How this company is leading the way
In the past, face-to-face processes now take place at your fingertips: banking and finance, healthcare, retail payments and even voting. In addition, consumers are increasingly comfortable with digital transactions. According to data from a recent Prosper Insights & Analytics survey, 60% of consumers prefer payments and contactless payments when visiting a business.
But what is fueling these new digital experiences? I recently met Ricardo Amper, CEO of Incode, a digital identity software company, about how biometric identity technology is underpinning this massive behavioral and societal change. He explained that our faces are already becoming our new passwords, and as companies hold our most valuable assets and information, we need to develop the right technology to ensure that every transaction is compliant, secure and frictionless.
Gary Drenik: What prompted you to start Incode? How has the company and the product evolved over the years?
Ricardo Amper: Five years ago, we founded Incode as a mobile app designed to reinvent the way people share photos. Back then, the image resolution was poor and grainy, and we were building our technology in low bandwidth environments to ensure that everyone in the world had access to our technology, not just people with the latest technology. phones. We bet everything on AI technology and after a few years of training our models on millions of photos, we have developed the best facial recognition technology in the world.
We saw an opportunity to leverage our technology, deep AI expertise, and world-class biometric engine to create an enterprise solution for a myriad of complex digital identity needs facing organizations. today. In 2019, we made the decision to pivot the business, and Incode Omni was born.
Incode is an end-to-end omnichannel identity platform that helps businesses meet all of their identity needs, from digital integration and KYC to omnichannel authentication and more. We work hand-in-hand with the world’s largest financial services, payments, markets and hospitality companies to solve their most complex identity challenges.
We are focused on building the next generation of digital identity technology that will power the customer experiences of the future.
Drenik: The digital identity space is crowded. How does Incode differ from other digital identity solutions on the market?
Ampere: Incode is the first platform of its kind that combines the highest security with a fully automated identity verification platform to deliver exceptional customer experiences. We rely on fully automated AI-based technology that uses no humans for the onboarding and authentication processes. The majority of older space companies have traditionally used humans and manual processing to solve complex identity issues. Unlike our competitors, our proprietary technology allows us to authenticate and verify customers more consistently, accurately and quickly, as well as reduce fraud rates.
Since digital identity needs can vary depending on the industry you are in, we have designed our identity platform to be a one-stop-shop. Incode Omni is made up of over 60 product offerings for businesses to choose from. They can use a single integration, multiple components, or take a true omnichannel approach to address their digital identity challenges.
Incode is also the world’s first passive animation technology to comply with Beta’s ISO / IEC 30107-3 standard. We are also recognized by the National Institute of Standards and Technology (NIST) as one of the most accurate and fastest facial recognition technologies.
Drenik: What are the challenges facing the digital identity industry right now?
Ampere: The trend towards increased government regulation of data privacy, sharing, and security is increasing complexity – and risk – for many businesses. This has already been happening in Europe and we will need to make sure we take local laws into account as our business continues to expand globally.
There is also a lack of education on digital identity technology, its use and the benefits it can bring to society. For example, people often associate facial recognition technology with surveillance technology. They are two very different things. Individuals must consent to facial recognition technology, and in doing so, they can enable seamless interactions with businesses and have a frictionless experience. Monitoring usually happens when you have no idea that you are being monitored and do not have access to the data or knowledge of its use. We need to debunk the myths surrounding biometric identity technology in order to foster continuous innovation and benefit from these incredible technologies.
Drenik: As governments set more stringent regulations around the use of technology, like facial recognition, how do you think this will impact the industry?
Ampere: Regulations are important when it comes to technologies, such as facial recognition, to ensure that we protect the privacy of individuals and secure their personal information. That said, what can be detrimental is whether regulators give these technologies a “good or bad” binary tag.
With the emergence and adoption of all new technology, there are changes in public attitudes, discussions and legislation. Facial recognition is the ‘technology of the day’ and there are a ton of complexities to navigate around security, privacy, and property. But facial recognition technology is not inherently bad. If regulators continually focus on what could go wrong, they will lose sight of what could go right.
When designed and used correctly through rigorous security testing and advanced machine learning technology, artificial intelligence and facial recognition software can really help make our financial institutions more secure, protecting our information. personal data, such as our bank accounts or social security numbers. Facial recognition technology can also improve cybersecurity and reduce fraud in many industries, from markets to hospitality to healthcare.
Current conversations around the security of facial recognition technologies are necessary, but we also don’t want to lose sight of the long-term benefits for an increasingly digital world.
Drenik: At 2-5 years old, what role will digital identity solutions play in the lives of consumers?
Ampere: Digital identity technology is proliferating and is about to be normalized in society. It has started to find its way into many aspects of our daily lives. Millions of people unlock their iPhones using their digital identity and according to recent data from Prosper Insights & Analytics, more than 48% of consumers do their banking on their phone, from the comfort of their sofa. Its superior ability to safely and accurately identify individuals makes it an extremely compelling technology.
Over the next few years, it has the potential to create a fair future that limits prejudice and fosters new opportunities for access. Through the digitization of identity with AI / ML, our inherent human biases are eliminated from the process, resulting in fairer systems when performing day-to-day tasks such as opening an account bank or loan application.
As the shift to digital transactions continues, I believe in less than five years our faces as new passwords will be widely accepted by consumers and businesses.
Drennik: Ricardo, thank you for your unique insight into the digital identity marketplace and your perspective on where the industry is heading. It’s incredibly exciting to see this kind of technology take hold and the huge potential to change the customer experience as we know it today.