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: automated 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 Trust 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: