Report expects that by 2022, 80% of organizations will use document-centric identity proofing as part of their onboarding workflows, an increase from approximately 30% today
Jumio, the leading provider of AI-powered end-to-end identity verification and eKYC solutions, has been recognized for the third consecutive year as a Representative Vendor in the latest Gartner “Market Guide for Identity Proofing and Affirmation,”1 published on September 11, 2020.
Citing the Report’s Criteria on Representative Vendor Selection:
Jumio was named as a Representative Vendor among several other identity proofing and corroboration providers. “The listed vendors represent what’s core in the market, what extends it and what will transform it,” stated the Market Guide.
Vendors were selected on the basis of one or more of the following criteria:
- Vendors offering capabilities that support identity proofing in ways that are unique, innovative and/or demonstrate forward-looking product strategies.
- Frequent inquiries by Gartner clients about a particular vendor for identity-proofing use cases.
- Vendors that represent particular market segments or geographic regions, thus helping to illustrate the breadth of the market.
- Fair representation from year to year, with rotation of vendors that may have previously met the above requirements, but were omitted simply due to space restrictions.
Strategic Planning Assumptions
This year’s Market Guide for Identity Proofing and Affirmation included a number of strategic planning assumptions and predictions:
- By 2022, 80% of organizations will be using document-centric identity proofing as part of their onboarding workflows, which is an increase from approximately 30% today.
- By 2022, more than 95% of RFPs for document-centric identity proofing will contain clear requirements regarding minimizing demographic bias, an increase from fewer than 15% today.
- By 2023, 75% of organizations will be using a single vendor with strong identity orchestration capabilities and connections to many other third parties for identity proofing and affirmation, which is an increase from fewer than 15% today.
These strategic planning assumptions signal significant shifts in the identity proofing market. Large-scale data breaches are rendering the checking of static data obsolete.
“The rampant theft of PII via large-scale data breaches continues unabated,” stated the Market Guide. “Such theft enables criminals to attack static data verification methods and to impersonate people to obtain their credit and public records, thus gathering a robust set of information to circumvent most data-centric verification tools.”
“At Jumio, we’ve witnessed many of these same trends noted in the Market Guide, including a growing interest in document-centric identity proofing, greater concern about how our AI models address demographic bias and an increased desire for orchestration,“ said Robert Prigge, Jumio’s CEO. “This is precisely why we recently launched the Jumio KYX Platform, a unified platform designed to assist fraud and risk teams in streamlining the onboarding and KYC processes.”
Digital Transformation Is Accelerating Further Due to COVID-19
The Market Guide also noted the impact of COVID-19 as accelerating the adoption of digital identity proofing. “The COVID-19 pandemic changed the narrative in this respect — turning online identity proofing into a core requirement for businesses to continue operating, given the enforced absence of face-to-face identity proofing. There is now an acute understanding that circumstances may arise in which the digital channel is not one of many channels, but is instead, forced to be the only channel.”
The report noted that Gartner has seen an increase in inquiries from clients across industries since the onset of the pandemic, many who want to discuss ways to optimize digital customer onboarding through improved identity-proofing processes. “This has resulted in an acceleration in the adoption of new processes to support digital onboarding.” Jumio confirmed that financial institutions, such as New York University Federal Credit Union (NYU FCU) and Simba Bank, have adopted their services as a direct result of remote, identity proofing requirements driven by the pandemic.
As document-centric approaches to identity proofing become more mainstream, enterprise customers are looking for greater speed, higher levels of identity assurance and stronger fraud detection — all delivered within a streamlined, intuitive user journey. Jumio’s state-of-the-art AI algorithms are enabling the company to meet these challenges while at the same time scaling its operations to meet the increased demands of a global market.
To avoid demographic bias in its AI algorithms, Jumio does not use public data sets to train its models because it is difficult to tell how the data sets were tagged and what methods were used. Instead, Jumio uses its own data sets, based on actual production data, which are second in size only to Interpol, giving Jumio a large volume of data that it knows were tagged correctly to train and inform its AI models.
To download a complimentary copy of the full 2020 “Market Guide for Identity Proofing and Affirmation” click here.
1Source: Gartner “Market Guide for Identity Proofing and Affirmation,” Jonathan Care, Akif Khan, 11 September 2020.
Disclaimer: Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, express or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
When identity matters, trust Jumio. Jumio’s mission is to make the internet a safer place by protecting the ecosystems of businesses through a unified, end-to-end identity verification and eKYC platform. The Jumio KYX Platform offers a range of identity proofing services to accurately establish, maintain and reassert trust from account opening to ongoing transaction monitoring.
Leveraging advanced technology including AI, biometrics, machine learning, liveness detection and automation, Jumio helps organizations fight fraud, onboard good customers faster and meet regulatory compliance including KYC, AML and GDPR. Jumio has verified more than 250 million identities issued by over 200 countries and territories from real-time web and mobile transactions. Jumio’s solutions are used by leading companies in the financial services, sharing economy, digital currency, retail, travel and online gaming sectors. Based in Palo Alto, Jumio operates globally with offices in North America, Latin America, Europe and Asia Pacific and has been the recipient of numerous awards for innovation. For more information, please visit www.jumio.com.
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