Financial Firms Elevate Digital Identity Infrastructure
In a new report, PYMNTS Intelligence and Trulioo find that inadequate digital identity verification now constrains financial-services growth, with over 75% of firms saying identity processes limit expansion and KYC/KYB failures costing about 3% of revenue—nearly $34 billion industrywide. The study notes more than 90% of global identity platform users see verification improve over time and recommends layered verification and ongoing monitoring.
Key Points
- 1Report finds over 75% of financial firms say identity processes limit expansion
- 2Revenue losses average 3%, totaling roughly $34 billion industrywide, reducing growth
- 3Adopt layered verification, multiple signals and monitoring to improve onboarding and reach
Scoring Rationale
High industry relevance and actionable recommendations from credible survey data, limited by non-technical scope and lack of methodological detail.
Sources
Public references used for this report.
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