Identity verification reduces operational costs

Identity verification is a process carried out to ensure that a person is indeed who they claim to be. This is typically used to prevent users from creating accounts in someone else’s name or directly stealing another person’s identity to commit fraud.

Implementing an identity verification process may require a minimum internal team of 4 dedicated individuals for manual verification. According to a study by Cloudtask, an internal team of 4 people dedicated to manual verification could cost around $260,000 per year.

Details of the cost estimation can be found at:

https://www.cloudtask.com/blog/how-much-does-it-cost-to-outsource-a-call-center

A team of 10 people would cost approximately $650,000 per year. Depending on the volume of users you want to verify, this cost could easily be halved with a digital identity verification solution. On the other hand, it is very important to consider that by implementing an online digital identity system, the company will also improve user onboarding times while avoiding (or at least mitigating) the likelihood of incurring excessive fines.

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