ComplyCube, the global Identity Verification (IDV) provider, has reported a growth of over 500% year-on-year, driven by a 20 times increase of biometric checks on its Software as a Service (SaaS) platform in H1 2021. This meteoric growth is driven by the global acceleration of digital adoption in the wake of the COVID-19 Pandemic.
The global health crisis has hastily accelerated the shift towards the digital space, creating more security risks and vulnerabilities for businesses. However, conventional IDV providers are not equipped to deal with such security and fraud risks. Therefore, companies increasingly seek trustworthy biometric verification solutions that can quickly and remotely verify users without additional friction.
The Digital Identity company cites McKinsey’s recent research to underline the importance of its mission statement: build trust at scale. The study found that countries could unlock an additional 3% to 13% of GDP by 2030 with broader adoption of digital ID.
ComplyCube’s AI-powered digital identity platform employs a hybrid deep learning pipeline that leverages human-in-the-loop super recognizers expertise. The AI platform is GDPR-compliant and utilizes Amazon Web Services (AWS), Google’s Cloud Platform (GCP), and Microsoft’s Azure cloud infrastructure to deliver global coverage and meet the stringent data processing requirements imposed by several jurisdictions around the world.
The RegTech company says it will continue to invest heavily in its market-leading identity verification and compliance SaaS solutions. It intends to triple its deep learning team by the end of the year, after adding major customers across payments, telecoms, health, financial services, and cryptocurrency. The firm also predicts that its new Know Your Customer (KYC) offering, Flow™, will bring further growth. Businesses of any size can start using cloud-based Flow™ in minutes to significantly reduce their AML/KYC compliance and fraud risks.