European identity-proofing platform provider IDnow has increased the revenue generated from its AI-powered, automated portfolio by 52 per cent in 2022 when compared to 2021.
Sales of IDnow’s automated solutions have risen significantly in the last year. The firm put the rise down to a rise in the need to “show you are who you say you are online”. Its solutions enable onboarding in a wide range of use cases including financial services, travel, gaming and mobility.
IDnow explained that three key verticals drove revenue growth:
- Financial services – Traditionally the most highly regulated market, it almost doubled its revenue in 2022 with 97 per cent growth year-over-year (YOY).
- The telecommunications sector – This contributed with 40 per cent growth YOY, while
- The mobility and travel sector – This sector grew by 16 per cent in 2022
Similar developments could eventually also be seen in the gaming industry, where regulatory changes are expected to further fuel the adoption of automated identity verification.
IDnow also celebrated significant increases in sales of automated solutions outside of France, Germany, Austria, and Switzerland. Overall, it saw a 117 per cent growth YOY.
The DACH region also provided strong revenue growth in 2022 with a 40 per cent YOY increase. In France, the company’s revenue from sales of its automated, AI-powered solutions rose by 54 per cent.
Bertrand Bouteloup, CCO at IDnow, said: “The travel industry, in particular, has faced tremendous challenges due to the global pandemic in the last few years but is looking to transform itself to offer a fully digital travel experience. Identity verification is becoming an essential part of booking, check-in and onboarding processes.
“By providing a more seamless and secure travel experience, businesses can now gain a highly competitive advantage in this market, as the customer experience benefits significantly from digital identity verification solutions.”
‘automated identity verification equivalent to a face-to-face experience’
Bertrand Bouteloup also discussed how IDnow has progressed with its plans. He said: “Last year, our services had already been certified by the Romanian Digital Authority according to their framework. For France, a key market for us, we are engaged in the PVID certification from the French National Safety and Security Agency for our automated IDCheck.io solution.
“These certifications corroborate that we are able to provide reliable automated identity verification that is equivalent to a face-to-face experience and will serve to reinforce the leadership of IDnow across Europe.”
Automated identity verification has been a trend in Europe for some time, as an increasing number of regulators continue to approve AI-powered solutions for AML use cases.
France and Romania have been paving the way for certifying identity-proofing providers to increase the level of trust that their customers can have in them. More and more countries have also started regulating the level of assurance associated with identity-proofing services.