Socure, the leading provider of digital identity verification and fraud solutions, announced industry leading data coverage and onboarding rates of Gen Z consumers with the latest data enhancements to its KYC solution. With the latest update, Socure can now verify more than 70% of 18-year-olds opening their first accounts, surpassing any other provider in the market by at least 30%.
Socure’s focused investment in innovative, trustworthy alternative data sources and entity resolution are key to identifying these hard-to-verify populations, and part of its ongoing commitment of ensuring inclusive access to financial services for all consumers. Gen Z consumers are often the hardest to verify, with limited or no credit history as they start to establish their digital footprint.
The Gen Z demographic, born between 1996-2012, currently earns $7 trillion across its global 2.5 billion-person cohort, according to Bank of America Research. By 2025, that income will grow to $17 trillion, and by 2030, it will reach $33 trillion, representing 27% of the world’s income and surpassing that of millennials the following year. This important segment of the population is clearly the future of business, but also presents identity verification challenges due to Gen Z’s thin, or even non-existent financial and credit histories compared to prior generations at the same stage of life.
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The solution also delivers industry-leading data coverage for the even harder-to-verify 13-17 year old population. The ability to accurately identify this population took center stage as a federal bill was recently unveiled to establish a national minimum age for social media use. Under the bill, social media platforms would be barred from letting kids below the age of 13 create accounts or interact with other users and a parent or guardian’s consent would be required before creating new accounts for users under the age of 18 in order to keep kids safe online. Arkansas and Utah have already passed similar legislation.
With industry-best onboarding rates of up to 93% for 18-25 year olds, Socure is quickly closing the gap on onboarding rates of mainstream populations, currently up to 99%, as the company continues on its mission to verify 100% of good identities in real-time, and eliminating identity fraud for every applicant on the internet.
Verifying both the age and identity of Gen Z consumers is growing more critical with the emergence and growth of new financial products including custodial accounts, Buy Now Pay Later (BNPL), and services including alcohol delivery, marijuana sales, and online gaming.
SOURCE: Businesswire