How to Use Competitor Cost Data for Smarter KYC/KYB Strategy
Competitor analysis isn't just about feature comparisons—it's about uncovering operational efficiencies that can save your business millions. A recent report from Trulioo and PYMNTS Intelligence reveals a striking cost gap between internal and external KYC/KYB review teams, yet no significant difference in fraud outcomes. Let's break down how you can turn this insight into a competitive advantage.
📈 Real-World Insight: Trulioo vs. Internal Teams
The report found that internal teams spend $26 per consumer KYC review and $51 per business KYB review, while external teams (like Trulioo) do it for $11 and $20 respectively. Despite the cost difference, fraud outcomes are comparable. This data is a goldmine for strategic decisions.
✅ Actionable Tips for Your Competitor Analysis
Start each analysis session by asking: What do our competitors spend that we can optimize? Here's how to apply the Trulioo insight:
| Cost Type | Internal Team | External Provider | Savings |
|---|---|---|---|
| Consumer KYC | $26 | $11 | 58% |
| Business KYB | $51 | $20 | 61% |
👉 Tip 1: Benchmark Your Own Costs
- Calculate your internal cost per KYC/KYB review (including salaries, tools, compliance overhead).
- Compare to industry benchmarks like Trulioo's report.
- If your costs are higher, consider outsourcing or hybrid models.
📋 Tip 2: Monitor Competitor Pricing Changes
Use RivalSense to track when competitors (like Trulioo) update their pricing or launch new identity verification features. A price drop could signal capacity or efficiency gains.
🔍 Tip 3: Validate Fraud Outcome Parity
Don't just cut costs—ensure fraud detection rates remain steady. The Trulioo data shows no trade-off, but verify with your own metrics.
📊 Weekly Competitor Audit Checklist
- [ ] Review latest reports and studies from competitors (e.g., PYMNTS collaborations).
- [ ] Note any cost-per-review figures revealed in blogs or press releases.
- [ ] Compare your internal efficiency metrics against theirs.
- [ ] Identify areas where you can match or beat their cost structure.
- [ ] Share findings with product and finance teams for quick reaction.
🌟 Why This Matters for Business Partnerships
If you're a regtech provider or a financial institution evaluating vendors, this data helps you negotiate better contracts. Use the $11 vs $26 gap as a lever: “If you can’t match Trulioo’s pricing, explain what additional value you bring.”
Uncover your competitors' hidden efficiency moves – RivalSense tracks product launches, pricing updates, partnerships, and regulatory changes across the web and delivers them straight to your inbox. Get your first report today for free and stay ahead of the curve.
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