Growing Trulioo's KYC identity verification Solution
Strategic roadmap to improve adoption and enhancing user experience and integration
Harshameer Singh
Trulioo is a global identity platform that helps businesses to efficiently and quickly verify the identity of their customers.
Benefits: Compliance, Growth/Onboarding, Fraud Prevention
1) Adoption: Varying regulatory landscape, lot of global and regional players; new use cases
2) UX: Drop off vs robust identity verification
3) Integration: Complexity of technology can act as an adoption barrier
CHALLENGES
MARKET OVERVIEW
IDV: is the process to confirm an individuals identity and verify they are who they claim to be
MARKET
Largest- North America
Fastest Growing: APAC
2023: USD 28.7B
2028*: USD 83.2B
SEGMENTATION
| DIMENSION | CATEGORIES | SHARE (2022) |
|---|---|---|
| Type | Biometric; Non Biometric | Biometric segment revenue share of 68% |
| Deployment | On Premise; Cloud Based | On premise revenue share more than 59% |
| Organization Size | Large enterprise; SME | Large enterprse revenue share above 65% |
| Vertical | BFSI; IT; Govt; Healthcare; Retail & E-comm; Energy; others | BFSI dominates with revenue share more than 28% |
| Component | Solutions; Services | Solution segment revenue share more than 71% |
https://www.grandviewresearch.com/industry-analysis/identity-verification-market
https://www.marketsandmarkets.com/Market-Reports/identity-verification-market-178660742.html
GROWTH DRIVERS: Rise in identity fraud; GenAI; Digitization; Regulatory changes; Remote culture
MARKET OVERVIEW: COMPETITOR LANDSCAPE
| NORTH AMERICA | EUROPE | APAC | MEA | LATAM |
|---|---|---|---|---|
| Jumio, Onfido, Trulioo, Transunion | Thales, IDEMIA, Equifax, Authenteq | Hyperverge, GBG, Trulioo, IDology | Shuftipro, Truststamp, Veriff, Equifax | Cincel, Jumio, Onfido, Metamap |
Winning in a fragmented market
Marketing Innovations
Price Innovations
Channel Innovations
Service Innovations
PRODUCT INNOVATIONS
Crowded market
Global+ Regional Players
IDV PRODUCT ANATOMY
Delivering IDV by combining
A) Taking image of document or NFC (OCR and Chip)
B) PAD+ Biometric comparison
Stand-alone service
Combined with other capabilities
Solution Delivery
| MUST HAVE FUNCTIONALITY | STANDARD FUNCTIONALITY | OPTIONAL FUNCTIONALITY |
|---|---|---|
| -Capture of a person’s photo and data from a photo identification document, followed by assessment of the document’s authenticity -PAD+ Biometric -Configurable policies for handling personally identifiable information |
Administrative portal with reporting, analytics & separation of duties frameworks | -External data source connectivity -Fraud detection -Identity wallet provision -Video call support for vendor to interact -Duplication and authentication checking |
BUSINESS PURPOSE
1) Compliance (KYC)
2) Onboarding (customer registration, employee onboarding etc)
3) Fraud Risk Mitigation
4) Trust/Safety
5) Account Security
PAD: Presentation Attack Detection
Additional features as competitive differentiation: Low code implementation; fraud; coverage
STRATEGIC ROADMAP: EXISTING Adoption/UX
| EPIC | TIMELINE | STORIES | BENEFITS |
|---|---|---|---|
| Localization | Continuing and Immediate | 1) KYC Instructions, support, documents in local language(s) 2) Local regulations (including industry specific) 3) Explore: UX/UI adaptation 4) OCR improvements |
Enhanced user Experience Local Regulatory compliance Market expansion Winning in a fragmented market |
5% increase in conversion for checkin, tackling challenge of user drop offs (checkin.com)
76% consumers more likely to purchase from website in own language (CSA Research)
Can help Trulioo adoption in non BFSI; e.g. school id in local langauge (education sector)
Trulioo has an extensive global reach and local language support which can be continually enhanced
| EPIC | TIMELINE | STORIES | BENEFITS |
|---|---|---|---|
| One-Stop Solution | Continuing and Immediate | 1) Document+ Biometric 2) Liveness (advanced passive) 3) Transaction Monitoring (Rule) 4) Advanced Reporting 5) Automated Alerts |
Consolidation Easy for users |
Liveness enhancements as a first line of defense against deepfakes and synthetic identity fraud
Europe: Regulations (GDPR); MEA/Asia: Digitisation Push, Internet and smartphone penetration
Trend towards holistic and all-in one solution
Lays foundation for expanding into advanced fraud detection and prevention
| EPIC | TIMELINE | STORIES | BENEFITS |
|---|---|---|---|
| Mobile/Device Optimisation Documents |
Continuing and Immediate | 1) Image capture optimisation 2) Real-time feedback/guidance 3) Image enhancement 4) Auto Document Recognition 5) Auto Data Capture 6) Document Versioning 7) Legitimate ID database 8) Document Analysis |
1) Automate Document Capture 2) Faster Onboarding |
STRATEGIC ROADMAP: EXISTING ADOPTION/UX
Smartphone Adoption Rate APAC
Rapid digitisation, Government led efforts, increasing internet penetration, and smartphone penetration especially in APAC, MEA. In certain geographies (eg south east asia, photos captured with old model webcams (Jumio)
Real Time Feedback
Trulioo has a guided, AI-enabled capture process
Process continually refined
| EPIC | TIMELINE | STORIES/POC | BENEFITS |
|---|---|---|---|
| Document Free Verification |
0-12 Months | 1) Liveness 2) Databases |
1) New Industries 2) Faster Onboarding |
STRATEGIC ROADMAP: SHORT/MEDIUM TERM Adoption/UX
Non-Doc verification is fast, user identity verification under 5 seconds (Sumsub)
Onboarding time reduced by 53% (Sumsub)
| EPIC | TIMELINE | MUST | SHOULD | COULD |
|---|---|---|---|---|
| Fraud (can be a part of all in one solution) | 0-18 Months | 1) Risk Signals 2) Behavioral Biometrics 3) Transaction Monitoring (AI/ML) 4) Fraud Database 6) AI Fraud Engine |
1) Fraud Prediction 2) Fraud Reporting |
1) Client-based customization 2) UX/UI enhancement |
Increase in deepfake fraud 2023
10X increase in deepfakes detected globally across industries (2023)
E-commerce industry lost $41B to online fraud (2022)
70% of fraud occurs past KYC
Cumulative merchant losses due to online fraud 2023-2027 expected to exceed $343B
Ideally a balance between accurate fraud detection and high conversion rates; incremental functionality; combination of processes
STRATEGIC ROADMAP: FRAUD
Risk Signals: As a user, I want to be able to detect risk signals like device reputation, email address age, IP address, & phone number reputation so that I can detect potential frauds
Behavioral Biometrics: As a user, I want to be able detect behavioral signals so that I can detect potential fraud
Unusual transactions, Location changes, Suspicious login attempts, interaction patterns, change in user information
Transaction Monitoring (ML): As a user, I want to be able to monitor transactions both past and current to identify and prevent potential fraud
Fraud Database: As a user, I want to be able to store fraudulent Ids so as to detect attempts of reusing that Id
Mobile + MFA/2FA :As a user, I want to be able to store fraudulent Ids so as to detect attempts of reusing that Id
Fraud Engine: As a user, I want an automated engine to identify, flag, and prevent fraudulent activity
Fraud Prediction: As a user, I want to be able to proactively predict potential frauds so that I can mitigate risks
Fraud Reporting: As a user, I want comprehensive fraud reports that provide detailed insights into detected and potential fraud
Fraud Reporting: As a user, I want comprehensive fraud reports that provide detailed insights into detected and potential fraud
Client Based Customization: As a user, I want to customize fraud detection, rules and reporting basis specific industries and clients
| EPIC | TIMELINE | STORIES/POC | BENEFITS |
|---|---|---|---|
| Adaptive Verification | 0-12 Months | 1) Progressive Onboarding 2) Orchestrate Risk 3) Fraud workflow integrate |
1) New Industries 2) Faster Onboarding |
STRATEGIC ROADMAP: SHORT/MEDIUM TERM ADOPTION
Adaptive verification (Progressive onboarding and risk orchestration can be combined with fraud engine workflow
TRADE OFFs/ RISKS (FRAUD)
COMPLEXITY
Overly complex systems can raise false positives
While complex system can potentially be more accurate, but it means more maintenance
Complexity might affect ease of implementation and affect user experience
PRIVACY CONCERNS & REGULATION
Collection of extensive fraud signal data such as Behavioral Analytics, risk signals etc can pose privacy concerns;
Also, different regulatory requirements in different areas might increase complexity and scalability
SUCCESS METRICS
False Rejection Rate: Frauds incorrectly rejected
False Acceptance Rate: Frauds incorrectly approved
Fraud Catch Rate/Rejection Accuracy: Scans correctly identified
Cost of Fraud Prevention
| EPIC | TIMELINE | STORIES/POC | BENEFITS |
|---|---|---|---|
| Integration Improvement (API) | 0-18 Months | Improve documentation Testing environment AI Assistant |
Enhanced Developer Experience Super Fast integration |
STRATEGIC ROADMAP: SHORT/MEDIUM TERM Integration
An AI assistant assists the developers in streamlining the integration process
Realtime assistance
Automate Code
Faster integration
Error handling
Across API workflow
| EPIC | TIMELINE | STORIES/POC | BENEFITS |
|---|---|---|---|
| Integration Improvement (API) | 0-18 Months | Industry-Specific Templates Market-Specific Templates |
Faster integration across new industries and markets. Reduce Complexity |
40% organizations surveyed identified complexity of technology as a major barrier (Regula Survey)
91% of businesses worldwide plan to increase their IDV spending (Regula Survey)
| EPIC | TIMELINE | STORIES/POC | BENEFITS |
|---|---|---|---|
| Integration Improvement (API) | 0-18 Months | Backward compatibility & Versioning | Reduced downtime Minimal update Impact |
STRATEGIC ROADMAP: LONG TERM (>18 Months)
FUTURE PROOFING TRULIOO: DIGITAL PORTABLE IDENTIFICATION
| MARKET | DIGITAL IDENTITY | OPPORTUNITIES |
|---|---|---|
| Europe | eiDAS: introduced eIDs eiDAS 2.0: EUDI wallet introduction; mandates member states to provide EU digital identity wallets to citizens; Key characteristics: user control, available acros |
Digital Id ecosystem growing rapidly; Stringent regulations: interoperability |
| APAC | Digilocker(digital wallet); eAadhar biometric ID (1.3B+ enrollments); China Digital Id being expanded; Singpass; Thailand (Digital ID freamewor target 10 M); Indonesia e-KTP; myGoviD (Aus) | Highly diverse needs Strengthen exisiting ecosystem |
| US: Canada | Digital identity Act (aims to improve security, privacy, equity, and accessibility): Digital identity key part of digital ambition plan; BC Services Card, Ontario Digital ID, Sign-in Canada | Streamlined access to govt/private sector; interoperability between province and federal |
| MEA | Muqeem Digtial IQama (KSA); South Africa smart ID: UAE pass | Ecosystem expanding; |
| ECOSYSTEM |
|---|
| Govt run citizen identity schemes: Franceconnect (France), Singpass (Singapore) |
| Leveraging banking/mobile phone operator data: OneID UK, BankID Sweden |
| IDV vendors with own digital wallets: IDnow, Incode |
| Vendors with architecture for wallets but rely on partners to drive IDV: IBM Blockchain |
| Apple/Google enabling digital Id's to be stores in their wallet |
| Large Scale pilot programs: eiDAS |
FUTURE PROOFING TRULIOO: DIGITAL PORTABLE IDENTIFICATION
| Existing IDV Approaches* | Portable digital IDs |
|---|---|
| Not rapidly scalable, inefficient, high cost, damaging to UX | Must be secure, simple and ideally portable |
"As portable digital Id's grow, market for IDV would decrease; shift from discrete IDV checks to user presenting an already verified identity"
"By 2027, global market for standalone IDV decreased by 20% due to increasing traction of portable digital identity solutions"
https://www.gartner.com/doc/reprints?__hstc=200786673.b1599257c9daad6ab62416457b34672b.1720131623307.1720150707399.1720209185931.3&__hssc=200786673.1.1720209185931&__hsfp=253062604&id=1-2GS78N7S&ct=240229&st=sb&submissionGuid=da5c6275-fc9c-4e4f-a6d5-8ebc27de1a42
OPPORTUNITY
Portable digital identity solutions will need an initial automated identity verification event
Account recovery
Strategically evolve offerings to remain relevant
PHASE 1
Analyse digital ID/digital wallet trends across markets
Utilise verified existing data to map it with corresponding digital ID fields and create digital id traces for already verified users
Opportunity to explore utilisation of these digital traces in unregulated/minimal regulated growing sectors such as social media, P2P lending, online dating, esports etc
Start enhancing existing architecture to account for digital ID verifications and also enhance security
PHASE 2
Expand upon phase 1
Improve integration and interoperability
Expand partnerships, Add-on verifier to existing government Ids
Explore: Additionally reposition as a repository for verified digital Ids.
Centralized system
PHASE 3
Expand ID verification for initial verification of IDs on decentralised architecture (blockchain); SSI integration
User-controlled and on user devices; security checks might need to enhanced for device reputation
Explore: creating own ID or ID wallet
| IDEA | OBJECTIVE |
|---|---|
| Localization | Adoption and Experience |
| One Stop Solution | Adoption |
| Device Optimisation | Adoption and Exxperience |
| Document Free Verification | Adoption/Experience |
| Fraud | Adoption |
| Adaptive Verification | Adoption/Experience |
| Integration Improvements | Integration |
| Digital Portable Identification | Adoption/Experience |
DECK OVERVIEW
Thank you for your time
USE CASES FOR NON DOCUMENT VERIFICATION
Why do we need documents ?
Copy of deck
By harshameer
