Key Benefits for Business

Improve Sales Conversions

Our research found 70 to 90% of applications for financial products are abandoned prior to completion. In many instances, this is due to an interruption in the transaction flow, such as the need to provide hard copy evidence of identity, print off and sign application forms before returning them to the company for the transaction to complete.

miiCard directly addresses the dropouts experienced by many online businesses by providing identity validation online and in real-time.

Operational Cost Savings

Currently there's a trade-off between risk and cost when a vendor needs to establish the identity of an individual to approve an online transaction. Introducing an offline step, such as physical sight of a passport, utility bill etc, the resulting transaction dropout rates and costs are significant.

Manual handling of hard copy evidence, storage and postal costs all contribute significantly to the operational costs of such a product sale too.

miiCard solves this by removing the need for a manual, offline paperwork process, streamlining and cutting the cost of execution by more than half. As a user-centric solution we've made it easy for consumers to setup and share their miiCard ID. See how easy it is for consumers to set up a miiCard here.

Reduce the Risk of Fraud and Identity Theft

New technologies bring new opportunities, new challenges and the need for new solutions. Organisations must keep pace with technological advances in terms of service provision, ID validation, authentication and security.

Until now establishing and authenticating an individual's identity in the online environment has been a major challenge. miiCard's identity service provides online, real-time ID validation (equivalent of class 2 verification), addressing the due diligence and regulatory requirements of KYC (Know Your Customer) where non-face-to-face transacting occurs.

By establishing the identity of the individual through miiCard, businesses can mitigate their risk of fraudulent transactions online and in real-time.