The report titled "A Guide to Digital Identity Verification" discusses the importance of identity verification processes in today's digital landscape. It highlights the increasing pressure on businesses to create frictionless experiences for their customers, with digital services opening up pathways for growth and increased customer loyalty.

The report emphasizes the role of identity verification in facilitating key business objectives, including preventing fraud, enabling risk management, increasing operational efficiencies, satisfying compliance requirements, and meeting customer expectations to drive long-term growth.

The document also discusses the challenges businesses face in terms of evolving regulatory requirements and the complexity of onboarding multiple vendors to support different parts of the onboarding flow. It highlights the resource drain caused by reliance on manual processes for KYC and AML compliance.

The report notes the increasing sophistication of fraud and the rise in identity fraud attacks, suggesting that a reactive approach to fraud will leave businesses one step behind fraudsters.

The document also touches on the changing customer landscape, with today's customers demanding instant, digital experiences and showing a low tolerance for complex or outdated onboarding processes.

Lastly, the report discusses the need for businesses to analyze and optimize their onboarding flows, considering factors such as the percentage of customers converting at each stage of the funnel, the number of customers getting rejected, the cost of customer acquisition, and the amount of check results internal teams are overriding.