IDnow reports 26.8 percent spike in digital verification following coronavirus outbreak

IDnow reports 26.8 percent spike in digital verification following coronavirus outbreak

IDnow has released statistics on how consumer demand and behavior have changed in Europe since restrictions have been enforced following the coronavirus pandemic, the company announced.

The most significant growth has been noticed for digital services that replace physical channels. Since government restrictions were announced at the end of February, IDnow has noticed a 26.8 percent spike in the number of inquiries, especially in credit applications, digital signatures and cryptocurrencies.

While the highest number of verification requests used to be recorded after work between 5 and 6 pm, the company noticed that now the volume is dispersed throughout the day, with the peak shifting between 2 and 3 pm, and from weekends to weekdays.

In the last weeks, the number of crypto-related transactions has gone up by 73.8 percent. IDnow has also noticed a strong demand for digital loan applications, with a 40 percent increase in consumer lending.

Last month, IDnow published electronic signature guide for digital contracts. In 2019, IDnow won a “hot company” award for the D.C. area and opened a London office.

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