Thursday, May 6, 2021

Innov8tif Launched New Applications on Joget Marketplace using EMAS™ eKYC to Offer AI-based Identity Verification

Kuala Lumpur, Malaysia 6 May 2021 - Innov8tif Solutions Sdn. Bhd. (“Innov8tif”) has launched new applications on the Joget Marketplace to offer real-time and automated identity verification capabilities on Joget low-code/no-code ecosystem.

Operated by Joget, Inc., the Joget Marketplace enables customers, partners and third-party innovators to easily leverage new applications, plugins and solutions to address their digital transformation needs. The two new applications published by Innov8tif are EMAS™ eKYC and EMAS™ OkayFace Approval. 

EMAS™ eKYC is an application that demonstrates customer registration use cases using face biometric authentication technology to strengthen the identity assurance aspect of a customer onboarding process. The identity document text recognition and facial biometric verification features are embracing the extensibility aspect of Joget’s plugin architecture, and these tools are designed to work in any process built on Joget platform, to support e-KYC (electronic know-your-customer).

EMAS™ OkayFace Approval enhances approval workflow with facial biometric authentication capability to strengthen data control and achieve the nonrepudiation criteria required in a stringent approval process.

With the launch of these two applications on Joget Marketplace, Innov8tif aims to help businesses and Joget’s partnership network in reducing the time of go-to-market for identity verification related use cases.

“In the current landscape where a low-touch economy thrives and is expected to remain relevant in the long term, Innov8tif has been empowering many e-KYC processes with its suite of AI-based EMAS™ eKYC ID verification APIs to enable 24x7 and real-time customer onboarding under the purview of stringent regulatory requirements. Maturity in deep learning technology advancement has helped the RegTech industry to propel machine-assisted identity fraud management and customer due-diligence,” said George Lee, Chief Executive Officer of Innov8tif. 

George added that Joget plays a pivotal role in the decade-long journey of Innov8tif providing digitalization solutions in Southeast Asia. It is now timelier than ever for Innov8tif to further strengthen the partnership model with Joget, Inc. and Joget’s global partners through cross-technology collaboration.

“Joget Marketplace provides a wide range of enterprise applications for users to download or use as a template and customize to suit their business needs. This ranges from healthcare apps for contact tracing to educational apps for training evaluation and workflow management apps for a remote workforce. We are delighted to work with partners like Innov8tif to showcase their expertise in the digital identity space,” said Raveesh Dewan, Chief Executive Office of Joget, Inc. “We see the Joget Marketplace as the solution marketplace for our customers. Our goal is to bring forward not just the power of our platform but also the power of our community so that our customers can easily discover ready-made, configurable solutions.”  

_______________________________________________________________________

About Joget, Inc.
Joget, Inc is the developer of the Joget open source no-code/low-code application platform. Joget empowers business users, non-coders or coders to create enterprise applications across industries and countries. With more than 200,000 downloads, 3,000 installations and 12,000 community users worldwide across various industries (including finance, manufacturing, IT, and more), Joget is a proven platform for a wide spectrum of organizations ranging from Fortune 500 companies to government agencies and small businesses.

Tuesday, May 4, 2021

The Rise of ekyc Trends among Non-Financial Digital Companies

Image source: Pexels


According to a study by McKinsey’s recent report, allowing eKYC could save businesses up to 90% on customer onboarding costs. Based on the same report, digital identity could enable 1.7 billion people who are currently unbanked to access financial services. Government agencies, especially the regulator, are being urged to release eKYC guidelines for the wider financial services sector as Malaysia's population becomes more digital and eKYC technology becomes more accessible.

Given these factors, as well as the fact that Malaysia will be issuing digital banking licenses soon, eKYC regulation for the entire industry is unavoidable and necessary. It is important to remember that Malaysia would not have to look far for resources; many countries have already implemented digital IDs and eKYC. It will be more cost-effective and time-efficient to learn from them. Meanwhile, a leading Malaysian telecommunications company's Vertical Director for Banking, Financial Services, and Insurance acknowledged that Digital ID has numerous business benefits. For example, by reducing interactions to over-the-counter transactions, increasing efficiency, and allowing smooth and digitally-driven experiences for consumers, the technology can save time and money. Essentially, the digital automation of customer onboarding is a step into the future most, if not all companies have to take.

Experts agree that eKYC would become a critical process for banks to perform faster customer onboarding than the conventional over-the-counter method.

However, handling digital ID fraud is a major concern. As a result, regulator and authority's guidance on eKYC implementation guidelines with information security requirements are making it easier for the BFSI industry to execute this initiative successfully. Now that eKYC has made its way towards the BFSI industry, the trend also rises among non-financial digital companies. 


Property Technology (PropTech)

The rise of Property Technology, often referred to as PropTech across the globe represents the combined result of the real-estate, Internet-of-Things (IoT), finance and technological industries. Innov8tif started serving the PropTech industry for the first time since 2020. Prior to this, Innov8tif’s services and solutions were not needed by the industry as process digitalisation solutions were not mandatory for their continued operation. But now, PropTech players needed a method to sign property contracts virtually. 

PropTech players are attempting to remain sustainable while also preparing for what lies ahead in the post-Covid-19 setting. Some behaviours and programs, such as self-service registration fortunately will continue, as people would choose not to meet in person if anything can be done online.

Use cases related to the online signing of business-to-business (B2B) or business-to-consumer (B2C) agreements are examples of emerging areas where eKYC can see a lot of adoption. A tenancy agreement led by a property technology (proptech) firm, a service subscription agreement signed by a customer and a service provider, or a business transaction agreement (ie a lending facility) signed by two business entities could all be examples.


InsurTech

Insurance Technology, or InsurTech refers to the use of technology innovation with the purpose to reduce costs and create efficiency from the current traditional insurance industry practices. Now, InsurTech is an ecosystem that brings together adjacent industries to provide an improved service of greater value to insurers and their customers. 

Boost, Malaysia’s e-wallet payment platform provider last year initiated Boost Protect microinsurance plan, to make it easier for a person to subscribe to lifestyle insurance. The microinsurance plan provides affordable, accessible, and on-demand protection that focuses on catering to the daily necessities of businesses and households for Malaysians. The insurance product is underwritten by Great Eastern Life. 

 

Mobile Devices

The KYC system uses advanced biometrics technology such as face recognition and optical character recognition, and it only requires a smartphone and an ID to complete the authentication process, making it simple for users. By simply looking at their phone, users can turn on their mobile devices, log in to an application, and verify an online payment transaction.

By removing paper-based procedures, eKYC will enhance the entire authentication process, lowering the cost and time spent on verification. Unbanked customers can use their smartphones to open new accounts, make deposits, apply for loans, and invest in financial products with online verification.

Consumers want the convenience of signing up through digital channels, and banks want to increase new account enrolment through quicker, cheaper, and less expensive digital channels, so many have switched to digital KYC.


Friday, April 30, 2021

Innov8tif Collaborates with Monash University Malaysia in R&D of Image Forgery Detection

AI-driven ID assurance company, Innov8tif Solution Sdn. Bhd. (Innov8tif) has commenced a collaborative research and development (R&D) initiative with Monash University Malaysia on AI for forgery detection of identity document image. This industry-university research partnership aligns with Innov8tif’s business activities in identity assurance, and it presents potential anti-fraud solutions to real-world digital business challenges.

From left: Calvin Yap (Innov8tif), George Lee (Innov8tif's CEO), A/Prof. Dr. Wong Kok Sheik (Monash University Malaysia), Dr Ian Tan (Monash University Malaysia)


This R&D partnership is pursued jointly between Innov8tif and Monash University Malaysia with a clear end-goal for research output commercialization. Using AI techniques comprising deep learning and image processing technologies, image forgery detection algorithm is expected to contribute to Innov8tif's ID assurance solution value-chain and create an impact in real-time digital business transactions while reducing frauds.   

This collaborative approach towards R&D with the pairing of an established global university and a local AI company allows for deep-tech research to be carried out with a focus on meeting the increasing market demand for AI-assisted automations. 

Innov8tif’s commitment in this industry-academia partnership is demonstrated with the reinvestment of the company's bottom line into an R&D fund to support a student’s two-year postgraduate degree programme.

“This research collaboration is a result of MDEC MyIndustry AI initiative. The topic of collaboration - forgery detection of identity document image, is particularly timely given the current practice of moving almost everything to the virtual space.”, said A/Prof. Dr. Wong Kok Sheik, lead research supervisor at Monash University Malaysia.

“The most fulfilling moment when running a business is the opportunity to improve our employee’s lives and achieve one’s aspirations. Through this R&D collaboration, we are taking progressive steps towards the vision of creating Innov8tif as a research-driven company, which can translate into scalable and competitive solutions for industry. We wish to form various collaboration models with universities to spur innovations while developing a pool of talents. It’s time to dream big and act now”, said George Lee, CEO of Innov8tif. 

Considering the company’s business nature and the researchers’ expertise in Monash University Malaysia, more projects can be further explored for mutual benefits as well as returning to the community.


About Monash University Malaysia

Established in 1998, Monash University Malaysia is the third-largest campus of Australia's largest university. As a self-accrediting institution of higher learning, it offers a distinctly international and culturally rich environment with approximately 8,900 students from 78 different countries and 900 staff from 34 countries. Monash University Malaysia obtained an Outstanding (6-Star) in the Malaysia Rating for University and University College Excellence (SETARA) 2020.



Friday, April 23, 2021

e-KYC Solutions for Banking may become Crucial Necessities. Here's why

The capability of businesses to onboard their customers through digital methods, easily, efficiently, and safely, is a critical component of fintech. The technology that has evolved to allow this is called e-KYC (electronic know-your-customer).



KYC is an old banking term that refers to knowing a customer's identity, financial activities, and potential risks, especially in areas like money laundering. e-KYC has become the standard in countries like China, thanks to the widespread use of mobile devices with high-quality cameras and scanners, as well as innovations like document authentication, facial recognition, and biometrics. In reality, a few technologically advanced banks in Thailand, the Philippines, and Indonesia have persuaded regulators in those countries to enable them to onboard new customers entirely digitally on a case-by-case basis.

Checkpoints in a bank require the gathering of legal documentation and records to verify a customer's identity. If the customer is deemed a "high risk," the bank will request additional information to establish a risk profiling assessment. Manual processes are time-consuming, prone to mistakes, and present specific challenges.


1. Instantaneous

The e-KYC service is fully automated and available online. This means that KYC data can be transferred in real-time without any manual intervention. The paper-based KYC process can take days or weeks to complete, while the e-KYC process only takes a few minutes to complete. Besides that, e-KYC technology can also provide 24/7 business support. 


2. Reduced failed client acquisition and acquiring new customers

Today's banks are under pressure to raise their acquisition rates, and the digital onboarding process is critical to attracting new customers and maintaining customer engagement. According to The Digital Banking Report (2017), 43% of those who are dissatisfied with the process of opening a new account say they will be able to switch banks because they have to enter information more than once, particularly when moving from one channel to another, it is not near real-time, and the accuracy is poor.

As a result, e-KYC is one of the best solutions for overcoming the limitations mentioned above. It makes a bank's customer onboarding a one-of-a-kind experience, regardless of how many platforms they use or when they use them. Guaranteed information is modified and synchronized through networks to give consumers peace of mind that the data they have access to is still up to date.


3. Digital onboarding reduces fraud 

The truth is that banks have always had to deal with revenue loss as a result of fraudulent activities. They are currently confronted with enormous challenges in effectively combating systemic digital fraud, especially when working with the remnants of old legacy systems. Digital onboarding process has arisen to take advantage of the mechanism as banking transactions have moved to more digital and mobile platforms. As technology progresses, banks will have access to more tools to help them combat fraud, such as e-KYC in the automated onboarding phase for banks.

Rather than just authenticating users when they log into an account, systems now actively track accounts to ensure that they are not behaving abnormally. A scoring system that "checks how certain it is that the account owner is also the one using the computer" is one way to think about how continuous authentication could work. OCR, facial recognition, liveness detection, and fraud detection are examples of these technologies. This method aids banks in increasing device security and reducing fraud during the digital onboarding phase.

Friday, April 9, 2021

Innov8tif's OkayDoc Named as Top Winner for Huawei Spark Malaysia's Tech Competition

This press release was published on 8th Apr 2021 on Huawei.

[Kuala Lumpur, Malaysia, 8 APRIL 2021] Innov8tif emerged the winner for its OkayDoc platform today in Huawei Technologies (Malaysia) Sdn Bhd’s Huawei Spark competition, with DoctorOnCall placing second and MHub coming in third.

OkayDoc is a set of computer vision algorithm that automates ID authentication and prevents fraud in e-KYC (electronic know your customer) through visual zone inspections, security feature detection and content tampering checks.

DoctorOnCall delivers healthcare services like online doctors, specialists, pharmacists, screenings and vaccines directly to users. They have Artificial Intelligence (AI) doctors and 5G Internet of Things (IoT) Pods that aim to improve healthcare for at least 700 million people in Southeast Asia.

MHUB is the leading end-to-end property sales transaction platform that speeds up and simplifies the property sales cycle by connecting developers, agents, banks, lawyers and buyers.

Source: Huawei.com

The companies were among the 10 finalists shortlisted from more than 140 entries in the Huawei Spark competition.

The competition is part of the Huawei Spark programme, which aims to incubate and accelerate company growth and build an ecosystem for businesses in the Asia Pacific (APAC) region.

Huawei Spark is held in collaboration with the Malaysia Digital Economy Corporation (MDEC), TusStar (Malaysia) as incubator partner, and powered by TM ONE – the enterprise and public sector business solutions arm of Telekom Malaysia Berhad (TM) – through its α Edge (pronounced as Alpha Edge) Cloud platform.

The 10 companies that made it to the top were:

  1. BookDoc
  2. Boss Boleh
  3. DoctorOnCall
  4. Fuhla
  5. Innov8tif
  6. Mhub
  7. MSA - Mobile Sharing Assistant
  8. OrangeFIN Asia
  9. Orpheus Capital
  10. SmartPeep

A five member panel of judges comprising representatives from MDEC, TM ONE, TusStar and Huawei decided on the winners after a pitching session by the finalists.

Launched virtually in Malaysia in November last year, the Huawei Spark programme is a hybrid accelerator programme to support deep tech companies in Asia Pacific , with a focus on firms that use 5G, Artificial Intelligence (AI) / Machine Learning & Analytics, Internet of Things (IoT), Edge Computing and Software as a Service (SaaS) applications, leveraging Huawei’s technological and innovation leadership.

Click here to continue reading the full press release.

Friday, April 2, 2021

Digital Fraud Tactics that may be on the Rise in 2021

Image source: Pexels.com


Because of the rapid rise in digital use, fraudsters can rapidly find new ways to steal money, taking advantage of customers' lack of experience with digital platforms and many businesses' resource constraints. The Federal Trade Commission estimated that between January 2020 and early January 2021, consumers filed over 275,000 complaints, leading to more than $210 million in losses related to COVID-19. As a result, companies must predict new fraud strategies to avoid damages and protect consumers from issues such as identity theft through new technologies such as biometric security.

Few could have expected the issues of 2020. As lockdown measures restricted conventional modes of business, the COVID-19 pandemic ushered in a time of rampant digitization to allow remote processes and ensure business continuity. This change exacerbated trends that were already in motion to a large extent. Much remains elusive when we look forward to 2021 and the post-COVID market world. Here are some prominent security, technology, and industry-related issues that are expected for the coming year. Understanding these could help people who work in financial institutions and banks better prepare for cybersecurity threats and concerns in 2021.

There are five fraud risks that companies should be aware of this year to help them prepare for fraudulent activity in 2021.


1. Biometric identity fraud

With biometric technology, many effective software and mobile applications across a variety of industries can be found. Unfortunately, such budding technological advancements are not excluded when it comes to threats from cybercrime. Fraudsters are now likely to utilize AI to break through traditional security solutions such as passwords, captcha features and even biometric authentication measures. There's even the possibility of the use of deepfake technology to bypass authentication to gain access to systems and personal information. Another example of rising fraud trends is the use of social media filters - those which can imitate or swap facial features to another person's likeness. These facial expression recreation algorithms are based on AI components, which is what makes the creation of real-time photorealistic avatars possible. Sometimes, voice capabilities are even present. The bad news is that hackers can use all of these great features to bypass most non-presential biometric authentication solutions.


2. Chaos caused by the global COVID-19 crisis 

Taking advantage of the volatile economic crisis, opportunistic hackers have engaged in even more fraudulent behaviour. Stealing stimulus checks and unemployment insurance, collecting compensation for dubious COVID-19 treatments, duping victims into contributing to fictitious charities, and other schemes are among the strategies used. In the first half of 2020, there were 1.1 billion fraud attacks, which is more than double the number of attacks in the second half of 2019. According to the Federal Trade Commission, COVID-19-related fraud has cost Americans $145 million. 


3. Expect frequent hacks of voice-capturing devices

In 2021, as more businesses and financial institutions use voice authentication, expect an increase in hacks of voice-capturing devices with microphones that record users' authentication information. If used by financial institutions, this information may be especially vulnerable to attacks because it could contain confidential information such as account numbers, social security numbers, or other personally identifiable information.


4.“Too Good to Be True” COVID solutions

Experian anticipates that fraudsters will continue to exploit nervous and vulnerable customers and businesses as vaccines are distributed and quick COVID-19 testing becomes more widely available. Everyone should be on the lookout for scammers who use the promise of at-home test kits, vaccinations, and treatments as a cover for sophisticated phishing, telemarketing fraud, and social engineering schemes.

Monday, March 22, 2021

Customer Case Study: redONE re-imagining mobile plan subscription experience with e-KYC powered customer self-service registration

Client: redONE Network Sdn Bhd
Project: redONE Online


Multi-channel e-KYC
3 months from canvas to deployment


redONE is the first postpaid Mobile Virtual Network Operator (MVNO) in Malaysia. redONE was established in 2012, and it achieved the milestone of 1 million postpaid subscribers in 2018. A large part of its success is attributed to the unique and hyper-local sales agent and advisor network. Innov8tif has been serving redONE as a technology partner since 2014, by enabling redONE’s sales agents with a paperless mobile sales platform. The entire process from customer identity verification to confirmation and activation of mobile plan subscription, is done over-the-air in real-time from the agent's mobile tablet.

When the COVID-19 pandemic outbreak hit Malaysia with a nationwide lockdown, many businesses were experiencing a big impact on business model continuity. redONE was not an exception as the value proposition of face-to-face agent-customer relationship was going through testing moments. Great products to offer, strong network of sales representatives, but the non-face-to-face customer ID verification was a missing puzzle. 

By implementing Innov8tif’s AI-based e-KYC (electronic know-your-customer) technology, it complements the offline-to-online strategy, offering a multi-channel and self-service customer registration experience. A simple gesture of QR code scanning is all it takes for a customer to be led to some guided steps, from capturing identity document image to verifying selfie photo. The entire subscription registration and activation process remains as paperless as it could be. 

“We have established a trusted relationship with Innov8tif over the years, starting from the days when Innov8tif helped us to digitise our sales channel. And now moving forward to new customer-facing channels when our business continues to grow and adapt to the evolving landscape, we know that Innov8tif always has our back,” Farid Yunus, Group CEO of redONE Network Sdn Bhd.


Why redONE chose Innov8tif:

Capability to support self-service e-KYC without mandatory mobile app installation
Compliance with regulator’s ID verification requirements
Win-win commercial model

Thursday, March 18, 2021

Innov8tif wins Best Innovation Award at Star Outstanding Business Awards (SOBA) 2020

 Innov8tif celebrates the 10th anniversary with a recognition for its AI innovation.

Kuala Lumpur, Malaysia, 18 March 2021 — Innov8tif Solutions Sdn. Bhd. (Innov8tif), the AI company offering identity assurance technologies founded in 2011, has won Platinum Award for Best Innovation at Star Outstanding Business Awards (SOBA) 2020 under the category for companies with sales turnover up to RM25 million. The awards ceremony was held at One World Hotel Malaysia on 17th March 2021.

SOBA 2020 is organised by Star Media Group Berhad, endorsed by the Ministry of International Trade and Industry, supported by Bursa Malaysia and audited by BDO Malaysia. SOBA seeks to inspire and encourage local businesses to promote Malaysia and showcase its products and services to the world.

Innov8tif’s core product – EMAS™ eKYC, is a digital ID verification technology to support e-KYC (electronic know-your-customer) process and identity fraud management for 24/7 businesses. Its sole objective is to ensure the applicant is who they claim to be to a stated level of confidence prior to transaction dealing with businesses, as well as to improve quality of customer identity-proofing data. EMAS™ eKYC is backed by several patent-pending document authentication algorithms. 


“We are grateful for great support from all our customers, employees and business partners, over a decade of our journey. Without your support, we will not be able to win this award,” said George Lee, Innov8tif’s CEO. “SOBA has always been recognised as an avenue to help SMEs measure its competitiveness against the best in Malaysia. We thank SOBA for the gracious recognition of our team’s innovation. Being a recipient of this award motivates Innov8tif even further to pursue greater accomplishments in its regional business expansion plans.”


Today, Innov8tif has acquired a proven track record with clientele from all the ten Southeast Asian countries. EMAS™ eKYC is already serving digital identity verification needs of ten telecommunication service providers, and more than twenty other customers from the banking, financial services, insurance, and digital signing industries. Accelerated by evolving customer interfacing landscape to digital touch point and low-touch channel, EMAS™ eKYC innovations have benefited from the timely market demand.

From left: Law Tien Soon the COO, Soh Peng Nam the CFO, George Lee the CEO, and Joe Seah the Chief Commercial Officer



Wednesday, March 10, 2021

Agmo Studio Selects Innov8tif’s EMAS™ eKYC for Remote Customer Onboarding

Malaysia’s top software development firm to incorporate AI-based digital identity verification solutions to improve user experience.

Kuala Lumpur, Malaysia, 10 March 2021 — Innov8tif Solutions Sdn. Bhd. (Innov8tif), the AI company offering digital identity verification technologies, announces a new partnership with Agmo Studio Sdn. Bhd., a multi-award winning software solution provider that offers Mobile + Blockchain + Web solutions to corporate and government agencies. Agmo Studio will promote implementation of EMAS™ eKYC into its mobile app solutions to create a seamless and secure digital onboarding experience. 

EMAS™ eKYC is a digital ID verification technology to support e-KYC (electronic know-your-customer) process and identity fraud management for 24/7 businesses. Its sole objective is to ensure the applicant is who they claim to be to a stated level of confidence prior to transaction dealing with businesses, as well as to improve quality of customer identity-proofing data. According to a study, 74% of the customers switch brands if they find the customer onboarding process complex.

“We are excited to partner with Innov8tif,” said Tan Aik Keong (AK), Agmo Studio CEO. “As it’s clear that many of our customers are looking for an e-KYC integration that offers a smooth and simple onboarding journey to their products, we believe our partnership with Innov8tif will be able to fulfil customers' needs.”

Tuesday, March 9, 2021

Innov8tif Solutions Receives Quality in Business Certification

Innov8tif, the AI company offering digital identity verification technologies, has obtained the second quality systems certification in 2021. 

Kuala Lumpur, Malaysia, 9 March 2021 — Innov8tif Solutions Sdn. Bhd. (‘Innov8tif’) is proud to announce that it has been awarded the Quality in Business Certification from the International Trade Council (‘ITC’). As a global peak-body Chamber of Commerce, the ITC offers independent certifications that show an organization’s adherence to global best business practices as benchmarked against the ITC’s Quality in Business Standard. 

To receive certification, Innov8tif passed a stringent and comprehensive audit covering 16 key sectors, 96 core criteria and 249 compliance indicators.

To maintain the Quality in Business Certification and to ensure the public of the continued quality of our brand, Innov8tif has agreed to the ITC certification requirements, which include audits of our facilities and products at any stage. This certification is not mandated by any regulatory agency, but was sought out voluntarily because of Innov8tif’s commitment to continued quality and the satisfaction of our customers.

“We are committed to continuous improvements and prioritisation in quality of service,” said Tiensoon Law, Innov8tif’s COO. 

“Earlier this year, our ISMS (information security management system) framework has been certified for conformance to ISO/IEC 27001:2013 standards. It was a great start, but it is only the beginning to an ongoing journey in the adoption of global best practices. Through the ITC’s assessment process, we took the opportunity to also reflect on some self-realisation of areas where we can do better in the future, such as ESG-related aspects.”

Quality in Business Certification by International Trade Council

About the International Trade Council

The International Trade Council is a 64-year-old peak body Chamber of Commerce representing government export agencies, chambers of commerce, industry associations and businesses from 176 countries. To learn more about the International Trade Council please visit www.tradecouncil.org. To learn more about the Quality in Business Certification please visit www.qibcertification.org.

Thursday, March 4, 2021

6 Ways Digital Adoption can Reduce Business Operating Costs

In the twenty-first century, effective record management means digitizing and automating procedures. However, not all organizations are on board with this. Most are still using traditional business processes, but by implementing a digital document management approach instead, there are several ways you can cut operating costs.

Although digital solutions and services are a more effective way to run a company, the day-to-day expenses facing SMEs can also be minimized. Hard work is worth the reward of running your own company and being able to make money. However, making a company profitable is not a straightforward deal. Owners must expand all the resources at their disposal, and smartly use every hour and every dollar wisely.

Digital transformation is the solution available to SMEs to help them run smoother operations, improve efficiency and workflow automation while also reducing costs. Additionally, they are inexpensive and easy to implement into your established business model.


1. Mitigating the Need for Increased Document Security

Physical records are fragile, and loss, injury, theft, fraud, and more can compromise them. This weakness requires you to introduce enhanced security measures to protect paper documents, including off-site housing records or the construction and maintenance of safe facilities that can protect documents from damage. The electronic copies of your files are protected from physical harm and destruction with digital record management, and you can otherwise safeguard them with simple and cheap techniques such as digital backups and permission settings. Organizations can also opt for cloud computing to improve availability and redundancy of documents and records. Cloud computing can be automated for organizations’s convenience. 


2. Optimize and Maximize All of Your Business Processes

Across all departments, including sales, human resources, accounting, and even customer service, there are many costs related to the business processes. Some functions can be optimized and made more effective by automation within each of these divisions, including invoice processing, payment collection and remittance, customer management, and employee management. You will reduce the time it takes to complete them, lower purchasing costs, reduce employee onboarding and retention costs, improve employee and customer satisfaction, and so much more by automating document management related to these processes.

Businesses are still looking for new cost-cutting strategies, and one tactic is to reduce the fixed costs associated with their business processes. Digital document management, which can reduce your operating costs by reducing the time it takes to maintain and coordinate records, reducing the cost of facilities, helping you to use your room more effectively, lowering the amount associated with physical document security, and helping you to develop and optimize your business processes, is one of the best solutions offered by modern technology.


3. Opportunity Costs Are Lower

Businesses typically concentrate their efforts on optimizing production during an economic boom. As a consequence, since businesses have to redirect money from product growth, digital adoption has a higher opportunity cost. But when planning for a slowdown, enterprises need to concentrate less on full production.

Effectively, this means that during a crisis, adopting digital adoption costs less. The cost of opportunity is lower because investing in emerging technologies does not take away the requisite funds from manufacturing and sales. In reality, during a recession, the technology itself could also be less costly, since the businesses selling the technology are already planning for economic problems.

Monday, March 1, 2021

Innov8tif Adds a New Management Member to Head Regional Business Expansion Plans

Kuala Lumpur, Malaysia, 1st March 2021 - Innov8tif Solutions Sdn. Bhd. (Innov8tif), an artificial intelligence-based ID assurance technology company headquartered in Malaysia, announced today the appointment of Seah Seow Joe (better known as Joe Seah) as Chief Commercial Officer.

Innov8tif said Joe has more than 20 years of experience in the enterprise software industry and has held numerous senior management and leadership positions in well-established software companies in Malaysia.

It said Joe was Sales Director of TMS Software prior to his venture into Beans Group as the co-founder and Chief Operating Officer from 2009 - for eleven years. During Joe’s tenure in Beans Group, he has contributed to significant accomplishments of impactful enterprise architecture implementations for the banking and financial services industries. Joe witnessed the adoption of key enterprise architecture trends from SOA (service oriented architecture), to API gateway and containerization. 

“Joe will lead and drive Innov8tif’s regional business development expansion. We have witnessed a strong and financially sustainable growth in Innov8tif’s ID assurance business, and we have an ambitious plan moving forward,” said George Lee, CEO of Innov8tif.

“While we have an innovative team to engineer creative AI-powered products for digitalization of customer onboarding, it is also very important for us to have a strong footed senior management team to drive our missions. Joe’s experience will spearhead Innov8tif’s entrance into BFSI (banking, financial services and insurance) and new market expansion.”

Today, in addition to Joe, Innov8tif’s C-suite leadership comprises George Lee as the CEO, Law Tien Soon as the COO, Soh Peng Nam the CFO and Lim Ken Wei the CTO. This year, Innov8tif is also celebrating its 10th year anniversary. In 2020, Innov8tif experienced more than 3X of year-on-year growth in its processing of ID verification requests, and is aiming to support the ID assurance industry at 100% growth this year.

Wednesday, February 24, 2021

A Telco’s Guide to Leveraging e-KYC: AI-Driven Customer Onboarding Experience that Runs 24/7

Through our experience from opportunities to serve ten telecommunication service providers on digitalization of KYC (know-your-customer) touch points, we would like to share our humble understanding on the possibilities that can be unearthed by implementation of e-KYC, specifically with the assistance of artificial intelligence (AI) in customer onboarding process. AI as a co-worker, what are the fair expectations that your organisation could set, to maximise its potential? 

We are thrilled to announce the publishing of a whitepaper titled “A Telco’s Guide to Leveraging e-KYC: AI-Driven Customer Onboarding Experience that Runs 24/7”.

We designed the whitepaper contents with aims to provide helpful information to assist companies in their digital customer experience transformation journey, provide insights that will lower the barrier of resistance to adopt e-KYC solutions as the next step to elevate quality of customer onboarding experience, and most importantly – to share some of the best practises on the implementation of e-KYC, the dos and don’ts, using telco industry as the reference model and case study.

We want to help businesses to widen their sales funnel, speed-up processes without paper and prevent frauds using e-KYC. We also look forward to playing a key role in your organisation’s digital transformation journey and elevating your customer’s digital journey experience.

You can download the whitepaper (from here).

Monday, February 15, 2021

How AI Technology Brought Breakthroughs to Banking and Financial Services Industries?


Image source: Unsplash


Artificial Intelligence (AI) is an essential basis for future technological advancement. AI will change the financial sector, providing the potential for more and more customized services, reducing prices, and creating new business models.

In reality, artificial intelligence has penetrated our lives in a great way as this revolution has hit the consciousness of every organization as the greatest transition that has ever occurred, but we often do not even know how profoundly it has become an integral part of our lives. Almost all companies are considering the deployment of AI as part of their digital strategy to smooth business processes and boost growth, from small to large industries.

It has always seemed that the banking industry is most eager to invest in new technology. No wonder that artificial intelligence has increasingly become one of the technological foundations on which the global financial market as a whole is based.

Digital Automation through artificial intelligence has already had a hugely positive effect on the ecosystem of financial services, and we can only predict this trend to intensify in the coming years. AI has the power to turn organizations dramatically, but only if they implement it with proper attention and care.


Enhancing Fraud Detection

Fraud security is one of the major applications of artificial intelligence in financial services. With the advent of online banking and the rapid growth of digital payments, vast swathes of transactions must be controlled by banks for fraudulent activity. This immense influx of data points presents tremendous challenges for the human brain, but ultimately maximizes the efficacy of Machine Learning systems. In the use of deep learning, we have seen substantial progress, with most major retail banks now depending on machine learning instruments to identify and flag suspicious behaviour. Service providers have to reach beyond conventional approaches and incorporate hybrid solutions designed on holistic understandings of behavioral and anomalous data to keep up with the speed of offenders and comply with tougher regulations.

Indeed, AI Incentive Landscape research showed that approximately 26% of the funding generated for AI startups in the financial services sector was for applications for fraud or cybersecurity, dwarfing other cases of use. As the identification and prevention of fraud continue to be one of the top priorities for customer-facing companies, this number is projected to increase as customers are steadily handing over their data in return for services.


Better Serving Customer Needs

Artificial intelligence is constantly being leveraged by financial services firms to provide personalized services and goods for their customer base. AI offers the opportunity to satisfy consumer needs through multiple platforms and, in some cases, to expand operations on an unparalleled scale for those banks that are effectively mining data. Tools such as chatbots, voice automation and facial recognition are only a few of the ways banks use AI to streamline and customize their customers' user journeys. Importantly, in automated services, customers are increasingly literate and their preferences are continually growing as technology advances, ensuring that companies must continuously adjust or risk being left behind.

Tuesday, January 26, 2021

11 Tips for Improving Your Digital Workspace's Efficiency

A digital workplace can be described as a virtual space where employees carry out their jobs. It is an always-connected work environment that offers immediate access to any resource that workers need from anywhere to get work done. Digital workplaces strive to strengthen the organization's connectivity, collaboration, content management, document management and information flow and contribute to improved productivity and performance of employees.

A digital workplace is a radical change in an organization's working mentality. Organizations have increasingly embraced the digital transformation of a workplace as they accept reality that physical office is not a location we go to anymore. It's a virtual modern counterpart to the conventional office space where work comes to us, due to advances in technology!

Organizations that were not significantly affected by COVID-19's spread are rare. Employees and managers had to discover if they are "work-at-home people," and that's assuming they've kept their employment. However, the benefits will far outweigh the obstacles for organizations that adopt digital-forward ways of working as it especially helps with workflow automation, among other things.


1. Start with your desktop

Your computer desktop is the starting point of your experience with computing and impacts your overall productivity. You need to clean it up for the sake of your sanity if you currently have an excessively cluttered desktop that can cause you stress. Furthermore, some companies complying to ISO 27001 information security management standards do have a Clean Screen Policy. 

Start by taking your desktop and everything you have and transferring it to a single folder that is not located on your desktop. Sort all of these either by transferring them to one of many folders specific to the job you're doing or make sub-folders for easier desktop filing.

A file can remain on your desktop only if it is something that you constantly need to access. Alternatively, find a spot where the file will live safely before you need it.


2.Pin frequently used applications to the taskbar

Try pinning them to the taskbar if you have a few apps that you use regularly and want to open instantly from your screen.

  1. Open that app.
  2. Right-click the icon that appears at the bottom of your screen in the taskbar.
  3. Select “Pin to taskbar” (or, for Mac, Options > Keep in ‘dock’).


3. Choose a favourite default web browser

When you buy a device it comes with its pre-installed settings and software, like a browser for example. Windows 10, for instance, comes with Microsoft Edge, Safari is the default browser for Mac, and Google Chrome defaults to Android products.

But you do have an option, be it for speed, security, or versatility, to download your preferred web browser. According to the web development blog, W3Schools, Google Chrome was the most used browser in 2017 and Mozilla's Firefox was a distant second.

To choose a default browser, go to Settings > Default apps or pick when prompted by the browser upon loading.


4. Bookmark top pages on the bookmark bar of your favourite browser

You can quickly bookmark pages on the bookmark bar of your internet browser if you regularly visit these pages. Click the star on the far right-hand side of the browser's search bar, where the URL is listed. Choose whether to bookmark this website in another folder or not. Bookmarks make it much easier to return to favourite pages, which can increase your performance and productivity at work dramatically. You can view, organize, edit, and manage all your bookmarks through your browser's bookmark manager with just a few easy clicks.

Friday, January 22, 2021

Innov8tif Obtained ISO 27001:2013 Certification for its Provisioning of Mission Critical e-KYC Services

Kuala Lumpur, Malaysia, 21st January 2021 - Innov8tif Solutions Sdn. Bhd. (Innov8tif), a fast-leading Artificial Intelligence-powered ID assurance technology company in Southeast Asia, announced today that it has been certified ISO 27001:2013 by Guardian Independent Certification (GIC) after an extensive audit of Innov8tif’s internal operations. GIC is accredited by Joint Accreditation System of Australia & New Zealand (JAS-ANZ) as a conformity assessment body that assesses and certifies organisations conforming to ISO 27001 standards

ISMS certified for ISO 27001:2013 Conformity

ISO 27001 is the most authoritative and widely recognised set of requirements on information security management systems (ISMS). 

“By meeting the extensive criteria of these standards, Innov8tif proves its commitment to protect their customer’s sensitive information, enhance the reliability and security aspects of systems, and improve business continuity management,” says George Lee, CEO of Innov8tif.

George highlights that Innov8tif is also committed to consistently improving the quality of EMAS™ eKYC product suite and improving the customer and business partner confidence with increased business resilience, improved management processes and integration with corporate risk strategies. Gaining the ISO 27001:2013 certification from international authority in information security management marks a significant milestone in Innov8tif's business of provisioning EMAS™ eKYC solutions. 

Friday, January 15, 2021

Why is eSIM the Future?


Image source: Unsplash


In short, the embedded SIM chip, eSIM is precisely the sort of game-changing development in digital automation that could transform the mobile industry. All involved, from customers to chipset producers, and everyone in between, can feel the effect of this new technology.

Wouldn't it be good if there was a way, once you arrive, to simply turn on your phone and instead link to a local carrier at local rates? Interestingly, this technology exists and it's been on the market for several years now. Welcome to the eSIM branch.


What is eSIM? 

eSIM is a shortened version of embedded SIM, where SIM is an acronym for Subscriber Identity Module. So, an eSIM is an Embedded Subscriber Identity Module.

Meaning that unlike standard SIM cards you can’t take it in or out of the device. That might sound like a bad thing, but it’s designed so that you don’t have to, as rather than being locked to a specific network the SIM card can change network when you do.


Future for Travelers

There is no doubt that eSIMs will be a smoother and more convenient way to join carriers. Simply buy a plan from your computer, follow any instructions for authentication, select a form of payment, and you’re done! You can do this from the luxuries of home or the airport.


Image source: Unsplash


eSIMs are perfect for frequent flyers, allowing them to remain connected regardless of how frequently or how unexpectedly they alter locations. However, even for those who tend to be home-based, it makes travel easier, especially for those who go back and forth between two countries regularly.

It also helps with waterproofing as there’s one slot less that can be invaded by liquids. eSIM technology could help lower manufacturing cost, helping it become more attractive, price-wise, to the consumer. Digitization usually tends to be cost-effective.