AI & Technology Trends, Industry Use Cases, KYC & Identity Verification

Face Biometrics & Automated IDV: How They Accelerate Growth Across Industries

August 21, 2023

Automated identity verification (IDV)—combining document checks with face biometrics—has moved from nice-to-have to revenue enabler. The reasons are clear: the number of digital ID checks worldwide keeps climbing (tens of billions annually), and organizations that automate identity proofing see fewer drop-offs, lower fraud, and faster time-to-revenue. Market analysts project double-digit growth in verification volumes and spend rising from roughly $15.2B in 2024 to ~$26B by 2029 as adoption expands across fintech, gaming, crypto, and gig-economy platforms. juniperresearch.com

Accuracy has improved dramatically. The U.S. standards body NIST reports ongoing gains across 1:1 verification and face analysis evaluations, including new FRTE/FATE test families and fresh publications on age estimation & verification at scale. These studies quantify error rates and demographic effects—evidence that today’s top-tier systems, when properly designed, are precise enough for high-stakes onboarding while still requiring thoughtful governance. NIST, pages.nist.gov

Why it drives growth:

  • Higher conversion: Passive liveness and selfie-to-ID matching clear good users in seconds, reducing abandonment compared to manual review queues.

  • Lower fraud losses: Early detection of impersonation and “mule” patterns prevents downstream chargebacks and account abuse—savings that compound at scale.

  • Global reach: Portable workflows support cross-border onboarding with consistent UX.

The macro case is compelling: Digital ID could unlock 3–13% of GDP value by 2030 in studied countries, according to McKinsey, through efficiency gains, reduced leakage, and expanded access. In short, strong, user-centric digital identity expands markets—especially for thin-file consumers who can now prove who they are quickly and safely. McKinsey & Company, World Economic Forum

Public-sector momentum reinforces private-sector adoption. The World Bank’s ID4D program documents accelerating deployment of foundational digital ID systems and improved G2P delivery—evidence that interoperable identity is becoming core infrastructure. As governments modernize rails, private IDV rides the same wave, standardizing trust across ecosystems. id4d.worldbank.org

Industry snapshots:

  • Fintech & lending: Faster onboarding and better risk segmentation enable approval lifts without sacrificing controls; modern scores plus IDV widen access responsibly.

  • iGaming & sportsbooks: Instant age/identity checks and ongoing sanctions/PEP monitoring streamline compliance and reduce bonus abuse.

  • Crypto exchanges: Tighter KYC aligned with U.S. and global guidance improves bankability and regulator confidence, supporting listings and partnerships.

  • Marketplaces & gig platforms: Rapid, low-friction sign-ups bring supply online faster while filtering out bad actors.

How Veri1 Fits In

Veri1 provides property managers with the tools needed to screen tenants more effectively and responsibly:

Know Your Customer (KYC) – Identity verification through document scans, selfie-to-ID match, and liveness detection ensures onboarding is both seamless and compliant.

Tenant Evaluation – For property-related businesses, combines ID checks with financial assessment for a complete applicant profile.

Court Check – Adds an extra layer of due diligence by screening against legal and sanctions databases, critical for regulated industries.