Juniper Research’s latest study analyzes the transformative role of Artificial Intelligence (AI) in reshaping identity verification, predicting significant cost savings for banks and a major shift in the realm of digital onboarding.
The study on the evolution of digital AI verification: a transformation in the world of banks
The study reveals a significant reduction in the average time spent on digital onboarding verifications from more than 11 minutes in 2023 to less than 8 minutes by 2028, with a significant increase in efficiency of 30%.
This change is attributed to the increasing accuracy of AI, which leads to a substantial decrease in identity checks requiring human intervention and eliminates the need to retake photos during verification. In addition, AI emerges as a formidable defense against emerging threats, particularly synthetic identity fraud.
As AI becomes more accurate, the study predicts a tangible decrease in cases where identity checks require human review, ultimate
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