Jumio has released the results of a new survey that suggests that consumers increasingly want and expect to see some form of digital identity verification when engaging with online services. The findings reflect the responses of consumers in the US, the UK, Mexico, and Singapore, while the study itself was carried out by Opinium.
For businesses, the key takeaway is that the majority of consumers (80 percent) are more likely to frequent a brand that has implemented a robust identity verification process. That step lets consumers know that the brand is taking fraud seriously, and helps build trust between that brand and its audience.
The catch is that businesses need to be able to provide strong identity verification without adding too much friction to the user experience. For instance, roughly half (49 percent) of those in Singapore would abandon an online registration process that takes too long, which puts pressure on businesses to find the right balance between security and convenience.
In terms of industry, most consumers believe that strong verification procedures are most critical in financial services (68 percent) and healthcare (52 percent), which likely reflects the fact that both industries deal with extremely sensitive personal information. The survey also found broad support for digital identity measures on social media platforms (42 percent). On that front, the vast majority (83 percent) believe that identity is important because it gives social media moderators a way to respond to people who post hateful and abusive comments.
There were some local inflections with regards to digital identity. For example, those in Mexico believe that identity verification is important in the sharing economy (49 percent), while those in the UK said the same about online shopping (40 percent). Singaporeans, meanwhile, were the most likely to use digital identities in their day to day lives, to the point that the average citizen accesses 12 digital accounts on a weekly basis.
Given those results, it is unsurprising that Singaporeans had the most trust (84 percent) in the companies that conduct identity checks. However, that trend was not universal. Respondents in all countries were more skeptical of businesses in certain sectors, with only 34 percent and 41 percent, respectively, believing that banks and gaming providers are doing everything they can to protect their customers.
Jumio, of course, is best known for its award-winning identity verification technology. The company posted record growth in its most recent quarterly report, and has been strengthening its executive team to guide its international expansion.
May 26, 2022 – by Eric Weiss