Today is a big day for Socure, its customers, and partners! Global research firm Aite-Novarica has given Socure’s Predictive Document Verification (DocV) the title of “best-in-class” as well as the top overall ranking in its new Global Document Identification and Verification Impact Report. Socure DocV came out as the clear number one when stacked up against eight of the most well-known vendors in the industry. Aite-Novarica’s confidence in Socure further solidifies the company’s status as the market leader and highlights its unique strength across all key measurement criteria. Aite-Novarica said it best on page 58 of the report:
Overall, Socure [Predictive Document Verification] is the highest in the best in class and the only vendor within the best-in-class circle, with a high score in client strength and client service, a strong product offering, and a robust reputation for its product, customer service, and ability to deliver on promises. This has enabled it to grow to the point where it is now valued at US$4.5 billion. It has continued to attract market interest with a 2021 injection of US$550 million in investment that will enable it to continue to develop its product offering and build on its great customer service.
Global Ranking Matrix from Aite-Novarica
If you want to dive into the report yourself, we’re sharing complimentary copies (you can get one here). In the meantime, here are five things that stood out to us from Aite-Novarica’s analysis:
1. Socure is undisputedly the market leader. Anyone who has read these kinds of analyst matrices and other ranking reports knows how hard it is for any solution to clearly stand out from the competition. Analyst praise at this level of enthusiasm is rare and truly shows the strength of Socure’s Predictive DocV.
2. Customers’ unbiased opinions align with the analyst’s take. Aite-Novarica didn’t perform a simple evaluation of the solutions from a 10,000 foot analyst view. A team of analysts and experts talked to each vendor’s customers and got their unbiased opinions. According to Aite-Novarica, customer support is itself “a complicated category, and to score well, firms need to have effective processes in place that revolve around the client.” By reaching out to actual Socure users, Aite-Novarica was able to score Socure “highly on the client reference feedback—particularly the service and support and ability to deliver on promises, which are key considerations of any customer.” Socure is also ranked as “well-known and liked in the market with a good customer base that has enabled it to acquire more customers . . . and reinvest profits into product development.”
3. “Best” still comes down to product features. Aite-Novarica took a comprehensive look at client reference feedback and market knowledge—and Socure scored best in class for every category. But none of that is worth much if the solution features themselves aren’t best in class. Socure product features—which include computer vision capabilities not found anywhere else in the identity verification and fraud market—left others in the dust. Or as Aite-Novarica put it: “Socure supports more than 3,500 document checks from more than 180 countries, PII checked against a database of more than 700 million known good and bad identities, and the largest concentration of third-party data sources.”
4. There’s more to document verification than mechanics. Socure was also lauded for having “a rounded risk approach to identity, not just focusing on the mechanics of identity and document identification.” It’s always refreshing to see this commentary from analysts, as it recognizes the benefits of the team’s focus on creating a holistic user-friendly, fully customizable, and industry re-defining solution.
5. Next generation solutions are required in a fast-paced market. Aite-Novarica specifically calls out that all ranked vendors had a growth rate of over 15%. This is no surprise to us at Socure: as fraudsters become more sophisticated, demand for next generation identity verification and fraud solutions has grown alongside the desire to stay a step ahead. Socure again stands out from the crowd in Aite-Novarica’s rankings, where they called us best in class for vendor stability and recognized Socure as the “highest-valued private identity verification company in the industry.”
This validation from Aite-Novarica confirms that Socure’s level of in-depth data and wide-breadth experience is crucial to staying ahead of evolving fraudsters, while still driving down friction to unlock customer growth. We’d love to show you why Socure Predictive DocV ranked so highly—schedule a demo to see us in action.