Independent study indicates present value savings for businesses of $3,21M over 3 years thanks to reducing the cost of identity fraud with Sumsub
London, December 13, 2022 — Sumsub, a global verification platform providing customizable KYC, KYB, transaction monitoring, and AML solutions for the whole customer journey, today announced the release of a Total Economic ImpactTM study by Forrester Consulting that shows benefits and costs of implementing Sumsub’s all-in-one verification solution.
Sumsub commissioned Forrester Consulting to conduct a Total Economic Impact™ (TEI) study to examine the value of its platform. This study is designed to help businesses evaluate Sumsub’s potential financial impact on their company. To that end, Forrester anonymously interviewed Sumsub customers, aggregated their experiences and business metrics, and combined the results into a composite organization.
The TEI study concludes that companies that invest in Sumsub’s solution can experience a 240% return on investment (ROI) with a net present value (NPV) of $3,21M and a payback period of less than six months.
The Forrester study estimated that Sumsub’s identity verification platform offered $762.5K in value savings from reduced loss due to identity fraud within three years of implementation. Other key findings include $2,6M value on 15% compliance efficiency improvement and avoided additional/compliance agent headcount cost, as well as net profit associated with increased pass rate: on average, Sumsub clients are able to verify x2-x3 more customers.
According to the TEI findings, Sumsub also provides its clients unquantified benefits, such as improved customer experience and quality of onboarded customers, increased capabilities in reporting and analytics, best-service 24/7 tech support, and enhanced compliance with local regulations. In addition, Sumsub’s all-on-one verification platform is helping its customers to onboard partner organizations (KYB), solve compliance issues and scale to global markets easier.
“We believe this Forrester TEI study underscored Sumsub’s commitment to helping businesses fight digital fraud and stay fully compliant with regulations worldwide. Trusted by more than 2000 companies, we are happy to move forward with our mission to provide best-in-class verification and compliance services to a growing number of global businesses across the fintech, trading, crypto, gaming industries and beyond”– comments Andrew Sever, Sumsub’s co-founder and CEO.
To examine all the metrics and results of the Forrester’s TEI study on Sumsub, you can download the full study at this link: https://sumsub.com/total-economic-impact/
Note on Forrester Consulting TEI research
Total Economic Impact (TEI) is Forrester’s methodology for measuring the comprehensive impact of investments, technologies, projects, and initiatives. TEI reports are holistic business cases that include decision drivers, the customer journey, and qualitative and quantitative impacts – culminating in a sample financial model that shows an estimated return on investment (ROI). They are meant to help readers who are considering a similar investment to understand the experience and outcomes achieved by other customers. These reports are commissioned by solution providers who wish to discover and articulate their product’s value to the market.