Regula Unveils Free ROI Calculator to Aid Small and Medium Businesses in Identity Verification Decisions
In response to escalating fraud incidents, identity verification (IDV) has evolved from a mere compliance checkbox to a fundamental business necessity. However, many organizations, particularly small and medium-sized businesses (SMBs), face uncertainty when considering investments in IDV solutions due to unclear financial returns. To address this challenge, Regula, a global developer of identity verification technologies, has launched a complimentary online ROI Calculator. This tool is designed to provide instant, data-driven insights into the potential economic benefits of implementing automated IDV processes.
Bridging the Gap for SMBs in Identity Verification
Identity verification is no longer exclusive to large corporations like banks and enterprises. Today, a diverse range of entities, including online platforms, fintech startups, telecom providers, and other SMBs, increasingly depend on IDV not only to mitigate fraud but also to enable secure digital services and foster business expansion. According to a recent study by Regula titled Identity Verification: 5 Threats and 5 Opportunities, one in four companies globally aims to fully integrate identity verification across all operational functions. Despite this trend, SMBs often grapple with a critical question: Will their investment in identity verification yield a positive return, and if so, how swiftly?
How the Regula ROI Calculator Works
The Regula ROI Calculator empowers businesses to input specific metrics, such as annual manual ID checks, reviewer salaries, fraud losses, customer dropout rates, software expenses, and revenue per customer, to generate personalized projections. Alternatively, users can leverage industry-average benchmarks to explore various scenarios. The calculator delivers a comprehensive breakdown of anticipated business impacts, including:
- Conversion Uplift: Demonstrates how automation and streamlined verification processes enhance customer onboarding performance.
- Labor Cost Savings: Computes reductions in manual review expenses through increased automation.
- Fraud-Related Cost Savings: Estimates potential decreases in fraud losses due to improved detection capabilities.
- Additional Revenue from Improved Conversion: Quantifies the financial gains from converting more applicants into paying customers.
- Net Annual Benefit: Combines cost savings and revenue uplift into a clear yearly financial outcome.
- Payback Period: Indicates the expected timeframe for the IDV technology investment to recoup its value.
Expert Insights on the Tool's Significance
Henry Patishman, Executive Vice President of Identity Verification Solutions at Regula, emphasized the company's commitment to practical implementation. "With decades of forensic expertise and longstanding partnerships with financial institutions and border authorities worldwide, we understand the real-world consequences of getting identity wrong. Our responsibility extends beyond delivering technology; it is to ensure organizations can implement it with clarity, confidence, and a clear understanding of its business impact," he stated. This calculator aims to transform IDV from an abstract cost into a measurable value, helping SMBs make informed decisions based on tangible data.
