We’re pleased to announce that FinTech Global has named Electronic Identification one of the 100 most innovative tech companies in the world. The decision was made by a panel of experts and analysts from the tech industry from a pool of 460 companies.
The list contains the 100 regtech companies which all financial institutions should keep their eye on to help them solve challenges and take advantage of the opportunities popping up all the time.
There are currently over 400 of this companies worldwide, most of them are located in the US and the UK, followed by Switzerland and Ireland. Although, the centre of gravity of global RegTech deal activity has shifted from the US to Europe and looks set to progress to Asia.
The global RegTech market is expected to exceed $70bn in 2020, and the investment in RegTech companies has tripled over the last five years. Half of them offer solutions focused on compliance management, onboarding or transaction monitoring functions, this make a total of 2.0 US dollars invested since 2012.
On average, members of the RegTech 100 anticipate revenue growth of 61.4% CAGR supported by employee growth of 8.3% CAGR over the next five years, which is great. However, there is still the need to overcome some major industry challenges – resistance to innovation within financial institutions and slow procurement processes.
Around three-quarters of RegTech companies are looking to sell their solutions to banks, which clearly occupy the largest client segment of the RegTech market.
Thanks to our artificial intelligence and machine learning algorithm (IAML), our video identification technology allows remote IDing that before had to be done in person at the office.
Today there are two possibilities for procedures that call for maximum security like opening a bank account or taking out life insurance: videoconference and video identification (synchronous and asynchronous).
We offer all of those possibilities but our star product is videoID, which makes it completely unnecessary to go to the office to identify yourself or making a call to another person in the back office to confirm the person’s identity. We offer an asynchronous process that allows video identification to increase the conversion rate, reducing time spent right down to a minimum and drastically cutting cost per customer. The entire process takes a maximum of three minutes.
This disruptive technology we developed has also been recognised by the major world player Gartner, which named us cool vendor after just 10 months of production, recognising that we have created a new category in the Internet thanks to our video identification.
We’re very proud of Electronic Identification’s extended family and of the fact that we’re sure that together we’ll continue garnering success.
If you’d like to see all of the 100 companies that every financial institution should know about in 2018, click here to buy the full report.