Jumio has once again been listed as a Representative Vendor in Gartner’s annual Market Guide for Identity Proofing and Attribution. This is the third consecutive year that Jumio has made its way onto the list, after previous appearances in the 2018 and 2019 reports.
The 2020 edition was published on September 11, and once again recognizes companies that are at the forefront of the identity proofing industry. Representative Vendors are those that offer innovative and forward-thinking identity verification products, or those providing services for a niche market or geographical region. Gartner will also acknowledge companies that generate a high volume of inquiries from Gartner’s own clientele.
The Market Guide goes on to predict that the number of organizations with some form of document-based identity proofing in their onboarding workflows will skyrocket in the next few years, jumping from 30 percent of all organizations to 80 percent by 2022. The vast majority of those organizations will want solutions that are able to minimize bias, and most (75 percent) will contract with a single vendor that leverages its own third-party connections to carry out the identity proofing process.
Both Jumio and Gartner noted that COVID-19 has increased the demand for remote onboarding solutions and prompted more companies to adopt digital authentication procedures.
“The COVID-19 pandemic changed the narrative in this respect — turning online identity proofing into a core requirement for businesses to continue operating, given the enforced absence of face-to-face identity proofing,” wrote Gartner in its report. “There is now an acute understanding that circumstances may arise in which the digital channel is not one of many channels, but is instead, forced to be the only channel.”
Jumio added a record number of new users in the second quarter of the year. It explained that financial institutions like the New York University Federal Credit Union and Simba Bank turned to Jumio as a direct response to the remote work environment created during the pandemic.
In the meantime, Jumio has released a new KYX identity solution, and made its technology compatible with Microsoft’s Azure AD platform. The company also emphasized the fact that it trains its algorithm with its own data sets (instead of public data sets) in an effort to reduce bias.