Successful startups have one thing in common: They are thoughtful about building their user ecosystem. After all, who wants to join a dating app filled with scammers, transact with Nigerian princes, or buy too-good-to-be-true “designer” handbags from an online marketplace? In other words, your identity verification (IDV) strategy can make or break your business.
This makes finding the right IDV partner as critical to startup success as a captivating marketing campaign or beautifully designed app. Across the portfolio of startup customers that have reached out to Persona, we’ve identified four top challenges heard across our initial conversations with them. If you’ve ever suffered through a lengthy, complex implementation process or felt stuck in designing a Know Your Customer (KYC) program, know that you’re not alone.
Here’s what we’ve heard, along with how Persona can support you in your IDV journey.
Challenge #1: Building compliant KYC programs
“Designing a KYC program feels like an impossible task. The learning curve is steep, especially when we have to consider country-specific requirements or restrictions.”
How Persona can help: With Persona Academy, you can easily learn the basics of identity, including industry-specific concepts and various data privacy laws that may be relevant to your business. Designed exclusively for startups, Persona Academy also offers marketplace- and fintech-specific guidance with its lesson titled “KYC for different startup verticals.”
Challenge #2: Navigating unrealistic IDV plans
“Finding the right IDV solution puts us between a rock and a hard place: commit to a costly contract or a very limited free trial that doesn’t deliver a realistic understanding of the product.”
How Persona can help: Elevate your identity verification solution with our Essential plan, which offers advanced capabilities traditionally reserved for larger customers that have been thoughtfully designed for startups. Gain advanced customization options, automated decisioning workflows, and Know Your Customer (KYC)/Know Your Business (KYB) templates to help you onboard more users more quickly.
Start your trial to begin building.
Challenge #3: Implementing verification flows in a timely manner
“Identity verification flows are difficult to implement and configure on our own, which is delaying our launch.”
How Persona can help: Launch and iterate more quickly with our no-code visual editor, Flow Editor, which provides mix-and-match building blocks (modules, drag-and-drop components, pre-built screens) for KYC, KYB, or any type of verification flow. Plus, you can use your company branding across all of your localized collection flows to improve conversion.
Challenge #4: Finding an IDV vendor that understands startups
“Vendors that target an enterprise audience or larger companies neither understand nor know how to solve startup-specific problems.”
How Persona can help: Upon joining our Persona Startup Program, we’ll place you in a cohort of peer companies so you can network with other founders or discuss IDV challenges with your industry peers. Plus, you’ll gain exclusive access to product demo sessions, live networking events, and a community Slack channel.
Request an invitation to join the Persona community today.
Interested in self-guided identity verification?
To get started, sign up for your free account or reach out to learn more. We’d love to chat!
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