91% of Firms Increasing Their Expenditure on ID Verification
New research shows that 91% of enterprises recognise the value of increasing their expenditure on identity verification in the next 1-3 years with motivations being to secure data systems and alleviate identity fraud from their radar, as 43% admitted.
Identity verification is already embedded in industries as well as the public sector with bank, for example, looking to excel behind traditional trust services and be immersed in the digital identity ecosystem. Almost two-thirds of companies already deploy digital document verification (65%), particularly in the financial sector, and 60% use fingerprint recognition.
The increased effort of these businesses could result in an extra 20% splurge on bigger budgets for identity verification technologies, providing customers centricity and assurance and digitalisation.