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89% of companies predict revenue growth thanks to the implementation of digital identifiers, according to a study by Regula

Posted on by darion

RESTON, Va., Aug. 6, 2024 (GLOBE NEWSWIRE) — Adjustglobal manufacturer of forensic equipment and identity verification solutions, has released new findings from its study “New order: digital IDs” that reveal how companies around the world are assessing the revenue transformation after implementing a digital ID. The results also highlight the use cases where adopting a digital ID will have the most noticeable impact.

Regula_Digital ID affects revenues

Photo: Regula study reveals how businesses around the world assess revenue transformation after implementing digital ID. The outlook is overwhelmingly positive.

Forrester Consulting, commissioned by Regula to conduct the study “The New Imperative: Digital IDs,” emphasizes that the majority of respondents, 89%, anticipate a positive impact on revenue from implementing digital IDs. Specifically, 32% of companies anticipate revenue growth of 20%-29%, 23% predict growth of 10%-19%, 16% predict growth of more than 30%, and 18% expect growth of up to 10%.

Interestingly, the Middle East seems to be more optimistic about digital ID adoption, with only 4% of respondents in the region believing there will be no significant change in revenue, which is significantly lower than the global figure (10%) or that in Europe, where 13% of companies expect no change.

The most promising areas

The study, “The New Order: Digital Badges,” indicates that the benefits of implementing digital badges will be most noticeable and deliver the fastest results in the following five key use cases:

  • online financial transactions (46% of respondents globally);
  • opening online accounts (38%);
  • eCommerce transactions (33%);
  • E-government services (32%);
  • remote customer onboarding (31%)

Forrester Consulting research highlights: “These results underscore the significant expectations that digital ID cards will improve efficiency, security and user experience in sectors where identity verification plays a key role in transaction security and customer trust.”

Regional differences

For the region North AmericaThe most significant effect is expected to be felt for online financial transactions (51%), online account opening (39%), remote customer onboarding (36%) and eCommerce transactions (35%). All of these are higher than the global figures. Interestingly, the region is more likely to increase age verification through digital IDs, with 21% expecting an improvement in this use case (globally, this figure is 19%, and in the Middle East, 14%).

IN Europecompanies share global expectations. Thus, 44% foresee positive changes in online financial transactions, 38% in online account opening, 36% in eGovernment services, 30% in remote customer onboarding and 29% in access to mobile devices. Europe seems more determined to improve eGovernment services: 36% of respondents here (compared to 32% globally) expect to benefit from the adoption of digital IDs.

In Near EastSurvey respondents expect improvements in online financial transactions (44%) and online account opening (35%), although these rates are slightly lower than globally. The Middle East is more likely than other regions to see positive changes in access to the workplace and remote work (30% vs. 25% globally and 24% in Europe and North America) and access to healthcare services (26% vs. 15% globally and 9% in Europe).

“Businesses are changing the way they approach identity verification. Once a legal requirement or commodity, it has now become a technological advancement and a strategic imperative. Our research shows that businesses around the world are recognizing the transformative potential of digital IDs to increase revenue, enhance security and improve user experiences. By innovating and delivering advanced identity verification solutions, we are committed to helping businesses unlock these benefits and thrive in the digital age.” says Ihar Kliashchou, Chief Technology Officer at Regula.

If you are interested in receiving further information from the study “The New Order: Digital IDs”, please contact us. download your free copy from the Regula website.

Additional resources:

  • 42% of companies in the world are ready for implementation Digital ID
  • Digital IDs will not be replace physical documents
  • Regional expectations for digital badges fraud reduction
  • EU Digital Identity Wallet:Exploring His Current Potential

About Regula

Regula is a global developer of forensic devices and identity verification solutions. With over 30 years of experience in forensic examinations and the world’s largest library of document templates, we create groundbreaking document verification and biometric technologies. Our hardware and software solutions enable over 1,000 agencies and 80 border control agencies worldwide to deliver a world-class customer experience without compromising safety, security or speed. Regula has been repeatedly named a Representative Vendor in the Gartner® Market Guide for Identity Verification.

Find out more at www.regulaforensics.com.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a9bcbfe5-ce0e-47f5-b7ab-b263d5ae067d

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