Demystifying Identity Verification Solutions Evaluation: ‘Metrics that Matter’

In the crowded, noisy marketplace of identity verification solutions, the abundance and similarities of options can lead to a difficult and confusing appraisal process. Determining the most suitable solution is challenging, with claims of the fastest and most accurate service widely advertised.

Further complicating matters is the ubiquity of technical jargon, which raises pertinent questions about the need for artificial intelligence, the differentiation between machine learning, and the underlying principles that drive algorithms. Just how is a buyer to make sense of it all and arrive at the most appropriate conclusion that satisfies all the requirements in your software selection process?

Luckily, Jumio dropped by the FF News studios, solution in hand in the form of their indispensable e-book “ Metrics That Matter: How to Evaluate Identity Verification Technology”.

Claire Galbois-Alcaix from Jumio sat down with Doug Mackenzie (Fintech Finance) to help filter out the noise, introducing their free white paper, available for download now. “Metrics That Matter” is a comprehensive read, bringing clarity and actionable insights into the review process of identity verification solutions.

Claire is the senior director of field marketing at Jumio, an identity verification company that helps organisations to know and trust their customers online. Jumio’s KYX Platform  provides advanced identity proofing, risk assessment and compliance solutions that enable organisations to accurately establish, maintain and reassert trust.

In “Metrics that Matter”Claire explained the drivers for introducing the paper were to “help organisations understand the metrics, the numbers, and the jargon they need to efficiently assess an identity proofing solution.”

The importance of the identity proofing process is particularly important for companies in heavily regulated industries such as banking and gaming, and Jumio’s technology provides a way for them to do it seamlessly during the onboarding process. Their solutions automate the identity proofing process using AI, biometrics and machine learning.

As the industry leader, Jumio is well placed to provide insights into what companies should look for when adding an ID proofing solution.

The e-book, Claire says, has been produced to help “demystify the metrics” behind this process. The paper covers the key distinctions between AI and machine learning, and how important it is for the algorithm to be built on a vast and diverse dataset to be reliable.

We talk about the primary metrics an organisation should be looking for in a potential vendor of an identity verification solution. These include its accuracy in detecting fraudsters and providing legitimate customers access, as well as the quantity of fraudsters that have been let through as a result of past failures in the system.

We also discuss Jumio’s dedication to advancing AI through innovation and maintaining a well-staffed lab. Claire emphasises the importance of using real-world data and ensuring the validity of a company’s assertions with regards to genuine automation in their product.

About Jumio

Jumio helps you to know and trust your customers online. From account opening to ongoing monitoring, the Jumio KYX Platform provides advanced identity proofing, risk assessment and compliance solutions to accurately establish, maintain and reassert trust.

Leveraging advanced technology including automation, biometrics, AI/machine learning, liveness detection and no-code orchestration with hundreds of data sources, Jumio helps organizations fight fraud and financial crime, onboard good customers faster and meet regulatory compliance including KYC and AML. Jumio has processed more than 1 billion transactions spanning over 200 countries and territories from real-time web and mobile transactions.

Based in Sunnyvale, California, Jumio operates globally with offices and representation in North America, Latin America, Europe, Asia Pacific and the Middle East and has been the recipient of numerous awards for innovation. Jumio is backed by Centana Growth Partners, Great Hill Partners and Millennium Technology Value Partners.