Onfido, the global identity verification and authentication provider, today released a commissioned study conducted by Forrester Consulting on The Total Economic Impact™ of Onfido.
The study examines the potential return on investment (ROI) and business benefits organizations may realize by deploying Onfido solutions. Through customer interviews and financial analysis, Forrester found that a composite organization experiences benefits of up to 261% ROI and a net present value (NPV) of $9.86M in less than 6 months.
According to Forrester, exacerbated by COVID-19 and the resulting growth in digital interactions, identity theft and account takeover increased by at least 10% to 15% from 2019 to 2020 and it anticipates another 8% to 10% increase in identity theft and ATO (Account Takeover) fraud in 2021.1
The Forrester TEI study shows many quantifiable and unquantifiable benefits achieved by companies using Onfido including fraud detection, which are based on a composite of five Onfido clients that Forrester interviewed, who collectively serve over 60 million customers. They then applied these benefits to a composite organisation to illustrate the ROI of specific benefits - a global digital bank with $240M in annual revenue, five years old with 12 million customers, each with an average balance of $2000.
Forrester found that Onfido’s solution for identity verification had the following benefits based on a three-year risk-adjusted value and $3.8M costs incurred:
Quantifiable benefits:
- 30% decrease in time spent onboarding - improved onboarding productivity - manual teams faced fewer escalations and could process manual escalations faster
- 20% increase in fraud detected - lowered exposure to application fraud - more fraudulent actors were caught at onboarding
- 5% increase in customer onboarding - fewer people dropped off during the onboarding experience
Banks interviewed by Forrester said that Onfido’s solution was easy to trust:
“We monitored it very closely in the beginning. We found that when Onfido said the ID card is okay and the same person is in the live video, we never saw a case where it turned out to be fraudulent. No false positives. So now we feel quite comfortable relying on Onfido’s judgement.” - Business project manager, banking
Unquantifiable benefits:
- Modernized brand image - innovative experience enhanced brand
- Facilitated new market entry - Onfido is an expert in the world’s documents, so businesses don't have to be
- Easier compliance with authorities - Onfido allowed easier cooperation with requests from regulators and authorities
One bank financial crime manager told Forrester:
“People were impatient; they were dropping out of the process, and we’d never see them again. After we deployed Onfido, waiting times improved and drop-off decreased.” - Financial crime prevention manager, banking
Click the link for more information on the Total Economic Impact™ study, download the complete study.
About Onfido
Onfido is setting the new standard for digital access. The company digitally proves a user’s real identity using artificial intelligence (AI), by verifying a photo ID and comparing it to the person’s facial biometrics. This means businesses can see their customers for who they are, without compromising on experience, conversion, privacy or security. That’s how Onfido gives companies the assurance they need to onboard customers remotely and securely.
Recognized as a global leader in AI for identity verification and authentication, Onfido is backed by TPG Growth, Crane Venture Partners, Salesforce Ventures, M12 - Microsoft’s venture fund, and others. Onfido has raised $200m in funding, and with 400 team members across seven countries, is enabling digital access for some of the largest companies around the world.
www.onfido.com
www.linkedin.com/company/onfido/
www.twitter.com/onfido
(1)Forrester Research (March 2021): Top Cybersecurity Threats In 2021
View source version on businesswire.com: https://www.businesswire.com/news/home/20210915005375/en/
Businesses achieve 261% ROI with Onfido - Read the full Total Economic Impact study from @Forrester https://bit.ly/3lmDtNK #Identityverification
Contacts
Paul Jarratt
Press@onfido.com
