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Oliu powered by ATB VenturesMay 1, 2024 12:49:34 PM1 min read

Driving Down Expenses: The Power of Digital ID Verification

Companies are constantly seeking ways to drive down expenses while improving operational efficiency. One opportunity rife for significant savings and efficiency gains is manual identity verification workflows which are currently time-consuming and wildly susceptible to errors and fraud. The emerging solution: Digital identity verification solutions.

In this blog, we'll explore the $100 million dollar savings potential1 for organizations who choose to leverage this technology and optimize their operational expenses.

What orgs are up against

According to a recent survey, 61% of data leaders2 believe that manual workflows and fragmented data tools are impeding key projects. Between a tightening economic climate, rising cybersecurity concerns, and shifting consumer preferences, it’s no surprise that companies are staring down a path of stiff competition. 

Here are just a few of the challenges that organizations are contending with:

  • The costs to establish Know Your Customer (KYC) processes can range from $1,500 to $3,500 per customer3.
  • Employee data breaches have amounted to over $4.62 million in associated costs4, underscoring the financial risks of inefficient verification methods.
  • Projected losses from credit card fraud have estimates reaching $47 billion annually by 20275

The brightside

In 2018, the Digital ID & Authentication Council of Canada (DIACC) revealed that small and medium-sized enterprises stand to gain $4.5 billion6 in added value through secure verification solutions. Companies can reduce manual errors, enhance online experiences, and mitigate fraudulent activities, resulting in significant cost savings and enhanced operational efficiency. 

 

Where to begin?

In our report “How Digital Identity Is Reshaping the Emerging Technology Landscape” we uncover how organizations who are willing to embrace a digital-first future can take advantage of this untapped opportunity.

 

Download the report today:

 

Oliu powered by ATB Ventures

Oliu™ is a digital trust platform that makes it easy for businesses to issue, manage and verify digital credentials. Built on open (W3C) standards, it offers real-time layered identity verification, privacy and control over personal identity data, and protection against fraud and identity theft - all while enabling fast, efficient, and secure customer experiences. Oliu™ is the first Canadian company to achieve the PCTF certification through DIACC.

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