Onfido has released the results of a Total Economic Impact study that quantifies the financial benefits of its identity verification and authentication technology. The commissioned study was carried out by Forrester Consulting, and shows that companies that deploy an Onfido solution can expect to see as much as a 261 percent return on their investment (ROI).
That figure corresponds to $9.86 million in net present value for an organization’s first six months with Onfido. Those numbers are based on the potential gains for a hypothetical composite organization, though that organization was based on Forrester’s interviews with five current Onfido clients. The real clients represent more than 60 million human customers, while the composite organization is a bank with $240 million in yearly revenue and 12 million individual customers with an average of $2,000 in their accounts.
Beyond the obvious financial gains, the Impact study also showed that the use of Onfido’s face and document recognition tech enabled a better user experience for their customers. The amount of time spent on onboarding went down 30 percent, and fewer onboarding sessions needed to be referred to a manual agent. As a result, agents were able to process the cases they did receive more quickly. The number of people onboarded went up five percent (with fewer abandonments), while the amount of fraud detected increased 20 percent.
“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,” said one of the banking project managers interviewed for the study. “So now we feel quite comfortable relying on Onfido’s judgement.”
According to Forrester, identity theft and account takeover fraud has steadily increased over the past two years. The Impact study positions Onfido as an effective solution that can catch and repel fraudulent actors during the onboarding process.
In the meantime, Onfido has enjoyed record growth during the COVID-19 pandemic. The company provides biometric onboarding services for multiple financial institutions, including One, TDI Bank, and Volkswagen Financial Services.
September 17, 2021 – by Eric Weiss