By Juliet Umeh
The Executive Director of an identity verification technology company, VerifyMe Nigeria, Mr. Esigie Aguele, has said that trust should be the new currency for any business hoping to thrive in the post-COVID-19 era.
Aguele said that as companies come to terms with the reality of the Covid-19 pandemic, business leaders must build trust-based processes in their systems to thrive after the pandemic.
He said: “It has become increasingly clear that trust is an important economic engine that enables faster and more profitable transactions. This makes it imperative that companies consciously invest in processes and systems that establish trust in every action, relationship and transaction. “
He noted that trust will allow companies to attract the right kind of partners to achieve their goals, arguing that it will be a serious mistake for organizations to continue to view trust from the perspective of symbolic social virtue.
For him, “In recent weeks, Nigeria has seen most companies adapt their processes to work remotely in response to repeated crashes. As this becomes the new normal, identity authentication solutions and fraud must become the competitive differentiator for organizations if users must put their faith and money in them, “he said.
“In the financial services industries, such as banking, insurance and credit institutions, companies have legal and reputational risk mandates to ensure that new customers are properly vetted in the approach. They must verify that the customer matches who they say they are, even without physical interaction.
“Establishing a digital identity and KYC infrastructure will help organizations within the sector protect their ecosystems as they face the expected increase in demand for services, particularly with the approval of loans and other forms of credit for clients,” added.