Electronic IDentification (eID) is a leading software manufacturer trusted by financial institutions worldwide. The company has created VideoID, the first and only technology in the market that combines video streaming with the most advanced machine learning and artificial intelligence (AI) algorithm to identify people in just few seconds from any device and through any channel. Among its services, eID also offers authentication as well as an electronic signature.
The company was established in 2013 as a software manufacturer in the Regulatory Technology (RegTech) field. eiD was set up to meet the needs of the financial institutions for the onboarding of new clients in an environment in which they must adapt to the changing technologies, its advantages as well as customer’s preferences, and meanwhile complying with the KYC (Know-Your-Customer) regulations. The company developed its technologies for its clients to comply with the European latest and most stringent regulations. However, eID has been continuously adapting it to worldwide requirements on AML/CFT. Therefore, the company has been able to reach not only to the EU but also the LATAM and APAC markets.
An Influential Leadership
Ivan Nabalón who serves as the CEO at eID is actively contributing to the activity of the company. Apart from establishing eID’s main goals, setting up the business strategy during these years of growth and maintaining a healthy and nice environment among his employees, he has been a speaker/panelist participating in some world-class conferences in more than 12 countries in 4 continents. Ivan is also a lecturer at several universities. Furthermore, he has published several whitepapers analyzing the situation in the sector, so that he doesn’t promote just what the company sells, but how it answers to a sector that needs its services.
Owing to his work in past decade in the e-democracy and electronic identification industries, recently Ivan has been named one of the top influencers in digital identity worldwide by One World Identity-OWI, the largest association for digital identity industry and All-Star in Regtech by Finnovating.
He is also the Founder of Civitana.org, the first and biggest social network in the world for Citizenship Participation, legally supported through an easy to use, remote digital identification, electronic signature, and electronic voting.
Moreover, Ivan had authored “A future vision of public management and e-democracy” in 2012 and is currently writing ‘What´s NEXT on democracy’.
Delivering High-Security Experiences with Unique Solutions
eID offers KYC solutions and services that help its clients provide their customers with a unique, simple, frictionless, high-security experience that meets the highest standards required in international regulations. AML (Anti-Money Laundering) and eIDAS (Electronic Identification, Authentication, and e-trust Services) regulations are remodeling the market by allowing customer acquisition processes to be reduced from weeks to seconds, for example, to open a bank account online with total security while complying with the law.
The company’s Video IDentification, Advanced and Qualified Electronic Signature, and Facial Biometric Authentication services are transforming the way in which companies and customers interact. According to the eID, current eKYC solutions, powered by Artificial Intelligence and Machine Learning allow businesses in any sector, such as banking, insurance, financial and investment services, to be digitally transformed, reduce digital customer onboarding costs and grow by offering a unique user experience.
Moreover, taking into account that SEPBLAC, the Spanish financial regulator, based the latest KYC requirements on eID’s services, most of the main banks at a national level like Santander or CaixaBank began using the company’s onboarding solution VideoID. Since then, these companies have seen a significant increase in their customer conversion rates while reducing the cost of a face-to-face onboarding or the traditional video-conference.
Innovating as Per the Futuristic Market
According to Ivan, eID keeps on searching for what the sector aims for in the future and tries to respond to its needs by developing new services. That’s why the company adds other services like biometric authentication or electronic signature (at a simple and advanced level, and currently developing it at a qualified level) to its video identification solution.
Driving Transformation Through Disruptive Technologies
“Regarding our customers’ sectors, technologies like Artificial Intelligence, Machine Learning and Computer Vision are substantially changing some processes that were thought to be static for a long time, e.g., a customer can open a bank account from home, complying with the financial regulation,” says Ivan.
Striving for Better Business Prospects
Ivan believes that there is still room to further develop image and face recognition applications and that’s why eID is working every day to improve its solutions and make them pioneer in their fields. This kind of technology will continue changing the way companies offer their services and the way customers approach them.
Remarkable Achievements and Recognition
In its short story, eID has been recognized by some of the main entities of the sector. The company proudly claims that ‘Regarding customer satisfaction, as of today, its churn rate is under 3 percent’.
eID has been named under the ‘Top 10 Strategic Technology Trends Worldwide’ by Gartner Cool Vendor 2017. eID has also been recognized as ‘Top Influencer in Identity in Europe 2018’ by One World Identity. The company has achieved significant titles including ‘EU Most Innovative Scaleup’ by EIT Digital, ‘Top 100 Regtech Innovators Worldwide’ by Fintech Global, ‘Winners Demo Dame’ by Finovate Middle East 2018, and ‘Winner NTT Data Open Innovation Contest 2018’.
eID operates within five continents, being a game-changer in relation to the experience of customers in industries that require a high level of security in eID and contracting. This fact has earned the company the following recognition across the industry:
• Gartner – eID is cool because it is creating a new internet category service for customer onboarding through its video iDentification technology, biometrics, and an AI algorithm.
• RegTech (Regtech100) – This is the company that all financial institutions must know when considering and developing their digital transformation strategies and critical RegTech mission.
• OWI – 1st Influencer in Europe – Pioneer who leads the change in improving identity.
• Ecofin – eID has been recognized as a Financial Titan.
• Finnovate – Finnovate Middle East Best of Show Winner.
• Cybercamp – 2015 Award Winners.
• STC (Spain Tech Center) – Fall Program 2016 in Silicon Valley, Luxemburg 2018 – Two-weeks immersion program.
• NTT Data Open Innovation – 2017 Contest winner.
• VNFD (Fintech Challenge Vietnam) – Vietnam’s National Fintech Day 2018 finalists.
Besides, eID has been working with most of the main banks in Spain for the last few years and it is already one of the main actors for the video identification sector in Europe. The company is now beginning to spread its activity in the LATAM and APAC regions.