Dec 10, 2021
RegTech100 2022: Electronic IDentification leads its industry for the fifth year in a row.
For the fifth consecutive year, Electronic IDentification has entered the RegTech100 list as one of the world’s most innovative top RegTech 2022 companies because of our transformative technology and our disruptiveonline identification and authentication solutions.
This recognition highlights, year after year, the worldwide leading companies in online identity verification, risk management, information security, and financial crime prevention. Companies that make a difference in the development of innovative and game-changing technology and solutions to help solve current industry problems, and to set an example of best practices within the sector.
Discover the solution that has led us to achieve a leadership role in identity verification.
Electronic IDentification in the top RegTech 2022
The companies acknowledged by the Regtech100 2022 list must meet very specific criteria. These criteria are what have placed Electronic IDentification as a leading and disruptive company in its industry:
Highest level of technology innovation performance
For 8 years now, we have been working on developing software based on video streaming as the safest, accurate and fastest software for identity verification. This technology is what has allowed us to be at the market forefront for innovation and security five years in a row.
As a result, we currently are the only provider able to offer an automatic video identification solution through an end-to-end process that is completed in seconds.
Maximising capital and increasing customer conversion rates
Electronic Identification’s Qualified e-Signature based on automatic video identification dramatically cuts Customer Onboarding times down to seconds in total compliance with all the European regulations, providing both the client and the companies with the maximum legal security.
This opens new and endless possibilities for customer acquisition and business expansion by enrolling customers remotely with the same legal validity as face to face, making it possible for companies to scale their business to all EU and do it in full compliance with eIDAS and AML RegTech regulations.
Addressing the main current issues in the financial industry
Our KYC RegTech solutions, such as the Qualified Electronic Signature, are developed to avoid the risk of fraud and identity theft, as well as data security risks.
Cost savings, improved efficiency and increased benefits for customers
As the digital universe has taken over the way we used to carry out every aspect of our lives from the way we work to the way we buy things or hire services, especially after the pandemic outbreak, all the traditional infrastructures and processes are becoming obsolete and are being completely replaced with 100% online procedures.
If handled correctly, the digitalisation of a company’s processes will be a major benefit both for itself and its clients. The new digital procedures will reduce overall costs in their customer acquisition processes, will improve the efficiency of their activities, and will reduce (or even eliminate) the costs associated with customer transactions. It will all result in an improved user experience, now a central pillar in every company.
RegTech Awards: Transforming regulatory processes in the financial sector
The increasingly strict regulations concerning the development of financial activities in the digital environment highlight the importance of having innovative technological solutions that guarantee the security of the companies that implement them in their processes.
Aiming to democratise good practice in financial activities, the RegTech Awards (the most significant of all RegTech events) highlights highly innovative companies whose technology solutions comply with the latest regulations set by eIDAS.
The outbreak of Covid-19 has fuelled radical RegTech growth. This has happened due to the companies’ response to the increasing need to adapt to the regulatory changes and new rules arising from the extreme digitisation of society that was brought by the Covid confinements worldwide.
As a result, banks and other financial institutions have accelerated their digitalisation projects and invested in adapting their processes to the digital channels.
They are doing this at such rapid speed that studies have estimated that by 2025, the investment companies will put into “going digital” will exceed USD 130 billion.
The RegTech industry worldwide
As we have seen over the last two years, Covid-19 has challenged the sustainability of companies and institutions around the world, even the ones that were most consolidated.
Currently, the volatility of processes, as well as the market uncertainty, mark companies’ immediate future, and it is what is favouring the momentum of the RegTech startups arising worldwide.
Therefore, betting on a rapid and effective response to digitalise processes will be the only option for companies that aim to continue growing, scaling their services, and expanding globally.
Only by rapidly digitising KYC processes with innovative RegTech solutions for banks and other financial institutions (digital solutions that also guarantee compliance with the strictest and most current regulations) will these companies be able to ensure their future as industry leaders.