The world is witnessing a significant rise in the number of startups. According to a recent Nasscom report, almost 47,000 technology driven startups were born in the US, while around 5,000 such startups started in an emerging economy like India. The rise of startups is accompanied with the rise in number of cyber crime cases, which is evident in the lack of confidence shown by the majority of app users, app developers and even startups in passwords.
To cut a long story short – gone are the days when security was ensured just by the usage of passwords.
How Mobile Verification Works
The advancement of technology has led to better ways of securing mobile identity and access through smart mobile verification solutions. This is something that has proved invaluable to the startup economy as well. Irrespective of the sector, every startup gets motivation and a direction to plan/strategise for the future based on the existing number of users of their platform. If this number is inaccurate, all their strategies will fall apart!
Hence, it is mandatory for startups to get an accurate assessment of their platform users.
For this purpose, the easiest and safest method is the mobile number verification solution that authenticates the user through verification codes sent as SMS (probably a one-time password).
And startups can use this mobile verification solution (to get accurate numbers of verified users) at almost every stage of their customer life cycle – be it the account creation phase, or the transaction authentication phase, or the customary consumer engagement phase.
The best part is that such solutions (for example, FoneVerify launched by mobile solutions provider U2opia Mobile) helps to verify users in real-time.
How It Benefits Startups
Accurate mobile verification using OTP can fit in easily into the existing workflow of any startup, and thus, they need not worry about adopting a new verification method. It can be done within no time at all.
And startsup can save money as well as time that would otherwise have to be spent on detecting fraudulent activities or modifying any plans that were made based on inaccurate numbers (of users).
Any startup that is equipped with a sound mobile verification solution increases its chances of customer acquisition as well as retention. Clearly, the startup economy is bound to gain a lot from the innovative mobile verification/authentication solutions that are available in the market.