Incode Technologies was recently named to the CIOInsights list of the Top 10 Fastest Growing Cloud Computing companies to watch in 2022, and was the cover story in CIOInsights’ Cloud Computing Edition.
The cover story explains how identity verification is fast-tracking digital transformation, provided that both organizations and user trust the process.
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.
One way to create this trust is to emphasize privacy in the design of an identity verification solution. One way in which Incode Omni incorporates privacy is in its processing practices. In the Incode Omni solution, personally identifiable information (PII) is processed on the device or at the network edge, rather than at a central location. The use of proprietary Incode-developed AI allows automation, eliminating the delays, human bias, and potential data leaks that can occur when manual verifiers are needed.
But trust is only part of an innovative digital identity solution. The solution also needs to create delight in its users. The Incode Omni platform creates delight by its ability to use one personal profile with multiple organizations (“One Identity Everywhere”), its seamless and frictionless operation, and its ability to deliver “Wow” moments to users.
As the cover story notes, identity verification technology is applicable in multiple industries
- Financial institutions are seeing wider adoption of digital banking, with an expected 3.6 billion users by 2024. At the same time, banking faces significant security threats which can be minimized when technology solutions accurately authenticate the users who are accessing banking services, preventing fraud.
- Government agencies in numerous countries are developing ways to prove citizens’ digital identities, establishing the credibility of users performing digital transactions. This supports compliance with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, reducing fraud such as pharmaceutical fraud, and allowing governments to provide optimal services to citizens and residents.
- Other industries that benefit from identity verification solutions include hotels, gaming, retail, and healthcare.
The cover story also details how COVID-19 has accelerated digital transformation and discusses the importance of technologies such as passive liveness detection.
You can read the Incode cover story at the CIOInsights website.