Revolutionizing Digital IDs: Veriff's Vision for Finance

Published Date : 7/29/2025 

Explore how Veriff is transforming the financial services industry by advancing digital identity verification, addressing fraud, and promoting trust through innovative solutions. 

Onboarding clients has always been a daunting challenge in the banking industry, with many financial services providers hesitant to digitize identity verification. Financial services are inherently conservative, often relying on government solutions, including government-issued digital identity frameworks, according to Leda Glyptis, a fintech advisor and executive.

“Although we could have immense amounts of creativity, there is a little bit of nervousness around overreaching, around compromising freedom for security or security for access,” Glyptis said during the Veriff Voices podcast, produced by identity verification company Veriff.

When performing identity verification, financial services companies often overload their systems with different information to comply with regulatory demands, making it difficult to create a single transferable identity asset. This results in the same customer being treated as different people across different products. Glyptis noted that a couple of years ago, she was optimistic about applying solutions such as reusable identities, such as the Norwegian BankID. However, the current challenge holding banks back is deepfake fraud.

The next five years could see the development of different approaches to digital identity. One approach is “biometrically rich,” offering a million ways to verify an identity. This would be much harder to hack, thanks to the additional bits of information needed for verification. “On a good day, I want to see that,” says Glyptis. “On a bad day when I’ve just had a few scary meetings with CISOs, I want to move to a harmonized baseline digital identity asset globally.”

When it comes to different digital identity schemes, customers in industries such as financial services, ecommerce, or social media have mostly been drawn to integrating government-backed ones. The issue, however, is that there are so many of them, according to Hubert Behaghel, Veriff’s chief product and technology officer. Veriff sees an opportunity in issuing a “digital passport” which would not be backed by a specific government scheme but by a user’s data and their “good behavior” online. “That should create some kind of trust capital,” he told Identity Week.

Behaghel also addressed the issue of fraud: Financial services, for instance, were mostly driven towards identity verification products by compliance requirements. However, things are changing as the cost of fraud becomes a driver for fintech companies to adopt identity verification. Veriff has been promoting its own way of battling fraud and synthetic identities, a twist to the traditional “human in the loop” verification.

The verification approach involves multiple checks and a specialized team of people that offer feedback on a specific check level that didn’t achieve a high enough confidence level, Kaarel Kotkas, CEO of Veriff, said in an interview with Fintech Magazine. “Humans are the ones who are creative to actually explore all the different avenues,” says Kotkas.

Veriff recently became one of 12 companies named a leader in the identity verification industry by market analysis firm G2 Grid. The company has also recently awarded several of its customers with the inaugural 2025 Veriff Trust Awards, including Instacard, Uber, Kueski, and Valr. The award was created to honor companies that bring more trust to the online space. 

Frequently Asked Questions (FAQS): 

Q: What is the main challenge in digitizing identity verification for financial services?

A: The main challenge is the conservative nature of financial services, which often rely on government-issued digital identity frameworks and are nervous about compromising security for access or freedom.

Q: What is a 'biometrically rich' digital identity?

A: A 'biometrically rich' digital identity involves multiple biometric data points for verification, making it much harder to hack and providing a higher level of security.

Q: What is Veriff's approach to creating a digital passport?

A: Veriff's digital passport is not backed by a specific government scheme but by a user’s data and their 'good behavior' online, creating a form of trust capital.

Q: How does Veriff address the issue of fraud in financial services?

A: Veriff promotes a 'human in the loop' verification approach, involving multiple checks and a specialized team to provide feedback on specific check levels that didn’t achieve a high enough confidence level.

Q: What are the Veriff Trust Awards?

A: The Veriff Trust Awards are given to companies that bring more trust to the online space, recognizing their efforts in identity verification and digital trust. 

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