In the future, biometrics will be present in all areas of our lives
Ricardo Amper has more than 20 years of experience founding and managing companies. In 2015, he founded Incode Technologies. As the leading provider of world-class identity solutions, Incode is reinventing the way humans authenticate and verify their identity to power a world of digital trust. Incode’s identity solutions are impacting tens of millions of people each year with convenience and outstanding user experience, while increasing revenue and reducing fraudulent activities for the world’s largest financial institutions, governments, retailers, hospitality companies, and other industries.
Why is digital identity management and security becoming one of the most important business trends today?
In fact, according to the Federal Trade Commission, fraud is up more than 70 per cent from the previous year. In this environment, both consumers and governments are looking to companies to reduce these risks. This requires a new level of security and technology, so consumers can trust that their information is private and safe. Hence the rise of technologies such as AI and biometrics.
What advantages does biometric identity have for users?
For customers, this technology means an improvement in their user experience and a simplification of the processes or procedures to be carried out. A verified digital identity can, for example, help unlock a myriad of services such as access to banking, government benefits, education, and more.
For businesses, we have clients who have seen their conversion rate instantly increase by 40 per cent thanks to our identity verification solution. This translates into increased revenue, increased long-term customer value, and even reduced costs that companies pay for fraudulent transactions.
According to a recent study, up to 50 per cent of new US accounts in 2021 were fraudulent. Can you imagine the impact if a bank can reduce that by 99 per cent? The right identity verification solution can save millions of dollars in fraud costs.
Can you share any innovative use cases of your Incode Omni platform?
Our Incode Omni solution brings authentication, onboarding, and ID verification under one platform in an easy-to-integrate modular way.
The applications of biometrics are innumerable and in the near future they will be present in practically all areas of our lives. One of the latest most disruptive use cases is its integration in the sports stadiums in Mexico, such as those of Grupo Orlegi, owner of the Atlas, Santos Laguna and Tampico Madero clubs. The Mexican League implemented an identity verification model to increase the security of their venues, and put their data in the hands of Incode.
Another example is the crypto industry, which in recent years have revolutioniszed the financial ecosystem worldwide and, from Incode, we help these companies verify and authenticate the identities of all their users. This ability, coupled with the permanent record provided by blockchain technology, means that transactions from these companies are more secure than transactions from traditional banks.
In a time of increasing digital transformation, why are these types of tools increasingly important?
Today practically all sectors (financial institutions, health, hospitality, retail, telecommunications...) must comply with KYC, anti-terrorism financing (CTF) and anti-money laundering (AML) regulations. Applied for these sectors, Incode's solutions, not only verify people’s identity, but also make it easier for them to comply with regulations and significantly improve customer experience.
Ricardo Amper, CEO and Founder of Incode Technologies