New research shows that 91% of businesses recognise the value of increasing their expenditure on identity verification in the next 1-3 years to secure their data and alleviate identity fraud, 43% admitted.
Identity verification is already embedded into ensuring seamless user experiences and security in many industries and the public sector with banks, for example, looking to excel beyond traditional trust services and be immersed in the digital identity ecosystem. Almost two-thirds of companies already deploy digital document verification (65%), particularly in the financial sector, and 60% use fingerprint recognition.
The increased effort of these businesses could result in an extra 20% splurge on bigger budgets for identity verification technologies, providing customers centricity and assurance and digitalisation.
94% are likely to come onboard with levelling up identity verification in the coming year as findings also revealed businesses had high expectations on making meaningful returns on their investment from delivering customer satisfaction, faster and simpler onboarding processes.
The report was commissioned by Regula who said: “The IDV market will inevitably grow, and we surely haven’t yet seen its peak. With the number of new users rising non-stop, along with the general trend towards digitalisation, businesses will have to adapt and implement new methods of onboarding and verification of their customers. It may sound like a challenge to embed a wide spectrum of various IDV solutions; however, the whole process can be easily organised with a single solution from one vendor whose comprehensive approach to IDV solution development makes it possible to cover all the steps in identity verification”.
Sapio Research Conducting these findings in December 2022 and January 2023 surveying remotely 1,069 fraud management decision leaders across the financial services, Technology, Telecoms, and Aviation sectors.