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AI in identity verification to save banks $900 million in operational costs by 2028 – study

15 noiembrie 2023

A new study from Juniper Research has found that the implementation of AI (Artificial Intelligence) in identity verification will reduce the average time spent per digital onboarding check from over 11 minutes in 2023, to under 8 minutes in 2028; dropping by 30%.

As AI becomes increasingly accurate, it reduces the number of identity checks referred to a human agent for review, and the need for ID photos to be retaken. This decreases the time taken for each verification, as well as the associated costs. The use of AI will also play a key role in protecting against emerging threats, such as synthetic identity fraud.

Onboarding Spend to Grow Despite Decreasing Costs

The research anticipates that widespread adoption of digital verification within banking, particularly mobile banking, will continue to drive digital onboarding revenue growth. Despite the aforementioned increase in efficiency reducing the cost of each individual digital identity verification check, the growing volume of checks, particularly in developing regions, will offset this. As such, Juniper Research forecasts that total spend for banks will increase from $7.4 billion in 2023, to $9.9 billion in 2028; representing a 34% increase.

Report author Michael Greenwood explained: “Growth will be particularly strong in developing markets, where rising smartphone penetration is making mobile banking more readily available; driving growth in digital onboarding. To capitalise on this, verification vendors must develop onboarding processes that emphasise checks other than credit scores, such as mobile operator history, in order to maximise viability in emerging regions.”


Find out more about the new report, Global Digital Identity Verification Market 2023-2028, or download a free sample.

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Anders Olofsson – former Head of Payments Finastra

Banking 4.0 – „how was the experience for you”

So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”

Many more interesting quotes in the video below:


In 23 septembrie 2019, BNR a anuntat infiintarea unui Fintech Innovation Hub pentru a sustine inovatia in domeniul serviciilor financiare si de plata. In acest sens, care credeti ca ar trebui sa fie urmatorul pas al bancii centrale?