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.”  

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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.