According to the press release, this sudden speed in identity verification adoption is a clear reflection of the urgency to protect the increased numbers of consumers who have been forced to use digital services for the first time as a result of lockdown restrictions.
The research shows that online marketplaces have had to execute rapid digital transformation programmes in order to serve customers and maintain operations during the pandemic. This led to a significant need for identity verification, far ahead of the next nearest drivers, regulatory pressure and compliance requirements (57%) and evolving fraud and security risks (51%).
Moreover, according to the Trulioo findings, other drivers for adopting ID verification across both the online marketplace and financial services industries include current methods not meeting their evolving needs, and pressure to innovate to address increasingly tighter regulatory requirements. Besides, the importance of ID verification to online marketplaces, in terms of building trust among customers during the account creation process, was also highlighted in another research conducted by Trulioo in 2020.
Furthermore, the vast majority of consumers in the UK and the US (90%) felt that security is very important in a great account opening experience when signing up to an online marketplace, while 89% stated that online marketplaces have a responsibility to reduce cyber-crime through whatever identity verification is necessary. Additionally, almost three quarters (74%) of people reported that the account opening process can ‘make or break’ their future relationship with an online marketplace brand.
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