The identity verification market is shifting from multiple single-point solutions to integrated platforms that can deliver a tangible ROI for enterprises, according to recent research from Liminal.
“The Rise of Integrated Identity Platforms” report highlights how identity verification platform providers help enterprises realize a 15.3 times ROI.
“With the ability to simplify legacy systems, convert more customers and provide secure digital interactions, identity platforms are poised to revolutionize the digital identity landscape,” said William Charnley, Liminal managing director.
The Value of an Integrated Approach to Verification
Integrated identity platforms (IIPs) offer a range of verification capabilities and features throughout the customer experience. Platforms can enhance the user experience, mitigate sophisticated fraud attacks and provide a comprehensive view of customers.
IIPs can simplify and streamline business and person onboarding through layered verification and integrated functions. That can result in a more convenient customer experience with less friction.
Organizations that use IIPs with low-latency, low-friction verification workflows can reduce onboarding time by 79%, according to Liminal. That can cut abandonment by 83%.
IIPs can strengthen enterprises’ defenses against complex fraud attacks. The platforms can detect and thwart fraudulent activities in real time by leveraging advanced analytics and machine learning algorithms.
By analyzing fraud signals and behavioral patterns, IIPs can identify anomalies and flag suspicious behavior. Enterprises that use IIPs, according to Liminal, reduce fraud attack risks for customers by 230%.
Holistic View of Customers
IIPs aggregate data from different touchpoints and sources to enable a deeper understanding of customers’ preferences, behaviors, and needs.
That holistic customer view allows enterprises to deliver personalized experiences, targeted marketing campaigns and tailored product recommendations to drive customer loyalty and revenue growth.
Identity Platforms Can Streamline Operations and Improve Efficiency
The Liminal research shows companies rely on an average of eight to 12 vendor integrations per use case and that “as the market rapidly evolves, enterprises will not be able to keep pace with implementing and integrating end point solutions.”
Organizations can reduce complexity, enhance productivity and optimize their technology infrastructure by evaluating their tech stacks for opportunities to consolidate and reduce redundancy.
The research highlights how IIPs can help enterprises reduce the number of vendors they use and save overhead costs and time.
New Market Expectations
Identity verification is a crucial tool in the digital economy because fraud is always a threat. Those threats spark regulations and stringent data privacy requirements, which, in turn, put pressure on compliance teams.
It can be hard for enterprises to keep pace when they’re working with multiple point solutions that can’t quickly adapt to market shifts, emerging threats and new regulations. “IIPs,” according to the Liminal research, “help enterprises onboard and transact with more consumers, avoid high overhead costs from integrating multiple vendors, and reduce fraud losses to deliver a strong annual return on investment.”
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Liminal: The Rise of Integrated Identity Platforms
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