Enterprise identity and compliance platform provider, Scanovate is providing a frictionless and user-friendly solution to the ever changing and constantly moving issue of individual identity. You’re Welcome 😊
What is Scanovate – what problem are you solving?
There is a growing global need for businesses, governments and organizations to identify their end users digitally. As a result, markets worldwide are constantly adopting regulation both on a global and a local scale that determine clear guidelines and pricings.
The overall need in the market is a solution with high rates of accuracy in identification that is also modern and can adapt, in a frictionless manner, to any environment and work on any device while maintaining user friendliness.
Scanovate is the Enterprise Identity and Compliance platform with a proprietary identity management solution mainly offered to top tier financial institutions and governments globally. We recognize the potential of compliance to be a profit generating department and have developed the necessary components to implement a tool that creates simple flows to instil this approach.
Our technology authenticates the integrity of the transaction by ensuring the user is who they say they are, accurately validating their identification credentials and conducting all regulatory background checks using an easy flow, giving the business the ability to get straight to work.
Our technology is proprietary and available on premise making it easy to plug in at any stage of the onboarding and compliance process. Our intuitive and highly protected identity management system takes the identity and compliance checks on each user and allows the organization to securely interact with the identity as it evolves in real time, resulting in huge up sale opportunities and frequent data remediation.
What do you mean by we are in ‘the new age of identity’ – talk us through that.
It is no secret that in 2019, technology has taken over many aspects of our daily lives that were once manual. Identity has been around since the beginning of time however, interaction with a person’s identity has been static and lacked the personalization that is crucial in today’s digital world.
This “new age of identity” widely focuses on the evolution of identity as well as following a user’s identity in order to understand how to maximize its use. Identity changes as life changes. Once you were single, now you’re married and so the services available to you are subject to change in line with your age, marital status, offspring, location etc.
Where in the “old days” a user would upload their identity and that became the basis for every transaction they attempted to access. Today’s user identity requires constant updating in order to maintain regulatory compliance and ensure end users are serviced more efficiently.
How is technology fine tuning the nuances of identity and verification?
With the advancements in technology and the need to engage a wider audience digitally, new forms of digital identification verification (IDV) as well as multi-factor authentication have been implemented such as facial biometrics, iris, fingerprint and voice recognition, video identification and document authentication among many others to ensure the end user is provided the same services remotely while simultaneously assuring the organization it is safe to work with said user.
With the adoption of digital IDV, regulatory changes are constantly updated creating a need for regulatory technology (RegTech) to certify the legality of the transaction in addition to the integrity of the IDV.
These technologies have helped organizations see identity on a broader spectrum than they once used to. A more dynamic look at identity as an asset allowing business to interact with a user’s ever-evolving identity resulting in up sale and customer satisfaction.
What impact does this have on financial institutions? Better on boarding, increased revenue – are there any numbers you can share?
Better on boarding is the tip of the iceberg. Digital Identity processes can help save up to 90% in customer onboarding costs and a potential 110 billion hours saved. Further, digital identity schemes will help service and potentially reach up to 1.7 billion more people globally that today do not have access to certain financial services.
The global Enterprise Governance, Risk and Compliance (EGRC) market size was valued at US$ 27.80 billion in 2018 and is expected to reach US$ 64.62 billion by 2025. Since 2008, Banks have spent more than $321 billion on enforcement actions, fines and settlements. Risk and compliance technology easily help an organization reduce costs and hours of work in addition to dramatically reducing the amount they pay on fines for violations.
According to a recent Deloitte survey, roughly 40% of organisations said they were likely to make a major investment in risk technology over the next 12 months and by early 2017, 82% of all countries issuing national ID cards had rolled out eID programs.
What advice would you give new startups in this space?
In the extremely insightful words of our Chief Architect, Guy Stiebel: “find a niche and create a solution to a real problem because people will always pay for medicine before they pay for vitamins.” Creating a product that is “cool” and “innovative” isn’t worth nearly as much as finding a solution to a significant pain point your market is experiencing.
We have an array of craft beers and independent music at FinTECHTalents – Give us a great song to listen to while we sip your favourite tipple (please also list your favourite drink!)
You’re Welcome from the Moana soundtrack.
Meet Scanovate – one of our 2019 FinTech Stories companies – at FTT19 this November.