This was a study that we commissioned Forrester Consulting to conduct a Total Economic Impact™ (TEI) study, to examine the potential value of our platform.
The Forrester study estimated that Sumsub’s identity verification platform offered $762.5K in value savings from reduced loss due to identity fraud within three years of implementation. Other key findings include $2.6M value on 15% compliance efficiency improvement and avoided additional/compliance agent headcount cost, as well as net profit associated with increased pass rate: on average, Sumsub clients are able to verify x2-x3 more customers.
According to the TEI findings, Sumsub also provides its clients unquantified benefits, such as improved customer experience and quality of onboarded customers, increased capabilities in reporting and analytics, best-service 24/7 tech support, and enhanced compliance with local regulations. In addition, Sumsub’s all-on-one verification platform is helping its customers to onboard partner organizations (KYB), solve compliance issues and scale to global markets easier.