated Industries come to GBG to utilize our identification services in your view.
Identity verification isn't just about regulated Industries. It's not just about a meeting that compliance piece. Although that's obviously really important. So for the Non regulated Industries, you know, it's really about onboarding customers with a frictionless process. Making sure that you can build those really strong relationships with customers from the very beginning keep the bad actors out.
And mitigate against fraud and actually like you say, we're seeing more and more use cases opening up where identity is really critical, but they may not necessarily be in a regulated industry.
You touched on the fraud element, which I think has certainly been a factor which we can help and assist with but then also just general business corporate social responsibility in this time of remoteness when there is less face-to-face, right?
Absolutely. It's about you know, it's about people it's about businesses it's about the economy and, like we talked about we need to open up kind of access and inclusion as well to allow people to gain access to services online and identities really important as part of that.
Brilliant, well thank you very much for all your time today.