Aite Group assesses booming identity proofing and IDV market
The rise of remote digital onboarding to a de-facto requirement for financial and consumer-facing service providers has prompted Aite-Novarica Group to evaluate the market offerings for digital identity document verification, identity proofing and user authentication.
Socure is the big winner of the ‘Aite Matrix: Global Document Identification and Verification’, which breaks down major identity verification market trends and their implications, and
The white paper sets criteria for evaluating vendors including the provision of an in-house document validation solution with authenticity verification, biometric photo validation and liveness checking. Aite also considers only vendors that make three-quarters of their revenues from the financial services sector, and total revenue from a document validation solution of at least $20 million.
All nine have growth rates above 15 percent, and all are investing at least 15 percent of their revenues into research and development, according to Aite. Profitability is more of a split.
Socure’s Predictive Document Verification (DocV) is declared the best-in-class solution, based on its high scores in client strength and service, product offering, reputation, customer service, and delivery on promises.
Market trends identified in the white paper include adoption by a wider range of industries, the increasing availability of powerful, handheld devices, and increasing pressure to meet high data protection standards while reducing manual review costs.
Socure partnership picks up IDC Trust award
The company and partner Public.com have also won the ‘Best in Future of Trust Award’ from IDC, for the 30 percent reduction in manual review costs the investment app has experienced with Socure’s ID document verification and selfie biometrics.
The gains have resulted in approximately a 15 percent overall increase in Public.com’s enterprise value.
“Socure’s identity verification and fraud prediction solution is a major component of our success,” states Stephen Sikes, COO of Public.com. “Our goal was to positively verify as many applicants’ identities as possible to keep up with skyrocketing consumer demand, while staying within regulatory rules and reasonable fraud management. Socure provides industry expertise, unmatched coverage and scope of the data, and an innovative approach to the underlying logic calibration, without having to compromise between fraud mitigation, regulatory compliance, and consumer delight.”
Socure is the only identity verification and fraud solution to win the award, according to the announcement.
“The average loss from consumers who are victims of identity fraud runs in tens of billions of dollars, making robust identity verification an utmost important consideration for all organizations, especially those operating in highly regulated industries,” says Amita Potnis, research director, Future of Trust at IDC. “Public.com has displayed effective and efficient user verification and onboarding to improve customer loyalty. In doing so the company has made financial investments more accessible through technology for its customers.”
The criteria for the Future of Trust awards include the ability to build trust with strategies and structured approaches, regulatory compliance, proactive privacy, ethics and social responsibility.
“Our results with Public.com are indicative of what we see across our entire customer base,” comments Johnny Ayers, founder and CEO of Socure. “Enterprises of all sizes rely on Socure not just for identity verification, compliance, and fraud protection, but most importantly for growing their business. We’re excited that a premier market intelligence firm like IDC recognizes what over one thousand of our customers already know: Socure provides revenue-driving identity verification and fraud prevention results that far outpace any other vendor in the industry.”