Nine in ten businesses to increase spending on digital identity verification

FRAUD PREVENTION: Two thirds of companies currently use digital document verification

Nine in ten businesses across the finance, technology, telecoms and aviation sectors worldwide (91%) plan to increase their spending on identity verification (IDV) technology in the next one to three years, with one in three intending to increase their IDV budget by 20% over that period, an international business survey has found.

The survey also found that nearly two-thirds of companies currently use digital document verification (65%), 60% biometric fingerprint recognition and 58% one-time passwords, and that 94% of companies that do not currently use digital document verification plan to do so in the coming year.

“The survey results reveal that preventing identity fraud is the leading reason for implementing an IDV solution, with 43% of surveyed organisations citing it,” the researchers say.

“Digitalisation of processes was the second most popular reason, with 34% of organisations selecting it.

“Interestingly, customer-centricity is becoming an increasingly integral part of business decisions when selecting an IDV solution, due to rising customer expectations and increased competition (29%), and improved customer satisfaction through easier onboarding and verification (29%).

“This is especially true in the United States, as organisations there have a particularly substantial emphasis on customer centricity compared to the other countries surveyed.”

The survey was conducted for identity verification solution provider Regula by Sapio Research with 1,069 respondents across territories including Australia, France, Germany, Mexico, Turkey, the UAE, the UK and the USA in December 2022 and January 2023.

Nine in ten businesses to increase spending on digital identity verification was written by Tom Phillips and published by NFCW.