As businesses grapple with new regulatory pressures and rising cyber threats, the global market for digital identity solutions is expected to reach USD 151.77 billion by 2032, up from 33.7 billion in 2023 (Value Market Research, 2024). The numbers show organisations are moving quickly to adopt more intelligent, secure identification systems.
However, traditional ID verification tools often rely on manual processes, which can be time-consuming, prone to human error, and inefficient at handling the volume and speed required in today’s digital-first environment. They also struggle to address emerging security threats, such as AI-generated deep fakes, leaving businesses vulnerable to fraud and compliance risks.
A New Approach to Biometric Compliance
Recognising the need for more efficient, secure compliance solutions, Kinatico aligned with biometric technology expert Scantek to develop and deploy Kinatico ID—a biometric automated identity verification product designed to improve the speed and accuracy of ID verification processes.
“Biometric automated identity verification offers users a fast, intuitive experience where results are often returned in seconds,” Mick Sheehy, Head of Product at Kinatico, says. “It’s about simplifying mandatory compliance checks and making security processes more efficient, without the usual delays.”
The solution combines Kinatico’s compliance expertise with Scantek’s biometric technology to address the limitations of traditional identity verification methods. As manual verification systems struggle to keep pace with today’s business challenges, Kinatico ID offers a way forward—an automated solution that improves speed and accuracy across verification processes.
The Escalating Need for Automated Compliance Solutions
The demand for automated compliance solutions has risen sharply, driven by the shift towards digital operations and emerging threats like AI-generated deep fakes (Deloitte, 2024). In fact, it is predicted that traditional identity verification methods could become unusable by 2026 due to the rise of deep fake-led cyber-attacks (D’Hoinne, 2024).
As explored in Deloitte’s deep dive into ‘The battle against digital manipulation’:
‘Businesses must prioritise proactive measures. Fortifying cybersecurity practices, enhancing employee awareness, and implementing stringent verification protocols will help businesses significantly reduce the risks associated with deepfake technology.’ (Deloitte, 2024)
The Technology Behind Kinatico ID
Automating identity verification processes can significantly reduce the risks associated with fraud and compliance breaches, allowing organisations to maintain strong security standards while adapting to new regulatory requirements.
Kinatico ID uses biometric automation that reduces the risk of human error and fraud, while also increasing the efficiency of compliance processes, with features including:
- Biometric technology:
One of the core components of Kinatico ID is biometric technology, enabling real-time facial recognition and identity verification. This technology enhances the accuracy of identity checks, reducing the need for manual intervention and streamlining processes across the board.
- Optical Character Recognition (OCR):
The system also employs OCR technology, which automatically extracts and fills in data from identification documents. This both speeds up the verification process and reduces errors caused by manual data entry.
- Live imaging:
Live imaging provides immediate proof of identity, without the need for users to manually upload documents. This feature is particularly valuable in areas like HR, where swift, secure onboarding processes are indispensable.
Kinatico ID reduces the time spent on manual identity verification tasks, allowing staff to focus on other important priorities. The faster verification process also improves the overall experience for employees, contractors, and customers.
Its ability to integrate with existing workflows makes it a practical option for organisations aiming to streamline their compliance processes while maintaining security standards.
Taking the Next Step in Identity Verification
Kinatico ID is a comprehensive solution for businesses seeking to improve their identity verification processes. By automating manual tasks and leveraging biometric technology, it offers a fast, secure, and scalable way to meet compliance requirements.
For more information about how Kinatico ID can enhance your business operations, contact our team of experts.
References
D’Hoinne, J., Litan, A., Henein, N., Horvath, M., Khan, A., Pimentel, R., Willemsen, B., Xu, D., & Dupre, W. Predicts 2024: AI & cybersecurity — Turning disruption into an opportunity. (2024). Gartner. https://www.gartner.com/en/doc/predicts-2024-ai-and-cybersecurity-turning-disruption-into-an-opportunity
Digital Identity Solutions Market Size Expected to Reach $151.77 Billion by 2032. (October 2024). Value Market Research. https://www.linkedin.com/pulse/digital-identity-solutions-market-size-expected-rurzf/
How to safeguard against the menace of deepfake technology: The battle against digital manipulation. (March 2024) Deloitte. https://www2.deloitte.com/in/en/pages/risk/articles/How-to-safeguard-against-the-menace-of-deepfake-technology.html
