Imagine arriving at the airport for a holiday or business trip without your passport, your credit cards, or any physical identification whatsoever and still being able to board a plane, hire a car and check into your hotel.
This is the vision of next-generation identity solution provider Incode Technology, which is using artificial intelligence to transform the way we travel, bank, shop and live across Europe and beyond.
“Identity is one of the most primitive industries that exists”, says Incode’s founder and CEO Ricardo Amper. “Your money, your will, your healthcare data, it all depends on a physical piece of paper or plastic that was the invention of 3,000-year-old Egyptians.
“We can apply AI, computer vision and facial recognition to create a fully automated digital identity that can create a lot more trust than a piece of paper does. We think identity needs to be reinvented.”
The reinvention in question is all down to the Incode Omni platform, which uses passive liveliness technology, expert facial recognition and advanced deep learning techniques to revolutionise the way humans verify their identity and interact with the world’s largest companies.
Today, Incode Omni is flourishing in financial institutions, governments, marketplaces, hotels and hospitals around the world and transforming their customer interactions into seamless, contactless user experiences.
In just seven years, the San Francisco-based company has built partnerships with several of the world’s biggest banks, fintechs, hotels, governments and marketplaces including Jumeirah Group, Citi and Rappi, with products focused on onboarding, authentication and payment verification.
And now, with 80 per cent of Europeans currently using smartphones and the figure set to rise to 85 per cent by 2025 according to Statista, Incode is not only powering smart transactions, but driving a huge societal change, too.
Incode: Providing Privacy-Centric User Experiences
With businesses holding our most valuable assets and information, every transaction in today’s market must use the right technology to ensure consumer details are secure and private.
Incode uses the combination of AI technology and machine learning to create a secure and privacy-enabled identity verification process that eliminates the need for documentation.
By using biometrics as the primary means of verification, authentication is streamlined, whilst maintaining the elevated levels of security that people and organisations expect.
To date, Incode has reduced fraud attempts by up to 99 per cent, using advanced risk measurement techniques such as ID document liveness detection, biometric facial profiling and data mismatches.
“We give full consent on every platform and users have complete control," says Amper. It's up to individuals to decide how to use it for maximum ease and security."
Eliminating Friction From Start to Finish
Banks, credit unions, brokers and other financial institutions all need to comply with strict “know your customer” (KYC) regulations when onboarding applications, which has traditionally been a lengthy and complicated process - until now.
Today, Incode satisfies all of the necessary criteria, complying with government regulations to quickly enroll customers while significantly reducing the risk of fraud.
Incode allows financial institutions to effectively capture customer data from their ID, verify identity documents, authenticate facial biometrics and identify any potential security risks up to 5 times faster than traditional onboarding processes.
“Instead of going to the bank and going through the long process of proving who you are, it’s going to be a 30-second experience,” says Amper. “You go through onboarding once, authenticate with a selfie and provide consent, you’re going to be able to open a bank account in 30 seconds.
“With every economic activity, whether it’s payments or opening a bank account, you're starting with identity, so if the identity is weak, the rest of the economic activity is weak.
“Creating a digital identity-based in AI allows us to create a lot more trust. With that trust, there’s a lot of economic progress.”
So far, Incode has achieved a 40 per cent increase in conversion rates and a 20 per cent improvement in registration abandonment.
Above all else, the simple, secure and fast AI-based platform removes friction in the financial sector and multiple other industries where a speedy and seamless experience is integral.
Changing the face of travel and hospitality
Whether it’s checking in with a selfie, being personally welcomed by a biometric-reading robot or letting your digital self pick up the tab, travelling is a lot simpler the Incode way.
Before even arriving at a venue, Incode’s fully automated identity solution validates the identity of a guest, allowing for a personalised experience covering everything from digital keys to room service.
In post-pandemic times, the hospitality industry is realising the positive impact of technology on the guest experience, and the potential it has to increase customer loyalty and provide additional revenue.
And, with 76 per cent of hotel executives looking to introduce a fully contactless experience by 2025 according to social research agency Blackbox Research, Incode is a huge step in the right direction.