COVID-19 radically changed the way that the world does business. Services and purchases that used to be conducted in person migrated online due to pandemic lockdowns, and that created a surging demand for fraud prevention solutions that could protect those interactions.
One year later, that has translated to an unprecedented boom for the digital onboarding industry. Companies that offer remote onboarding services pulled in more than $3 billion from investors in 2021, and several of those enterprises have gone on to become true tech unicorns as businesses scramble to adapt to a hybrid work environment.
The digital onboarding trend cuts across industries, since any organization that offers services to the public stands to benefit from a more secure remote identity verification process. Biometric onboarding has been particularly popular in the financial services sector, but it has also been deployed in retail, transportation, and healthcare, amongst other fields.
In terms of utility, digital identity technologies are popular because they can streamline the onboarding process while maintaining a high level of security. That, in turn, enables a better user experience for everyday civilians. There will be some turbulence in the identity verification sector in the next few years as competitors jostle for position a crowded marketplace. Even so, digital onboarding is poised to become the new normal for those accessing services online, and that will continue to drive demand in the months and years ahead.
This is one of the major trends we’re tracking in the FindBiometrics Year in Review Survey. The survey is still open, so be sure to make your voice heard and take the survey today!
December 21, 2021 – by Eric Weiss
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