Recent Study Finds Digital IDs Not Ready to Replace Physical Documents — Yet
11.6.2024 09:30:00 EEST | Business Wire | Press release
As innovative digital verification methods continue to emerge, the debate around their reliability and effectiveness is heating up. Yet, a recent study “The New Imperative: Digital IDs” commissioned by Regula reveals the lasting importance of physical identity documents. Despite digital advances, a high percentage of organizations worldwide still depend on physical documents for verification.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240610221791/en/
According to Regula's study, digital IDs will not replace physical documents in the near future. The majority of companies globally rely on automation and biometrics for remote identity verification. (Graphic: Business Wire)
Current state. Companies employ various methods for identity verification, as shown in a Forrester Consulting study commissioned by Regula. 46% of respondents verify documents manually, even in remote scenarios involving video interviews or passport scan submission. Some companies have automated this process (53%) or switched to more secure forms of user authentication such as biometrics (54%) or multi-factor authentication (49%). A significant number of companies (44%) use third-party services that also often count on physical documents for thorough identity checks.
The Forrester Consulting study suggests that, while innovative digital verification methods are evolving, physical identity documents remain indispensable, ensuring reliable and trustworthy identity verification across various regulatory environments.
The reliance on physical documents is more pronounced in industries where security demands are stringent, such as Aviation (63%) and Finance (44%). Organizations from countries with rigid regulatory frameworks, including the US (50%) and Germany (49%), also stay true to manual checks.
Barriers to widespread Digital ID adoption. One of the obstacles on the road to broad adoption of the Digital ID concept is the lack of a general legislative framework for this form of identity proofing. 74% of respondents underscore the necessity for global digital ID standards and legislation to ensure interoperability of such IDs across borders.
However, with varied regional perspectives on identity and privacy (71%) and the technological disparity between countries (70%)—which are also named among the concerns—agreeing on these standards will be challenging. To address these difficulties, the situation requires collaborative innovation from authorities, businesses, and players in the identity verification (IDV) market.
The unified approach will become a pivot for establishing a consistently high reliability rate for Digital ID and contributing to the evolution of the IDV market. Sooner or later, this process will begin, since 72% of surveyed stakeholders believe the integration of digital IDs helps develop a robust global digital economy.
“Digital ID represents a significant change in how we approach identity verification, offering a brand-new dimension to our existing frameworks. However, the introduction of Digital ID as it now stands will not lead to the disruption of the IDV market. There are many signals indicating the need for long-term support of current identification types. While countries can adopt the new approach at their own pace domestically, a global shift to Digital IDs must be ubiquitous. This transition is hampered by various obstacles associated with political and economic issues, as well as a lack of universal public recognition of the technology. Eventually, obtaining Digital IDs will likely require presenting physical passports or ID cards, at least during the initial issuance stage. Even after the appearance of a complete ICAO standard for Digital ID, its worldwide adoption and the development of such a system will take time, and may involve considerable costs. Until this happens, we are just beginning to research the potential of this novelty,” said Ihar Kliashchou, Chief Technology Officer at Regula.
You can download the complete study with all the details for free here.
More on the topic:
- 42% of companies globally are ready to implement Digital ID.
- EU Digital Identity Wallet: Exploring Its Current Potential.
- 9 Identity Verification Trends Shaping 2024 for Forward-Thinking Businesses.
About Regula
Regula is a global developer of forensic devices and identity verification solutions. With our 30+ years of experience in forensic research and the largest library of document templates in the world, we create breakthrough technologies in document and biometric verification. Our hardware and software solutions allow over 1,000 organizations and 80 border control authorities globally to provide top-notch client service without compromising safety, security or speed.
Regula has been repeatedly named a Representative Vendor in the Gartner® Market Guide for Identity Verification.
Learn more at www.regulaforensics.com.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240610221791/en/
Contact information
Kristina – ks@regulaforensics.com
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Ciauru Wins the Second Edition of the Reply AI Music Contest, the International Competition Dedicated to Experimentation Across AI, Music and Live Performance6.7.2026 21:30:00 EEST | Press release
The second edition of the Reply AI Music Contest, the international competition created by Reply to explore new forms of expression combining artificial intelligence, music and live performance, concluded with the announcement of the winner on the Nova Stage powered by Reply during Kappa FuturFestival. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260706007611/en/ The second edition of the Reply AI Music Contest, the international competition created by Reply to explore new forms of expression combining artificial intelligence, music and live performance, concluded with the announcement of the winner on the Nova Stage powered by Reply during Kappa FuturFestival First place went to Ciauru, the stage name of Simone Privitera, an Italian multi-platinum DJ and producer who integrates artificial intelligence tools into a musical practice rooted in the contemporary electronic scene. With a career that has seen him collaborate wit
Rimini Street to Report Second Quarter 2026 Financial Results on July 30, 20266.7.2026 16:00:00 EEST | Press release
Rimini Street, Inc. (Nasdaq: RMNI), the Software Support and Agentic AI ERP Company™ and the leading third-party support provider for Oracle, SAP and VMware software, today announced it will report earnings after market close on July 30, 2026. The company will host a conference call and webcast on that date to discuss the second quarter 2026 results and the second half 2026 outlook at 5:00 p.m. Eastern / 2:00 p.m. Pacific time. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260706560476/en/ Rimini Street to Report Second Quarter 2026 Financial Results on July 30, 2026 A live webcast of the event will be available on Rimini Street’s Investor Relations site via the Rimini Street IR events link and directly via the webcast link. Dial-in participants can access the conference by dialing 1-800-836-8184. A replay of the webcast will be available for one year following the event. About Rimini Street, Inc. Rimini Street, Inc. (Nasda
Orion and Shilpa Medicare Expand Partnership to Develop and Supply Nivolumab Biosimilar for Europe6.7.2026 16:00:00 EEST | Press release
Shilpa Medicare Limited announced that its wholly owned subsidiary, Shilpa Biologicals Private Limited, has entered into a co-development and supply agreement with Orion Corporation for intravenous (IV) nivolumab biosimilar referencing one of the world’s most widely used cancer immunotherapies to widen patient access across Europe. Nivolumab helped usher in the era of immuno-oncology, transforming the outlook for patients with cancers such as melanoma and lung cancer. As the originator approaches loss of exclusivity in Europe, this partnership aims to put a high-quality, EU-GMP-manufactured nivolumab biosimilar within reach of more patients, reducing healthcare burden. In 2025, Nivolumab recorded sales of approximately USD4.1 billion (Source: IQVIA/IMS) Europe — underscoring the scale of the opportunity. Under the agreement, Orion will hold the exclusive rights to register, market, distribute and sell the nivolumab biosimilar across Europe. Shilpa Biologicals will lead product developm
No-Loss Trading Platform UpsideOnly Surpasses 100,000 Users Within Weeks of Launch6.7.2026 15:48:00 EEST | Press release
Perpetuals.com Ltd (Nasdaq: PDC), today announced that UpsideOnly, its risk-free trading and market prediction platform, has seen a surge in new user sign-ups, surpassing the important milestone of 100,000 traders within weeks of its launch on May 19. UpsideOnly lets users make predictions about where global equity, commodity, forex, and crypto markets are heading without ever placing a real trade themselves. Perpetuals uses its own capital to trade on the strongest signals identified by its proprietary AI. If those trades win, Perpetuals shares the profits with the users who helped generate the signal. If the trade doesn’t make money, users lose nothing. Reaching 100,000 users so quickly after launching is a reflection of the enormous demand for a platform that flips the traditional retail trading model on its head, with early platform data showing strong engagement across asset classes, geographies and user activity: Users from more than 180 different countries $38.4 billion in cumul
Klarna Submits Application for U.S. Banking License6.7.2026 15:30:00 EEST | Press release
Klarna (NYSE: KLAR), the global digital bank and flexible payments provider, today announced it has submitted applications to the Utah Department of Financial Institutions and the Federal Deposit Insurance Corporation (FDIC) to establish Klarna Bank USA, a proposed Utah-chartered industrial bank. Klarna has operated as a licensed bank in Europe since 2017 and serves U.S. customers through valued partner banks. Since 2019, Klarna has provided Americans with access to over $91.3 billion in responsible credit, saving them more than $5.1 billion in interest compared to revolving credit card debt. Today, 30 million Americans use Klarna each year, and hundreds of thousands of merchants rely on Klarna to grow their businesses. "Banking is built on trust," said Sebastian Siemiatkowski, co-founder and CEO of Klarna. "We've seen firsthand the appetite for a fairer, more transparent approach in the U.S., and our own banking license is the natural next step, giving customers tools to borrow respon
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom
