A new study from Juniper Research, the foremost experts in fintech and payments markets, has found that the number of digital identity verification checks will surpass 70 billion in 2024; growing 16% on the previous year’s number of 61 billion.
This growth is being driven by businesses adopting stronger biometric verification methods to combat account takeover and card-not-present fraud. Biometric verification methods are highly effective against these kinds of fraud, with liveness checks being utilised to prevent spoofing.
Digital-only Banks Catalysing Digital Identity Verification Adoption
Juniper Research forecasts that banking will see the largest volume of checks, with 37 billion in 2024; equating to 53% of the global identity verification market. The report found that the continued popularity of digital-only banks is driving this growth, as these banks by their nature are reliant on digital identity verification checks; catalysing growth across the banking sector, as traditional banks play catch-up.
Identity verification vendors must partner with core banking system providers to enable services to be accessed easily, or they will lose out to better-connected competitors.
Facial Recognition Key for Customer Onboarding
Juniper Research highlighted the importance of passive checks, along with biometric verification, to strengthen security and improve user experience. Juniper Research