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The Total Economic Impact™ of Veriff

Forrester Consulting conducted a commissioned Total Economic Impact™ (TEI) study on behalf of Veriff on the potential benefits of deploying Veriff’s Identity Verification Platform.

Ashley Nelson
March 10, 2022
Report
Fintech
Identity Verification
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The purpose of the Total Economic Impact™ (TEI) study is to provide readers with a framework to evaluate the potential financial impact of Veriff on their organizations.

The results of the study are significant. At a glimpse the interviewed organization saw: 

  • 195% return on investment over three years
  • 20% reduction in fraud risk
  • 8 minutes saved on each identity verification session 

The organization that Forrester interviewed for the study offers an investment platform and it conducted one million identity verifications in year one and increased annually by 50%, and employees from the AML and customer experience teams use Veriff’s Identity Verification Platform. 

The key findings from the study exposed efficiencies gained through the automation of the identity verification process. The study found that “since the implementation of Veriff, the AML and customer experience teams report substantial efficiencies. With the annual verification sessions increasing by 50%, the three-year present value of efficiencies gained due to automation is $11 million.” Additionally, the risk of ID fraud went down significantly and the annual revenue lost to fraud plummeted by 20%. 

In addition to the quantified benefits seen, the enterprise also saw: 

  • Increased customer satisfaction
  • Ease of regulatory compliance
  • Seamless integration with existing solutions
  • Reduced risk of human error
  • Improved employee experience

For more insights into how deploying Veriff’s platform helped a business see payback on their investment in less than six months, download The Total Economic Impact™ Of the Veriff Identity Verification Platform: Cost Savings and Business Benefits By Veriff, March 2022.