LexisNexis® Risk Solutions has been recognised as global leader in digital identity verification by Juniper Research’s latest market deep-dive: Digital Identity Verification Competitor Leaderboard 2022-27.
The global data and analytics firm was ranked as a top three vendor, alongside Microsoft and IT company, Thales.
The Digital Identity Verification Competitor Leaderboard evaluates global vendors against a host of key criteria including depth and breadth of offerings, service innovation and future market prospects.
LexisNexis Risk Solutions was praised for “taking advantage of the requirements for digital onboarding, plus providing advanced anti-fraud capabilities.” As well as “leveraging its broad data coverage using machine learning to verify identity, bolstered by frequent acquisitions.”
The report also ranked it highly for its combination of excellent data coverage and experience in analytics, “which gives it a powerful competitive advantage in this market.”
Juniper Research predicts that spend on digital identity verification checks will reach $20.8 billion globally by 2027 – up from $11.6 billion in 2022 – driven by both the increasing prevalence of digital services requiring digital onboarding journeys, and the growing requirement for more advanced and robust identity verification systems in the face of rising fraud.
Nick Maynard, Head of Research at Juniper Research commented; “At present, the biggest battleground within digital identity is the orchestration of verification types. With many different verification scenarios across different segments, as well as there being many different point solutions, deciding which system to use at what point is highly important. This will need to involve the use of AI to intelligently orchestrate identity verification solutions, which will be a major differentiator between vendors.”
Director of Market Planning, Chris Foye at LexisNexis Risk Solutions said, “We’re delighted to be recognised as a leading vendor in the digital identity verification space and it’s particularly gratifying that the report recognises the important role that risk orchestration plays in establishing a robust verification process. Our own research shows that financial service providers typically rely on five external vendors for data sources or solutions within their onboarding and monitoring workflow. Risk orchestration platforms can effectively reduce the administrative burden of this set up whilst simultaneously reducing manual processes and delivering more informed insights that enable increasingly accurate risk assessments.”
