ADVANCE.AI, as part of the Advance Intelligence Group, has been named as a Representative Vendor for DIV Platform in the 2023 Market Guide for Identity Verification report by Gartner, the world-renowned research and advisory firm. This comprehensive guide offers an in-depth analysis of the identity verification market, pinpointing prevailing trends and detailing the key players who are shaping the industry.
Substantial growth and evolution in identity verification market
The identity verification market has witnessed substantial growth and evolution, propelled by the ever-growing demand for secure and seamless digital interactions across various sectors, including banking, financial services, and fintech. Businesses are turning to solutions like ours not only to fortify their defences against fraud, but also to comply with regulatory requirements, and to enhance customer experience. Thus, the role of identity verification technology has become highly crucial today.
Delving into this market, according to the 2023 Gartner Market Guide for Identity Verification report:
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"Buyers' needs are evolving beyond traditional know your customer (KYC) use cases. Identity verification is now being deployed more broadly in marketplace, workforce and security-focused use cases, which is increasing demand for identity verification solutions.
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The market is entering a transition period as portable digital identity solutions are starting to mature, which in the next five years will reduce the demand for identity verification solutions.
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Competition in the market is fierce, with a large number of vendors offering what appear to be similar core identity verification processes. This is causing confusion among buyers, and forcing vendors to offer additional features such as enhanced fraud detection and low-code integrations in order to differentiate.
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Concern is growing among organisations about whether AI-enabled attacks using deepfakes will undermine the integrity of the identity verification process or in a worst case scenario, render it worthless."
Our commitment to the industry
We believe that ADVANCE.AI’s inclusion in this guide reflects our steadfast commitment to delivering cutting-edge identity verification solutions that cater to the dynamic market demands. While staying vigilant to the latest industry trends, we strive to conquer common technological challenges and transcend traditional applications. It is believed that deploying a strong and robust eKYC journey is critical in helping businesses manage risk throughout the customer lifecycle. Our eKYC services leverage advanced technologies to provide secure, accurate, and user-friendly identity verification capabilities, offering comprehensive services to achieve our clients' business goals.
At the core of our solution lies a comprehensive suite of document check and biometric check capabilities, including:
Document check
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Image Quality Assessment (IQA): Our solutions will guide the user to upload high-quality images and detect the image quality of a photo shoot in real-time, to ensure the effectiveness and accuracy of document recognition ability.
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Optical Character Recognition (OCR): Our ID document OCR extracts details such as name, gender, age and issue date and verify them accordingly.
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ID Forgery: ID Forgery Detection is a server-side API that can detect the fake card, such as, retake, black and white photocopy, edited face etc, ensure the authenticity of identity documents, safeguard business security and reduce manual audit costs.
Biometric Check
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Liveness Detection: Our biometric liveness detection checks the physical presence of users by real-time corrections of videos, photos and distance, and identification of natural face movements. Additionally, it prevents impersonation, including displayed videos and photos, 3D masks, paper masks, and inkjets.
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Face & ID comparison: Facial Image collected during Liveness Detection is compared with the one from governmental ID card to check whether the user is both a living person and the same person.
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Database Face Search: ADVANCE Face Search searches the face database for similar faces and returns the similarities given a face photo. It helps detect identity fraud risks via facial information in real time, as a compensation to the absence of a national ID standard. Through highly accurate face recognition technology, it effectively identifies ID fraud risks in transactions and helps avoid further fraud actions.
As the digital landscape continues to evolve, identity verification is undergoing a transformative phase, moving towards more advanced and mature solutions. Speak to our experts today to understand how advance digital identity verification solutions can help your business mitigate risks, and grow in a scalable and secure manner.
Reference
Gartner, Market Guide for Identity Verification, By Akif Khan, Robertson Pimentel, Sean ONeill, Swati Rakheja, Published 7 September 2023.
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