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Product Management Metrics Question: Measuring success of Onfido's core identity verification feature

Asked at Onfido

12 mins

how would you measure the success of onfido's onfido core feature?

Product Success Metrics Medium Member-only
Metric Definition Stakeholder Analysis Strategic Thinking Fintech Cybersecurity SaaS
User Experience Product Metrics Fintech AI Technology Identity Verification

Introduction

Measuring the success of Onfido's core feature is crucial for understanding its impact and guiding future product decisions. To approach this product success metrics problem effectively, I'll follow a structured framework that covers core metrics, supporting indicators, and risk factors while considering all key stakeholders.

Framework Overview

I'll follow a simple success metrics framework covering product context, success metrics hierarchy, and strategic initiatives.

Step 1

Product Context

Onfido's core feature is an AI-powered identity verification solution that helps businesses verify a user's identity remotely. It combines document verification, facial biometrics, and database checks to provide a seamless and secure onboarding experience.

Key stakeholders include:

  1. Businesses (clients): Seeking to onboard customers quickly and securely
  2. End-users: Individuals going through the verification process
  3. Onfido's product team: Responsible for feature development and improvement
  4. Compliance teams: Ensuring adherence to regulatory requirements

User flow:

  1. Document upload: Users photograph their ID document
  2. Facial biometrics: Users take a selfie or short video
  3. Verification: Onfido's AI analyzes the inputs and provides a verification result

Onfido's core feature aligns with the company's strategy of building trust in the digital world by providing secure, accessible identity verification. Compared to competitors like Jumio or Veriff, Onfido emphasizes its AI-driven approach and global coverage.

Product Lifecycle Stage: Growth stage - Onfido's core feature is established but continues to evolve with new technologies and expanding use cases.

Software-specific context:

  • Platform: Cloud-based SaaS solution
  • Integration: API and SDK options for seamless integration
  • Deployment: Continuous deployment with regular updates

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