Today, digital identity verification has become an imperative part of our existence. It has become popular for ID verification, especially for financial institutions and government agencies. Organizations want to expand their horizons and offer seamless experiences for customers where they can perform any transaction without any friction.

With its revolutionary Omni identity platform, Incode Technologies enables banks, retailers, marketplaces, and healthcare organizations to provide seamless and convenient experiences through a unique suite of secure, privacy-minded identity capabilities.

How is identity verification fast-tracking digital transformation?

Biometric identity verification has evolved drastically over the past few years, and especially since the start of the COVID-19 pandemic. From a single-sample verification process to multi-sample multi-modal automated recognition, the ability to provide complete “trust” between organizations and users is changing the way business engages with customers. In fact, full digital transformation only happens when complete trust is established between the client and the end consumer. To do this, the verification process needs to be fast, secure, and highly accurate, – all while protecting user privacy.

Incode’s mission is “Powering a World of Trust” through a new approach to identity verification and authentication that provides the complete set of capabilities to improve on concepts such as KYC (know-your-customer) and protect again fraud. Just like in the physical world, when trust exists between people in the digital realm a deeper and more meaningful engagement with customers is the result.

Ricardo Amper, Founder and CEO of Incode Technologies, says, “Our ‘One Identity Everywhere’ vision is transforming how humans experience their identity journeys with companies. We have created an experience that is so seamless and frictionless; it brings that ‘Wow’ moment to the end customer when onboarding to a new bank, checking into a hotel, or being admitted to a hospital. By reinventing these experiences, we build trust and create delight between enterprises and their customers.”

Today, financial institutions and FinTech companies remain at the forefront of identity verification solutions. Hyper advanced identity solutions are transforming how they onboard customers, ensure authenticity and build customer trust. Digital banking users will increase by 54%, crossing nearly 3.6 billion users by 2024. Unfortunately, security threats are still prevalent in the banking and finance industry, and there is a need to move from traditional banking to digitization to make it frictionless, seamless and to reduce operational costs.

With the introduction of advanced identity verification technology, we can replace or eliminate the need to use a PIN and passwords, paving the way to verify customers instantly before processing transactions via an ATM, website, or an app. The financial industry and FinTech companies, in particular, are leveraging digital identity verification technology to accelerate confirmation of customer identities while improving customer retention and the overall engagement experience.

These new client experiences aim to provide the end customer the ease and comfort to carry out banking transactions without worrying about safety and privacy.

Government ID initiatives have also transformed over the years.

While Incode Technologies is helping financial and banking institutions leap forward, it is also helping government agencies create a robust identification process through various global initiatives.

Several European Union countries, United Arab Emirates,
Singapore, and Australia are moving to develop sophisticated programs to verify, prove, and establish the credibility of citizens’ digital identities. Singapore, with its flagship Singpass, aims to develop the national digital identity system of the nation, making transactions much easier among private and public companies.

The European Union is set to make the European digital identity available through a digital wallet installed on mobile phones. It will make cross-border authentication much easier. Spain, for instance, has created Sandbox to allow AML/KYC processes and biometric authentication to other business areas making the entire process almost foolproof.

Finland’s government has taken authentication and digital identity services in the country a notch further by making biometric authentication a regulatory practice under the supervision of a strict controller. With phishing, spoofing, and pharmaceutical fraud and attacks on customers on the rise, financial institutions and FinTech companies alike are reinforcing their security verification processes.

“The biggest impact that Incode and the identity industry can have is to generate trust between people, companies, and institutions,” said Ricardo Amper. “Without trust, interest rates are set higher, processes get complicated, and business becomes more difficult. Trust is the core element that opens financial systems to everyone and allows many more people to participate in a democratic system. At Incode, we create trust by eliminating barriers, reducing costs, and democratizing access.”

Another breakthrough in identity authentication and verification is the Passive liveness detection process.
Passive liveness is a way to establish a person’s true identity, differentiating whether it’s a live real person or a video or a static photograph used in identity authentication.

Incode Technologies has embedded its proprietary, fraud-proof, Passive Liveness Detection Process in almost every authentication and verification process. It is 50x faster than other certified liveness solutions in the market. It runs on Edge or Server and was reviewed by iBeta– which is accredited by NIST

Privacy matters.

Incode is serious about its privacy and safety measures and believes identity verification processing should be at the network edge, on the device, and not in any central location. The need of the hour is to provide businesses with low-latency verification processes that are fast and ensure privacy by keeping the data closer to the user rather than in third party environments. What’s more, as digital identities mature privacy is becoming an imperative part of the identity verification process, and Incode Technologies is making privacy a foundational security component.

With a smooth passwordless onboarding process, the user journey should comprise many intrinsic steps that captureminute details of the user to verify their true identity. For example, ID capture, face capture, liveness detection, face match, client scoring, credit card capture, validate transactions, log in with face without the need of a password, and high-risk authentication are all key AI supported technologies that need to work together for a comprehensive and accurate digital verification process.

Among the list of use cases, advanced biometric kiosks allow companies to reduce their operational costs and enable seamless self-service capabilities by recognizing customers directly.

Decision-makers across every industry understand the challenges faced by cloud computing, and Incode Technologies effectively addresses many of these issues.

“Incode’s AI platform helps enterprises solve some of their toughest digital identity challenges,” said Ricardo Amper, Incode Founder, and CEO. “We spent years building the most advanced proprietary digital identity technology on the market. Our AI-based approach enables organizations to reduce fraud and friction, improve the customer experience, and provide a secure identity solution while embracing privacy by default.”

Incode believes companies worldwide have fast-tracked their digital transformation initiatives by 5+ years due to the COVID-19 pandemic, accelerating the move from manual or physical interactions to remote digital interactions. The real problem does not lie in launching different technologies but in integrating them effortlessly, at scale, within the enterprise to create new customer experiences and enhance their journey.

The first-generation of identity solutions could not scale at speed without sacrificing accuracy. Traditional ways of doing identity authentication are no longer acceptable. Today’s enterprises have become more distributed and complex, and need a more reliable platform for identity verification that can handle complete end-to-end business processes internally and externally. As processes move to digital, more people, apps, devices, and locations need to be integrated and managed across a regional and global organizations, making it harder for IT teams to keep up.

In their quest to build world-class identity products, Incode has enabled omnichannel identity experiences for global enterprises.

Through its flagship suite, Incode Omni, Incode offers an end-to-end omnichannel identity platform that helps businesses address all their identity needs, from digital onboarding and know-your-customer (KYC) to omnichannel authentication.

Incode is one of the leading omnichannel biometric solutions on the market today. It has enabled Incode to provide advanced identity verification and authentication solutions for leading enterprises across financial services, marketplaces, payments, hospitality, governments, and retail industries.

Incode’s proprietary algorithms and core technology enable enterprises to deliver a premium user experience, and security while embedding privacy constructs into every interaction. Their fully automated platform removes the human loop to provide consistent, accurate, and immediate identification results for their customers.

With nearly 95% conversion, they lead the way by overcoming industry-defining fraud rates. Incode’s AI technology actively prevents human bias in the identification process and is harder to spoof than human feedback centers, and eliminates many false positives. They utilize every element of AI and cloud computing to enhance the user experience.

There are hurdles in every industry, and Incode Technologies has successfully helped several industries overcome them by providing an on-point and innovative array of solutions.

Several leading FinTech, financial institutions, hotels, gaming, retail, and healthcare industries globally use Incode’s technology and solution to overcome their identity verification hurdles. Incode provides:

● 99% reduction in fraud attempts;
● a hardware-agnostic face login;
● 5x faster onboarding process; and
● 40% higher conversion rate compared to market solutions.

To cater to the growing demand of the FinTech industry, Incode developed a frictionless account opening and automated onboarding process without compromising data security and the user experience. They have introduced face-based biometric products that focus on remote onboarding, document capture and verification, authentication, and payment verification to improve conversion rates.

With borders slowly opening for business, the hotel industry is a great example where identity verification is changing how Incode helps organizations onboard customers and provide them a smooth check-in experience. Incode Technologies enables contactless guest check-in to ensure iconic guest experiences across every interaction on the property. They have eliminated contactless onboarding with the help of real-time ID and identity verification, data extraction from credit cards to eliminate manual payment intervention, which has enhanced customer experience and led to an increase in hotel booking conversions.

Several differentiating factors amongst various cloud computing companies globally gives Incode a competitive edge.

” Over the past few years and accelerated by the Covid-19 crisis, consumer expectations regarding digital identity have shifted dramatically. Self-service, contactless experiences are the preferred channel for everything from opening a bank account to checking into a hotel room,” said Ricardo Amper. “Incode is reinventing how humans verify their identity and interact with companies’ systems, with a highly secure, frictionless AI-based experience that works across channels.”

Incode is disrupting the identity market in more ways than one. With a mission to build trust and democratize access, Incode is transforming how governments, marketplaces, FinTechs, hotels, and financial institutions conduct their identification and authentication process. Their proprietary passive liveness technology, KYC (Know-Your-Customer) and AML (Anti Money Laundering) process, and a fully-cloud computing and AI-driven identification process have paved the way for faster turnaround time without the risk of fraud and security threats.

● The platform is much faster than its competitors and completes and verifies identities in seconds and not minutes.
● They take a fundamentally unique and differentiated approach to privacy that embeds privacy constructs into every connection.They remove human intervention and bias from their processes. They can do it at a scale much faster with the help of Artificial Intelligence with more accuracy.
● Customers can create their own no-code drag-and-drop workflows on demand through API calls and change them within seconds in response to a customer’s needs. There is no manual intervention.
Unlike other competitors, they own their entire technology stack and do not utilize any sub-vendors. They have a fully integrated platform which means they do not rely on any third-party OEM platforms, making their data more secure as it remains within a closed stack or more close-knit.
● Their accelerated support enhances the organizations’ digital transformation journey by proving best-in-class identity solutions with several deployment options such as on-premise, private cloud, SaaS, and hybrid environments.

The future is here. Today’s next phase of digital transformation requires advanced identity verification and authentication. Incode Technologies, a new “unicorn” on the scene in Silicon Valley, is expanding its horizons and revolutionizing the world of digital identity through the two key components of trust – security and privacy.