How to Use Shufti’s ROI Calculator to Justify Better Identity Verification Outcomes
As the pressure to grow profits intensifies, many companies are thinking proactively on how to efficiently manage costs while adding top-line revenue– especially high-growth markets like fintech, and gaming. There are numerous software-related products that are arduous and painful to replace. Fortunately, identity verification (IDV) is not one of them. You can upgrade to a superior IDV provider meeting KYC compliance with very little technology team effort.
For those of you less familiar with Shufti as an Identity solutions provider, we verify identities for 1000+ clients covering 240+ countries and territories. Shufti forged its early years growing up in some of the most challenging markets in the world for identifying consumers. Unlike most vendors, we own our own tech stack including our accurate biometric and document verification capabilities. And Shufti provides a top user experience as evidenced from our 4.8 out of 5 star TrustPilot rating compared with most leading IDV providers who earn less than 3.0 stars.
Shufti has rolled out a new ROI calculator that makes it simple to understand the differences between your current identity verification provider and Shufti’s Identity Verification. This ROI tool calculates cost savings associated with your total number of verifications per month, average manual reviews, total dropouts, and your average decline rates per month.
Let’s run through a scenario for Company A to demonstrate how you can estimate considerable cost savings with Shufti. For KYC-compliant Identity Verification, we focus on three primary areas of value:
1- Increase in conversion rates.
2- Decrease in manual review costs and time.
3- Decrease in fraud-related penalties.
Tip: The ROI calculator can be refined for several key industries that require identity verification, including: Gaming, Fintech, Cryptocurrency, and Foreign Exchange.
Here’s How the Calculator Works
Company A has 1,000 verifications per month. In this case, the company has a drop-out rate of 20% per month, and an average decline of 30% per month. Shufti’s ROI tool allows you to adjust to your own company’s rates.
The calculator’s report shows the difference between the conversion rate with Company A’s current provider and the improved rate with Shufti. The largest improvement and value comes from increased conversions.
Given Shufti’s top-rated user experience, this is not a surprise.
Manual reviews can be another drain on a company’s resources. Company A has a manual review rate of 50% per month with a cost of $20 per review. Again, these are figures that you can enter to reflect your own company’s metrics.
Based on these inputs, Shufti could cut Company A’s manual review costs by more than half! This is because Shufti’s manual reviews are typically lower than other identity verification providers, providing substantial monthly cost savings.
Many businesses carefully balance and monitor their false acceptance rate vs. false positive rate. Shufti helps Company A to decrease overall fraud costs. The ROI tool lets you test “what if” scenarios for various false acceptance rates. Based on the values you input, you’ll see an estimate of how much fraud savings with Shufti versus your current provider.
Check Your ROI Now
We encourage you to use this tool to compare your current identity verification to Shufti. After you add your business’s metrics, you can immediately see the overall estimate. The Shufti calculator also provides you with a detailed report for free.
Now it’s your turn… Check Your ROI Now.
ROI Calculator
