New-to-Country Consumers Represent Trillions in Economic Value. But First, Their Identities Must Be Validated.

Immigration could significantly influence US economic growth, with FWD.us projecting that high legal immigration could contribute to roughly $50 trillion in GDP by 2050, compared with about $37 trillion under low immigration, while new-to-country residents already represent nearly 14% of the population. However, many immigrants face barriers to financial and retail onboarding because they may lack US credit histories or conventional identification records, and legacy identity-verification systems can struggle with international naming conventions and rely on methods that may create disproportionate friction for certain demographic groups. The passage argues that biased data, machine-learning models, and outdated entity-resolution techniques can limit access to credit and other services for new-to-country consumers. It presents Socure’s data-driven identity verification, entity resolution, clustering, and machine-learning tools as an alternative, claiming improved identification pass rates for Hispanic and Asian consumers and suggesting that more inclusive onboarding can expand access while helping organizations reach growing customer segments.

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