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 10th, 2022
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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:
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:
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.
Download Veriff's latest eBook, for a look at the current fraud landscape for fintechs and the effects of long-term investment in identity verification for burgeoning businesses.
Businesses open themselves up to more fraud if they don’t have comprehensive identity verification in place for new users, and both their conversion rates and fraud prevention suffer. According to a recent report from Gartner®, there are ways to mitigate fraud while balancing the impact these products have on user experience and budgets — but the challenge lies in choosing the right vendor.
Veriff contributed to the 2022 edition of The Paypers Financial Crime and Fraud Report, which shares expert insights and best practices of fraud prevention and risk management. The report also includes an exclusive interview with our CPO and Co-Founder, Janer Gorohhov. Download it today!