Link™ Index Report

Link™ Index for
Account Opening in Financial Services

32 Leading Vendors Profiled. See How They Stack Up.

July 2023

Report Overview

Account opening solutions for the financial services industry are critical to ensuring compliance and preventing fraud, enabling companies to effectively identify new users during customer registration and deliver a seamless onboarding experience. The primary purpose of these solutions is to facilitate mandatory compliance checks, with a particular emphasis on the Know Your Customer (KYC) process. Financial service providers require robust data quality and a comprehensive platform that can handle fraud prevention and compliance, offering the highest level of assurance without compromising user experience or regulatory compliance.

Solution providers must address several challenges in the market to meet and exceed buyer expectations. Manual review processes and user friction, limited platform capabilities, and inaccurate or incomplete data sets are significant obstacles that must be overcome. According to a recent survey, when financial institutions seek an account opening solution, 94% of businesses prioritize speed and accuracy, 81% prioritize product capabilities, and 71% prioritize value for money. Vendors must address these critical purchasing criteria to gain a competitive advantage in the market.

Although numerous vendors claim to offer solutions for account opening compliance and fraud in financial services, only 32 solution providers (22%) currently possess the necessary product capabilities to meet buyer demands. While large incumbents currently dominate the market, new and innovative solutions and regionally-focused vendors with access to valuable data sources are emerging.

Financial institutions that adopt market-leading compliance and fraud solutions for account opening can expect a significant return on investment (ROI), with an estimated return of $3.50 for every dollar invested. Therefore, choosing the right vendor is crucial for financial service providers.

This executive summary provides an overview of the Link Index Report for Account Opening in Financial Services, a comprehensive report assessing more than 120 account opening solutions in the digital identity industry, focusing on the needs of financial services enterprises. It highlights solution providers’ challenges in meeting buyer demands, analyzes the vendor landscape, and explores buyer opportunities. Profiles of leading vendors in the report include Alloy, Au10tix, Bureau, Caf, Contactable, Effectiv, Experian, FrankieOne, GBG, GeoComply, IDnow, ID.me, iDenfy, IDMERIT, Incode, Jumio, LexisNexis Risk Solutions, MetaMap, Mitek, Onfido, Persona, Plaid, Prove, Refinitiv, ShuftiPro, Signicat, Signzy, Socure, Sumsub, TransUnion, Trulioo, and Veriff. 

Download the Executive Summary

Executive Summary

Solution providers of account opening in financial services are focused on providing the highest levels of assurance without compromising user friction while maintaining regulatory compliance. In the Link Index for Account Opening in Financial Services, you’ll discover: 

Account opening solutions in financial services are compliance and fraud solutions that help enterprises verify new users during customer registration. The main use case is for mandatory compliance checks, known as “Know Your Customer” (KYC).

The market requires solutions with strong data quality that can handle fraud and compliance through a unified platform. While many providers are developing key capabilities, no single vendor has dominated this market yet.

Existing challenges include manual review and user friction, limited comprehensive platform capabilities, and inaccurate or incomplete data sets. Vendors must address these issues to meet and surpass buyer requirements.

Financial service enterprises seek vendors that meet specific key criteria when considering account opening solutions. 94% prioritize speed and accuracy, 81% prioritize product capabilities, and 71% prioritize value for money.

Around 150 vendors claim to offer account opening compliance and fraud solutions in banking, but only 32 (21.3%) have the necessary product features to meet buyer demands.

Currently, large incumbents hold the strongest position in the market, but new and innovative solutions, as well as regionally focused vendors with access to government source data, can enhance user experience for buyers.

Financial service providers who adopt market-leading compliance and fraud solutions for account opening can expect a significant ROI, potentially seeing a return of $3.50 for every dollar invested in a solution provider.

Alloy, Au10tix, Bureau, Caf, Contactable, Effectiv, Experian, FrankieOne, GBG, GeoComply, IDnow, ID.me, iDenfy, IDMERIT, Incode, Jumio, LexisNexis Risk Solutions, MetaMap, Mitek, Onfido, Persona, Plaid, Prove, Refinitiv, ShuftiPro, Signicat, Signzy, Socure, Sumsub, TransUnion, Trulioo, Veriff.

 

Download the Executive Summary

Download the Full
Link™ Index Report Executive Summary

 

Filter by Content Type
Select all
Research
Podcasts
Articles
Case Study
Videos
Filter by Category
Select all
Customer Onboarding
Cybersecurity
Fraud and Risk
Go-to-Market
Growth Strategy
Identity Management
Landscape
Market Intelligence
News
Transaction Services