At this very moment, leading players in online and mobile financial services are onboarding customers much faster and cheaper while benefiting from robuster KYC and fraud prevention. Some of the biggest names in banking, payments, money transfer, Cryptocurrency, remittance, lending, insurance, and other KYC regulated markets are already widening the competitive gap between them and those who still rely on manual back-office work. Yes, even that with basic, 1st generation OCR centric automation.
Onboarding automation is no less than a question of survival and profitability. Slow reaction to customers, inefficient manual work, inability to detect today’s fraud, low conversion rates with borderline quality ID images – these are survival and profitability killers.
Alarmingly, many still rely on of content extraction automation and logical data based fraud detection which are to a large extent an illusion. About 85% of fraud is utilizing genuine, stolen personal data. If that’s what you’re relying on then you’re sitting on two time-bombs: One of fraud and one of regulatory compliance.
In comes AU10TIX, the forerunner of 2nd generation ID Authentication & Onboarding automation. This generation of technology not only challenges real fraud but also affects customer acquisition and profitability. 2nd generation technology offers 100% human-free automation; forensically detects forgery, counterfeiting and collateral risk; handles borderline quality images up to +300% better, offers actionable, rapid response exception reporting; covers also Cyrillic, Chinese, Japanese and other document content – all in an average processing speed of 8 seconds or less. This generation of technology affects competitiveness and profitability as much as it does fraud protection and KYC compliance. AU10TIX technology covers all must-have building blocks of customer onboarding including biometric face-matching, POA/POR handling and data verification and screening.
Unlike other players in the field, AU10TIX’s roots are in solutions for airport security and border control. The company was originally created by its parent company, ICTS International to provide airport and border control screening automation solutions. Later on, AU10TIX expanded portfolio to offer online and mobile (CNP) onboarding and KYC initiation solutions. This expansion was driven by the emergence of online and mobile financial services that are required to comply with KYC regulation. AU10TIX implemented its strong international background and forensic-level authentication capabilities to offer an effective cross-market platform with global outreach.
AU10TIX’s unique capabilities draw from its different background. When other companies focused on Credit Card and check reading solutions; AU10TIX took advantage of its considerable security-critical experience and the experience in handling documents of diverse qualities and countries. The first client has been won in the UK after comparative testing that showed significant differences in conversion rates and fraud detection by comparison to any conventional solution provider. This resulted in very impactful word of mouth, with the client often referring other clients to the service.
In AU10TIX, employees are given opportunities and are motivated in every step, employees in the company have been “grass grown”, starting out as students and growing into more responsible roles since they proved themselves. AD authentication and onboarding is a highly specialized skill set. AU10TIX believe that growing the best inside is in many cases better than importing talent that needs an acclamation period.
The company helps financial services be simpler, safer and more accessible to people. To the service providers what the company contributes is higher conversion rates, better operating efficiency, and simpler compliance. These obviously translate to competitiveness and profitability.
AU10TIX technology has already been chosen by tier 1 market leaders in a range of KYC-regulated financial services. At the same time it supports SMEs and even startups who wish to stay ahead of their game (and competition).
AU10TIX BOS technology has ushered in 2nd generation ID authentication and onboarding automation, replacing the still commonplace manual back-office work and 1st generation OCR-centric semi-automated solutions. In a very short period, AU10TIX BOS has been chosen by market leaders in the UK and abroad to speed-up and streamline customer onboarding experience while taking fraud detection and KYC compliance to a level the can exceed human capacity. 2nd generation ID authentication and onboarding automation has been recognized not just as improvement of existing document recognition, extraction and authentication. It enables new level of Click&Go customer experience, a considerably bigger range of forgery, counterfeiting and risk detection, up to +300% higher success rates in handling borderline quality customer generated ID images, and detailed exception reporting that can change best practices.
“UK is a home market for us,” says Ron Atzmon, Managing Director of AU10TIX: “We are glad to be recognized for our technology achievements and for our contribution to the success and growth of UK services, be it online, mobile or customer facing. Brexit or not, UK is a market that embraces innovation not just is words but also in deeds. AU10TIX owes to this spirit and is happy to help make it happen to UK businesses as much as worldwide.”
“2nd generation Secure Customer Onboarding (SCO) automation gains ever more recognition,” says Ofer Friedman, VP Marketing of AU10TIX: “What service providers may be benefit from thanks to such recognition is from better awareness of the existence of more than one technology generation, and consequently ask the right questions when making decisions on best solution for their business.
Embrace the genius: Ron Atzmon, Managing Director
Ron Atzmon is Managing Director of AU10TIX Limited, pioneers of multi-channel ID Authentication and record generation. Mr. Atzmon has led the company to the position of technology leader and provider of choice of the world’s major players. Under Mr. Atzmon’s leadership, AU10TIX introduced the concept of “Secure Customer Onboarding”, enabled by next generation technology solutions that redefine performance, efficiency and best practices of customer acquisition in regulated markets. Ron Atzmon’s track record includes stretches across 20 years of leading startups and developing business in the areas of technology, internet, and finance. Ron holdsan MBA from Imperial College London and a bachelor’s degree in Management & Marketing from The college of Management- Academic Studies, Rishon, Israel.