Regulation technology is one of the fastest-growing segments of the modern financial services industry as it enables businesses to adhere to the fast-changing compliance requirements. Identity verification is one of the most crucial segments of the global RegTech market.
MEDICI, powered by Let’s Talk Payments, has recently released a report: Digital ID Verification Competitive Analysis of Key Players. The report identifies the leading players in the digital identification verification (eIDV) space and evaluates them as per MEDICI’s evaluation framework. It examines nine eIDV companies and scores them on 14 different factors.
The report starts with an overview of the RegTech industry in general and the eIDV segment in particular. Last year, the total cost of identity fraud was $16 billion, and this year it has increased by 16 percent. It also points to the issues banks and financial institutions have in meeting Know Your Customer (KYC) compliance requirements; regulations are changing fast, customers expect fast, smooth onboarding processes, and traditional identification processes are slow, cumbersome and expensive.
Benefits of eIDV
eIDV offers a way forward for these institutions by helping with compliance while reducing costs and improving the customer onboarding process.
The report offers an in-depth analysis of the problems each company’s products and services solves, customer segmentation, revenue models and product differentiators. It also looks at challenges and opportunities of the industry, as well as drivers and inhibitors of the industry going forward.
In addition, the report also covers the latest market and technology trends:
- Blockchain technology
- Biometric verification
- Machine learning
- Social network verification
- Multifactor verification
- Video Face verification
- Behavior-based authentication
The report provides an evaluation on the key industry players by analyzing key parameters, such as product offerings, number of partnerships across geographies, interface and integration flexibility, depth of data based on third-party databases, etc.
We’re very happy to note, “among the companies analyzed under the scope of this study, Trulioo was found to have the highest score in MEDICI’s evaluation.”
For those of you interested in the industry or making an evaluation of the different factors or companies involved, MEDICI’s Digital ID Verification Competitive Analysis of Key Players is a fascinating read. We encourage you to give it a read and let us know any comments or questions.