Strongest growth reported in financial services, telecommunications, and mobility and travel
Munich, March 7, 2023 – IDnow, a leading identity proofing platform provider in Europe, has increased the revenue generated from its AI-powered, automated portfolio by 52% in 2022, compared to 2021. Built with in-house technology, the automated solutions, which include biometric selfies and video liveness checks, can verify users across a range of industries and use cases in minutes.
FinServ, telecommunications, and mobility and travel lead vertical growth
The revenue growth of the company in its automated solutions was driven by three key verticals: Financial services, traditionally the most highly regulated market, nearly doubled its revenue in 2022 with 97% growth year-over-year (YOY). The telecommunications sector contributed with 40% growth YOY, while the mobility and travel sector grew by 16%. Similar developments can be observed in the gaming industry, where regulatory changes are expected to further fuel adoption of automated identity verification.
“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,” explains Bertrand Bouteloup, CCO at IDnow.
Revenue growth in automated solutions across geos
IDnow more than doubled its sales in automated solutions outside of France and the DACH region (117% growth YOY), where the company has its roots, following the acquisition of the French market leader for identity technology, ARIADNEXT, in 2021. The DACH region also showed significant revenue growth in 2022 with a 40% YOY increase. In France, the company’s revenue from sales of its automated, AI-powered solutions rose by 54%.
A significant percentage of the revenue stemmed from one of the hybrid solutions in IDnow’s portfolio: AutoIdent plus QES, an all-in-one solution with qualified electronic signature (QES) paired with remote identity verification, that complies with Anti-Money Laundering (AML)/Combatting the Financing of Terrorism (CFT) requirements of most EU regulators.
European certifications for automated and hybrid solutions
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.
“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 (prestataire de vérification d’identité à distance) certification from the French National Safety and Security Agency (Agence Nationale de la Sécurité des Systèmes d’Information, ANSSI) for our automated IDCheck.io solution,” adds Bertrand Bouteloup. “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.”