Regula Recognized as a Representative Vendor in the Gartner Market Guide for KYC Platforms for Banking
We believe the Gartner® Market Guide for KYC (Know Your Customer) Platforms for Banking helps financial organizations navigate the changing environment of customer onboarding and verification and recognizes the vendors that effectively respond to the latest market trends. The Market Guide acknowledges Regula for Regula Document Reader SDK and Regula Face SDK.
We think the Gartner Market Guide for KYC Platforms for Banking* emphasizes the rapid shift to digital KYC in Banking. Gartner states, “The KYC market growth is driven by increasing regulatory requirements and the need for enhanced risk management. This expansion is accelerated by the rising adoption of digital banking, the increasing sophistication of financial crimes, expectations of better customer experience and the demand for more efficient and effective KYC processes.”
Regula is acknowledged in the Gartner® Market Guide for KYC Platforms for Banking for its Regula Document Reader SDK and Regula Face SDK
KYC for Banking market trends
We believe the KYC market for Banking is based on three key pillars:
The move to low-effort customer experience and faster turnaround – to streamline identity verification while creating a smooth onboarding experience for users.
The coexistence of one-stop-shop KYC platforms and best-of-breed solutions – banks choose what suits their needs best, but this dichotomy underlines the importance of orchestration tools to effectively manage diverse KYC processes.
The urge for real-time fraud detection – a timely and crucial move to fight organized financial crime and identity fraud, which is rapidly becoming more sophisticated.
Tackling challenges
Apart from the trends, Gartner points out the most common challenges the Banking industry has to find solutions to when building their KYC workflows.
Gartner underlines, “The challenge lies in handling the vast diversity of document formats and languages globally, necessitating continuous updates and training of AI models.” To address this issue, Regula Document Reader SDK employs the most comprehensive identity document template database in the world, which is owned and maintained by Regula. Currently, it contains over 14,800 passports, driver’s licenses, national ID cards, and other IDs from 251 countries and territories. By recognizing every layout, security feature, and possible variation within these documents, Regula’s solution ensures efficient, accurate, and reliable ID verification during onboarding, even when dealing with rare or complex documents.
We feel that another critical challenge is detecting injection attacks, which are more technically complex than common presentation attacks. Presentation attacks involve displaying fake images or videos in front of a device’s camera, while injection attacks insert malicious data directly into the verification process, substituting the camera feed. This makes injection attacks harder to execute but also more difficult to identify. Regula tackles this threat using signal control techniques: by analyzing and validating incoming signals, Regula’s solution ensures that the organization is dealing with authentic data; otherwise, it flags potential fraud for additional verification.
In today’s fast-evolving banking landscape, regulatory demands and customer expectations require more than just standard KYC processes—they require precision, adaptability, and speed. We believe our recognition in the Gartner Market Guide for KYC Platforms for Banking highlights Regula’s ability to address these challenges head-on. By combining the most comprehensive identity verification with advanced fraud detection, we’re enabling banks to deliver seamless customer experiences while ensuring top-level security and compliance.
— Henry Patishman, Executive VP of Identity Verification Solutions at Regula
Previously, Regula was repeatedly named a Representative Vendor in the Gartner Market Guide for Identity Verification.
*Gartner, Market Guide for KYC Platforms for Banking, Vatsal Sharma, 10 December 2024.
GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved. Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.