IDENTITY VERIFICATION REDUCES OPERATING COSTS.
Identity verification is a process that is carried out to ensure that a person really is who they say they are. This is generally used to prevent users from creating an account in someone else’s name or stealing someone’s identity directly to commit fraud.
Implementing an identity verification process may require, at a minimum, an internal team of 4 dedicated people for manual verification. According to a study by Cloudtask, an internal team of 4 people dedicated to manual verification could cost around US$ 260K per year:
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A team of 10 people would cost approximately US$650K per year. Depending on the volume of users you want to verify, this price could easily be cut in half with a digital identity verification solution. On the other hand, it is very important to keep in mind that by implementing an online digital identity system, the company will also improve the onboarding times of its users while avoiding (or at least mitigating) the probability of incurring excessive fines.