For the sixth consecutive year, Electronic IDentification has entered the RegTech100 list for 2023, a list that gathers the world’s most pioneering businesses in the regulatory technology market that are helping financial institutions deal with the most pressing compliance and risk management challenges. All because of its transformative technology and disruptive online identification and authentication solutions.
This recognition highlights the solutions every leader in financial services needs to know about in 2023; solutions coming from leading companies that make a difference in developing game-changing technology and solutions to help solve current industry problems and set an example of best practices within the sector.
Discover the solution that has led us to achieve a leadership role in identity verification.
THE REGTECH AWARDS: TRANSFORMING REGULATORY PROCESSES IN THE FINANCIAL SECTOR
The increasingly strict regulations concerning the development of financial activities in the digital environment highlight the importance of having innovative technological solutions that guarantee the security of the companies that implement them in their processes.
Aiming to democratise good practices in financial activities, the RegTech Awards (the most significant of all RegTech events) highlights the most innovative companies whose technology solutions help the financial industry and comply with the latest regulations set by eIDAS.
The outbreak of Covid-19 fuelled explosive RegTech growth with the rise of hybrid work environments and increased use of digital channels; the inevitable response from companies to the increasing need to adapt to the ‘new normal’ and new rules that arose from the revolutionary digitisation of society that was brought about by the confinements worldwide.
As a result, banks and other financial institutions accelerated their digitalisation projects and invested in adapting their processes to digital channels. They are doing this at a speed that studies have estimated that by 2025, the investment companies will put into “going digital” will exceed USD 130 billion. Moreover, as the pandemic begins to recede from view, RegTech popularity remains strong, with the market set to grow 19.8% CAGR by 2027.
Mariyan Dimitrov, RegTech Analyst director of research, stated that “with the rapid changes in regulatory frameworks, working habits and customer expectations, compliance and regulatory technology continue to be a growing investment area for financial institutions as they streamline their operations.”
THE REGTECH INDUSTRY WORLDWIDE
As we have seen over the last two years, Covid-19 has challenged the sustainability of companies and institutions worldwide, even the most consolidated ones. The volatility of processes and the market uncertainty marked companies’ futures, which is what favoured the momentum of the RegTech startups arising worldwide.
Therefore, betting on a rapid and effective response to digitalise processes was (and still is) the only option for companies to continue growing, scaling their services, and expanding globally.
Only by rapidly digitising KYC processes with innovative RegTech solutions for banks and other financial institutions (digital solutions that guarantee compliance with the strictest and most current regulations) will these companies be able to ensure their future as industry leaders.
ELECTRONIC IDENTIFICATION meets all the REGTECH100 2023 list criteria
The companies acknowledged by the Regtech100 2023 list must meet precise criteria. Precisely, these criteria are what have made Electronic IDentification stand out as a leading and disruptive company from others in the industry.
These are the criteria considered in the selection of companies for the list:
Highest level of technology innovation performance
For eight years now, we have been developing software based on video streaming as the safest, most accurate and fastest software for identity verification. This technology has allowed us to be at the market forefront of innovation and security for six years.
As a result, we are the only provider able to offer an automatic video identification and eSignature solution through a fully digital process completed in seconds.
Maximising capital and increasing customer conversion rates
Our onboarding and identity-proofing processes help dramatically cut costs and bring the time down to seconds while complying with all the European regulations. As a result, it is possible to digitally achieve maximum security, compliance, and customer experience.
This way, we open new and endless possibilities for customer acquisition and business expansion by enrolling customers remotely with the same legal enforceability as face-to-face. Therefore, making it possible for companies to scale their business across the EU effortlessly and in full compliance with eIDAS and AML RegTech regulations.
Addressing the main current issues in the financial industry
Our KYC RegTech solutions, such as the Qualified Electronic Signature, are developed to prevent the risk of fraud, identity theft, and data breaches now and long term.
Cost savings, improved efficiency, and increased benefits for customers
As the digital universe has taken over the way we used work, buy products, invest, or hire services, all the traditional infrastructures and processes are becoming obsolete, leading to their replacement with online alternatives.
If handled correctly, digitalising a company’s processes will significantly benefit itself and its clients. As said, these new digital processes will reduce overall costs in their customer acquisition processes, improve their activities’ efficiency, and reduce (or even eliminate) the costs associated with customer transactions. It will all result in an improved user experience, now a central pillar in every company.
Book a demo and try the regulatory technology that is disrupting the financial industry.