Financial technology or fintech focuses on the improvement of traditional financial services. It is a new and emerging industry that is making use of technological advancements to help different financial services. Where technology is evolving faster than ever before, the concept of fintech has also reached new levels, making it altogether an industry itself. The market for the fintech industry is seeing huge success in automating the lengthy processes of different financial services like investments, trading, risk management, banking services, and likewise. It has spread in true means by capturing every aspect of financial services, from making payments via apps to cryptocurrency. It has made the job really easy by automating most of the traditional practices, thereby reducing the time and effort involved. 

Being such a successful hub for all sorts of financial services, it is quite natural to attract bad guys. Hackers and scammers are getting sophisticated with new techniques and tactics. The fintech industry which is supposed to be a huge market of $26.5 trillion by 2022 poses a number of challenges related to ID theft, money laundering, and cyberattacks. No doubt how easy and convenient the fintech industry has made all the services of payments, money lending, and transfers for the banks, it has also been largely responsible for major frauds. The outdated and traditional methods of identification are what create most of the troubles in banks and financial institutions.

In order to combat the serious threat of ID theft plaguing the fintech industry, solid digital ID verification leveraging the power of AI and ML is needed. It is imperative to adapt to the changing technology environments to provide the best as well as the most secured services to different businesses and customers. To achieve complete security against ID theft, it is important to combine traditional methods with present-day practices. This can help in mitigating the high risks of ID theft endangering this particular sector.
 

Digital ID verification will excel in securing the world of remote payments by ensuring higher levels of transparency and credibility, which is much needed for the fintech industry! Modern digital verification easily helps financial institutions in identifying cases with higher risks, ultimately saving time and costs wasted on traditional practices. 

In today’s world, customers’ expectations are continuously evolving, and they are looking for better and more streamlined processes than before. However, banks are struggling to find a solution that caters to the KYC and AML requirements while providing a seamless experience to their customers. The fintech industry doesn’t have to worry about finding solutions to solve these problems. Switching and adopting AZYO’s Automated Identity Verification solution can help fintech’s fill in the above gaps while having peace of mind that they’re fully secured from the bad guys!

AZYO is the market leader in Automated Identity Verification! 

This phenomenal solution is developed with an amazing fusion of Real Optical Character Recognition, Artificial Intelligence, Machine Learning, Blockchain, Facial Recognition and Liveness Detection to verify anyone, anywhere, and anytime. 

AZYO’s advanced facial recognition technology can identify people in pictures, video, or in real-time. It includes both face identification and face verification (also called authentication). Facial verification is concerned with validating a claimed identity based on the image of a face, and either accepting or rejecting the identity claim (one-to-one matching). AZYO’s advanced deep learning algorithms intelligently automates and extract the information from identity documents in order to verify the authenticity and eventually validating the real identity.