“In today’s world COVID-19 has separated people physically but more connected digitally. In such a world, verification of identities become more challenging than ever.”
Digital identities are embedded in our daily lives. Online is becoming mainstream: what was once called 'online shopping' and 'online banking' are simply shopping and banking these days. Consumers have to prove they are who they claim to be to use almost all services, while businesses need to do it to be competitive. Identity Verification creates a lot of new opportunities and opens up new markets:
- It is a powerful tool against fraud for businesses
- It improves customer experience for clients
- It provides better services for governments as well as works against crime and corruption
What it does
GetID was established in April 2019 and is located in Estonia, Tallinn. The company provides Identity Verification solutions.
It is a convenient, transparent, and flexible solution for businesses to address their compliance needs. We provide Identity Verification, fraud prevention, and AML screening. Trusted identity is a core service offering to match customers’ physical identity against their real-world identity.
We provide an automated real-time identity document and selfie analysis for instant results. Our solution consists of advanced biometric facial recognition and liveness detection for both digital identity confirmation and document verification capabilities.
Native compatibility with Android and iOS mobile applications simplifies the verification process for customers by directly integrating the mobile version of GetID. Using the latest region-specific and industry-specific technologies, including AI and OCR, GetID increases revenues and customer satisfaction by simplifying and automating the onboarding process
Challenges I ran into
All our challenges are interdependent. Barriers to entering the market are low as it is a global and digital environment. Therefore, our main challenge is product quality and the ability to compete on the product feature level.
Delay in the development of the own digital identification tool Product design and development has to be on time and has no room for technical errors. The customers’ experience with the product has to be immaculate to protect us from the client drop off.
Scaling of the business modelAn additional challenge is not being able to scale our business model. If our technology is not in place. even partly, GetID will need to resort to substituting it with external solutions with a lower margin.
Today, there are an estimated 3,500 types of identity documents that have to be evaluated for online verification. The GetID team has to master its expertise in patterns, languages and symbols in order to program/teach machine learning technology and create automated processes where possible.
Accomplishments that I'm proud of
Ready product with own technology in place and first big clients
What I learned
Digital World is the future and being able to operate in it, is the key to business success regardless of the industry.
COVID-19 ruined the routine of the whole globe in matter of days. The GetID solution is definitely something that can be used to fight against business losses, so everything can function in the digital world, especially essential services as digital healthcare or financial institutions.
What's next for GetID - online identity verification
GetID solves a fundamental problem for the digital economy: how do we know somebody is who they claim to be, and can we trust them? GetID is addressing the Identity Verification matter globally and across different industries at the intersection of businesses, users and regulators. Our main aim is to improve Identity Verification efficiency and facilitate trust resulting in quicker and safer customer onboarding and global, scalable KYC solution.
The first target is the FinTech industry as this is where the highest need for automated KYC solutions is. This target market consists of small and mid-sized financial institutions, brokerage companies, gaming businesses and crowdfunding platforms. Now, with COVID-19 we will also target the healthcare services to relieve some pressure from hospitals and fight against COVID-19 together.
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