IDnow, a leading provider of Identity Verification-as-a-Service solutions, sees strong volume growth for its artificial intelligence-based solution. Transactions via IDnow AutoIdent have increased tenfold in the first two quarters of 2020.
Since its launch in 2018, IDnow’s AutoIdent has grown from strength to strength and expanded into new industries. In 2020 IDnow sees an exponential growth in volume. 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.
“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,” says Andreas Bodczek, CEO of IDnow.
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“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,” Andreas Bodczek continues.
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