Digital identity firm GBG has recorded strong growth in Australia, with revenues increasing by 16% in 2023 thanks to its revolutionary digital location, identity, fraud risk and compliance solutions and a unified approach to market need for a holistic identity verification approach.
What are the factors behind the growth?
Testament to GBG’s unified approach, the company has increased its partnerships in the region by more than 62%, driven especially by customers seeking integrated solutions to manage the growing challenge of providing a frictionless experience for legitimate transactions while mitigating ongoing risk of fraud and anti-money laundering activity.
With the Australian Government recently seeking industry feedback on proposed reforms to the country’s anti-money laundering and counter-terrorism financing (AML/CTF) regime, Australian businesses across all sectors, including financial institutions, superannuation, gaming and wagering, retail, and education, are increasingly looking at how they can best reduce risk and remain compliant with the changing regulations and evolving threats.
Additionally, the recently launched National Anti-Scam Centre will also seek to tackle harmful scams by building information sharing capabilities through a taskforce assembled over the next three years by inviting representatives from government and the private sector.
At the same time, businesses are facing increasing pressure to deliver onboarding processes for customers that are as seamless as possible, secure in authenticating identity and rigorous in identifying fraudulent activity. GBG is familiar with these challenges and participated in local consultations on the Digital Identity Framework and proposed new Australian Privacy Laws.
GBG brings expertise in digital location, identity and fraud and compliance for firms navigating risk in the digital economy. As businesses increasingly require all three solutions, there is a long-term strategic opportunity to serve clients through a single platform wherever they are.
What does the growth mean for GBG?
“GBG’s strong results in the region are a result of us meeting the market’s need for end-to-end solutions that deliver a frictionless, fast and robust customer experience,” says Carol Chris, General Manager, Australia & New Zealand, and Product at GBG Plc, whose role has been expanded to include oversight for GBG’s products across the Asia Pacific region.
“Current global macro uncertainties, coupled with the critical need to detect and prevent fraud, means greater complexity for businesses assessing risk and identifying users across multiple accounts and geographies. With our trusted relationships and leading capabilities and technologies, GBG is well-positioned to help our customers navigate this landscape.”
“GBG aims to create trust in a digital world where everyone can transact with confidence. We have built a strong reputation as a trusted digital identity specialist and this is accelerating our progress to become a leading pureplay identity software provider for Australian businesses.”