Total Cost of Ownership Calculator

Use this calculator to find out how much your online identity verification solution is REALLY costing you.

TCO Calculator

Planning Assumptions

Current number of online identity verifications performed each day
Percent of manual reviews as a result of verification "maybes"
Incremental number of daily manual reviews caused by "maybes"
30
Average time spent on each manual review (in minutes)
Total time required for incremental reviews (in hours per day)
5

Verification Costs:

Cost per identity verification
Annual identity verification costs
$45,625

Manual Review Costs:

Average salary of manual reviewer
Incremental staffing cost for incremental manual review (per year)
$28,125

Estimated Opportunity Costs (from customer abandonment):

Estimated abandonment rate
Estimated customer's lifetime value
Number of customers who abandon each year
780
Estimated annual lost revenue from abandonment
$780,000
Total cost of ownership for online identity verification per year
$853,750
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What's Behind the Numbers?

The growth of the online identity verification market has introduced a number of automated solutions that rely on optical character recognition (OCR) and basic machine learning to determine if an ID is authentic or the consumer’s digital identity is legitimate.

WIthout the right technology behind them, automated solutions can present a number of shortcomings:

  • Poor verification accuracy (i.e., too many false positives)
  • Return too many “suspect” decisions (aka “maybes”)
  • More maybes lead to more manual reviews
  • More manual reviews lead to more frustration and abandonment

Some automated solutions can cause more legitimate customers to be erroneously denied, triggering greater frustration, customer dissatisfaction and online abandonment. This costs you time having to perform manual reviews.

Get Started

Let a Jumio expert show you how easy it can be to integrate our automated verification solutions into your onboarding process, whether it be within your app or on your website. Request more information here and we’ll be in touch shortly.