With technology taking a center stage in a contactless world, the spotlight is now on digital products and systems to build the same level of trust that physical interaction with clients, customers, and employees do.
Ajay Trehan, CEO and Founder of AuthBridge, elaborates, “Businesses across the world are forced to make some tough calls today. The emphasis is on spending every penny on a constructive and trustworthy partnership – be it with employees, vendors, merchants, leaders, or customers. The twin objective – of meticulously authenticating these stakeholders before forming or continuing a relationship and doing so within the confines of social distancing – is generating a ferocious demand for innovative onboarding and verification products.”
AuthBridge shares industry-wise trends by digging data around early demand for digital trust platforms that can address business handicaps resulting of COVID-19.
1) The Gig Economy: Companies will be battling labor shortagesin food delivery businesses and home, and rental services domain. AuthBridge has innovated and developed a Digital Address Verification solution that allows candidates to verify their address on their own through GEO coordinate validation, removing any need for physicalcontact.Packaged with instant identity verification and criminal verification, this onboarding product for on-demand economy isin high demand. In the next 6 months, almost 70% of AuthBridge’s clients in the space are expected to opt for this.
2) The BFSI sector:AuthBridge has empowered its clients in this sector with Contactless Customer Onboarding using technologies like Video KYC, OCR, image recognition, face match and instant verification through government and proprietary databases. As per an estimate of Bain Consulting, retail banks can see a 20% increase in revenue and a 30% cut in costs through digitization and technology adoption.About 70% of AuthBridge’s clients in this sector are expected to build digital onboarding capabilities using their APIs and custom workflows.
3) Real Money Gaming:This sector was already on a rise before the pandemic hit the world;under a national lockdown, it has only grown further. This is being attributed to people having more leisure time in hand.The online gaming sector is expected to reach $1.1billion by the next year. AuthBridge is assisting online gamingcompaniesin verifying the legal age of players to stay compliant to the law of the land. Through an easy API integration, AuthBridge can provide Instant Identity & Age Verification solution powered by the face match tech. Through geo-coordinate validation, it is possible to bar players operating from states where online gaming is banned.
4) The EdTech sector: This sector has witnessed a 26% increase in user visits between April 2019 to March 2020.With remote education becoming the norm, EdTech will need ways to register attendance of students digitally and validate identity and educational qualifications of teachers on their platforms. AuthBridge’s real time Identity Verification solution, Digital Education Verification solution and Criminal Record Verification solution will see a huge demand in this sector. Technologies like liveness detection and GEO-coordinate validation will go a long way in determining the presence of a real student or teacher who is supposed to be in the virtual classroom.
5) The Healthcare sector: One of the most stressed sectors today, healthcare will need advanced authentication technologies as e-pharmacies, positioned to grow 7 times to $3.7 billion by 2022, pick pace in the post-COVID era.It will become essential to vet suppliers, vendors, and pharmacists to ensure the quality of medicine and medical products. AuthBridge’s Business verification APIs can validate genuineness and legitimacy of a vendor and its business.
AuthBridge, servicing over 1500 leading companies across the country, has made significant investments in advanced background check and onboarding technology rooted in AI and ML over time. This investment now seems prescient and is helping AuthBridge cater to the demand for contact less, presence -less digital trust products in a changed world.
Ajay gives an example; “our databases have been nurtured over years and rely on state-of-the-art verification technology. The AI enabled engine, in case of our criminal database, helps scan over 200 million+ records and yield best possible matches in just a few seconds. It has been trained to make sense of an extremely unstructured and non-standardized dataset while providing instant results, eliminating the need to physically visit police stations to get a match.”