Digital identity could produce next tech giant, Onfido ex-CEO argues
The former CEO of Onfido says being able to prove digital identity easily and securely will soon be the basis for access to everything from bank accounts to voting.
Adoption of Onfido’s inclusive and accessible identity solutions based on face biometrics is fast-growing. This year alone the company has seen an 82 percent sales growth for their software, and in doing so are addressing global identity standards and financial exclusion.
“Identity is becoming a currency” says Husayn Kassai, ex-CEO, in a post on the company’s transition towards a possible IPO, and Onfido is providing the software that will aid in making that become a reality. This is relevant across all sectors; gaming, transport and healthcare are among several in which Onfido is a significant provider.
Kassai told TechCrunch in an interview on the leadership succession that the company’s next goals include going from “one to 100” and launching an initial public offering.
Using AI technology which incorporates facial recognition and machine learning for secure authentication, the company says its technology is 98.7 percent effective for countering fraudulent activity. Onfido’s document verification system covers over 4,500 different document types, from 195 different countries, and helps businesses transform their onboarding platforms for employees, customers and bank account users.
This means that populations who are currently excluded from the global economy and jobs markets will become more accessible to employers. “Gartner predicts that by 2022, 80 percent of organizations will be using document-centric identity proofing,” Kassai highlights via Onfido’s blog.
Onfido is encouraging the growth of the digital identity focused world by working with a diverse range of partners and target groups. The company has seen a 40 percent rise in sales where businesses have sought to go digital as a result of lockdown.
New sharing economy and bank partners sign up
A recent partner is eco-friendly, e-scooter operator Voi, a UK based company who are using Onfido’s verification software in their rental trials which are running across four UK counties. Voi also has an active presence across Europe. A valid driving license is needed to ride the scooters, and Onfido will handle the user’s document verification, with a ‘rider ID’ in the works. Voi has counted more than 100,000 rides in its pilot programmes, therefore identity verification is critical in “preventing the service from being exploited and misused by those that are not eligible during these important trials,” says Kevin Trilli, chief product officer at Onfido.
Banco Sabadell has also announced a digital onboarding partnership with Onfido, and have already implemented a remote registration service for their online banking customers. This service will utilize Onfido’s identification and authentication techniques and will remove the need for document exchange between the bank and the customer.
The identification system used by the bank is a collaboration between Onfido and the bank’s digital innovation hub, Innocells. It will operate through a user uploaded selfie and a ‘selfie video’ for biometric checks to meet digital regulatory requirements. Banco Sabadell will also adopt Onfido’s fraud detection technology for maximum security coverage across other bank business processes, culminating in a state-of-the-art financial ecosystem.
Banco Sabadell was recently awarded the ‘Best eKYC’ prize from the Digital Banker’s 2020 Global Retail Banking Innovation Awards.
By stressing security, inclusion and privacy, Onfido is transforming the way digital identity is mediated, protecting businesses and users in the process.