Unveiling Your Future: 2024 Astrological Forecast
In the face of a global business environment that has experienced turbulence, regulatory changes, and ups and downs for the past three years, Sumsub has stepped forward to offer insights into the future of verification in seven specific industries: fintech, transportation, crypto, carsharing, e-commerce, iGaming, and trading.
The predictions, presented as a form of entertainment rather than as reliable forecasts, are based on astrology and not on empirical data or scientific methods. It is important to note that these predictions should not be relied upon for decision-making in business or other areas, as their accuracy is subject to the accuracy of astrology.
Sumsub's crystal ball, a metaphorical tool, is used to forecast the verification future in these industries. For the coming year, Sumsub predicts significant growth and evolving challenges across all sectors, driven primarily by increasing fraud sophistication and compliance demands.
In fintech, Sumsub and the broader market trends forecast a strong push toward cloud-based transaction monitoring solutions, which improve compliance, data security, and reduce costs. Small and mid-sized fintech enterprises are expected to increase their adoption of automated compliance tools, reflecting tougher regulatory landscapes and the critical need to manage fraud and financial risks effectively.
In the crypto and trading sectors, Sumsub’s platform helps clients manage identity verification and continuous monitoring with adaptable KYC/KYB solutions. This supports scalability and compliance while addressing rising fraud and money laundering risks.
For transportation and carsharing, although less specifically detailed by Sumsub, their presence in these sectors implies increasing demands for real-time fraud prevention and seamless, speedy customer onboarding as competitive differentiators.
In e-commerce and iGaming, fraud rates are climbing sharply, requiring operators to adopt more agile onboarding and anti-fraud measures. Sumsub’s solutions reduce verification times by over 50% and significantly boost customer onboarding success, helping businesses respond to complex fraud schemes and regulation.
Overall, Sumsub’s outlook for next year stresses the critical role of digital-first, document-less identity verification and reusable digital identities. The importance of flexible, AI-enhanced solutions that can continuously monitor and adapt to emerging fraud tactics is also highlighted. A continued rise in fraud complexity across all listed sectors, driving demand for comprehensive KYC/KYB, transaction monitoring, and fraud prevention tools integrated into customer journeys, is expected. The dominance of cloud-based platforms contributing to enhanced compliance and operational agility, especially in fintech and related industries, is also noted.
The predictions for next year's business verification are available for consultation. Key insights emphasize the need for advanced, flexible identity verification solutions like document-less verification, reusable digital KYC, and portable digital IDs to reduce onboarding times, increase approval rates, and fight fraud effectively.
[1] Sumsub's official press release, link [2] Industry analysis report, link [3] Regulatory update, link
- Amidst the increased need for advanced identity verification solutions, social media platforms might consider implementing Sumsub's document-less verification and reusable digital KYC for seamless user onboarding and effective fraud prevention.
- As entertainment industry platforms expand their digital offerings, they could leverage Sumsub's services to ensure robust compliance and integration of KYC/KYB, transaction monitoring, and fraud prevention tools into user experiences, promoting a safer and more secure entertainment environment.
