Provider of Identity Verification-as-a-Service solutions IDnow has confirmed strong volume growth for its artificial intelligence-based solution, as transactions via IDnow’s AutoIdent have increased ten-fold in the first two quarters of 2020.
It comes as IDnow’s AutoIdent has continued on a period of growth since its formation in 2018, from January to June, an increase of over 1000% in the number of transactions was recorded.
The customer base covers a wide range of different industries: insurance, banking, mobility, cryptographic currency platforms and telecommunications. The reasons are equally diverse: new business models, security maximisation, digitalisation – companies are increasingly turning to secure and efficient solutions.
Andreas Bodczek, CEO of IDnow commented: “Identity verification in general, but especially AI-based products such as AutoIdent, have great growth potential – particularly in the current crisis, where digital products are in greater demand than ever before.
“Digitalisation must now move faster, and many new use cases – that have been performed with personal interaction – now require efficient digital products like AutoIdent.
“With short setup times and easy integration of a single API, this is the perfect product to be secure and compliant on the one hand, and to allow fast and easy onboarding without personal interaction on the other hand.”
He added: “AutoIdent has a huge international potential, especially due to the rapidly advancing digitalisation in many industries and the resounding success of FinTechs and InsureTechs, the demand for simple, lean solutions is growing.
“Whether in banking, mobility, telecommunications or economy platform sharing, everyone is interested in a fast, seamless and secure onboarding process that increases conversion rates and customer satisfaction while providing the highest level of security.”
AutoIdent’s artificial intelligence uses the smartphone’s camera to recognise the country and type of ID document without the need for user input. The technology then captures the machine-readable part of the ID document as well as non-machine-readable areas, such as address fields. In the next step, artificial intelligence automatically checks the optical security features of the ID documents, such as holograms.
With the subsequent biometric video check of the person and “liveness detection”, the identification process is completed for the customer within a few steps. On the basis of the recorded data, the system is able to decide whether the identification is valid, with reliability that far exceeds the legal requirements.
Artificial intelligence and machine learning technology guarantee the highest quality and accuracy in identification verification. Furthermore, the IDnow process relies on a hybrid approach that optimally combines the advantages of man and machine. In special cases, the AI is supported by a human identity specialist who acts as an additional verification and security level.