Total Economic Impact Study of Onfido Finds a 261% ROI to Businesses With Payback in Less Than 6 Months

Onfido, the global identity verification and authentication provider, today released a commissioned study conducted by Forrester Consulting on The Total Economic Impact™ of Onfido.

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Businesses achieve 261% ROI with Onfido – Read the full Total Economic Impact study from @Forrester https://bit.ly/3lmDtNK #Identityverification

The study examines the potential return on investment (ROI) and business benefits organizations may realize by deploying Onfido solutions. Through customer interviews and financial analysis, Forrester found that a composite organization experiences benefits of up to 261% ROI and a net present value (NPV) of $9.86M in less than 6 months.

According to Forrester, exacerbated by COVID-19 and the resulting growth in digital interactions, identity theft and account takeover increased by at least 10% to 15% from 2019 to 2020 and it anticipates another 8% to 10% increase in identity theft and ATO (Account Takeover) fraud in 2021.¹

The Forrester TEI study shows many quantifiable and unquantifiable benefits achieved by companies using Onfido including fraud detection, which are based on a composite of five Onfido clients that Forrester interviewed, who collectively serve over 60 million customers. They then applied these benefits to a composite organisation to illustrate the ROI of specific benefits – a global digital bank with $240M in annual revenue, five years old with 12 million customers, each with an average balance of $2000.

Forrester found that Onfido’s solution for identity verification had the following benefits based on a three-year risk-adjusted value and $3.8M costs incurred:

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Quantifiable benefits:

• 30% decrease in time spent onboarding – improved onboarding productivity – manual teams faced fewer escalations and could process manual escalations faster
• 20% increase in fraud detected – lowered exposure to application fraud – more fraudulent actors were caught at onboarding
• 5% increase in customer onboarding – fewer people dropped off during the onboarding experience

Banks interviewed by Forrester said that Onfido’s solution was easy to trust:

“We monitored it very closely in the beginning. We found that when Onfido said the ID card is okay and the same person is in the live video, we never saw a case where it turned out to be fraudulent. No false positives. So now we feel quite comfortable relying on Onfido’s judgement.” – Business project manager, banking

Unquantifiable benefits:

• Modernized brand image – innovative experience enhanced brand
• Facilitated new market entry – Onfido is an expert in the world’s documents, so businesses don’t have to be
• Easier compliance with authorities – Onfido allowed easier cooperation with requests from regulators and authorities

One bank financial crime manager told Forrester:

“People were impatient; they were dropping out of the process, and we’d never see them again. After we deployed Onfido, waiting times improved and drop-off decreased.” – Financial crime prevention manager, banking

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