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At a time when businesses across the globe have become more reliant on digital technologies than ever, the pressure to act on organizations mounts, propelling them to rethink their cyber security strategies. That said, the challenges for Financial services industry (FSI) organizations that rely on digital services have aggravated in the wake of the COVID-19 pandemic. According to a study conducted by Cisco, cyber threats received every minute by Asian companies have increased by six times. It is also predicted that consumer visits to retail bank branches are set to drop by 36 per cent by 2022. Moreover, the adoption of global biometric authentication is expected to grow during 2018-2023 with compound annual growth of 22.5 per cent.
Let’s face it: Asia is behind in coping with these transformations. Less than a third of banking executives in Asia-Pacific are equipped to handle the changing regulatory landscape, compared to 46 per cent of their peers in North America and Europe. In this scenario, the question is: how can FSI companies, in today’s day and age, leverage digital transformation and process automation, and still be able to curb and eliminate cyber threats? The answer is simple: they no longer can—at least not with the traditional methodologies.
Coming to the rescue is ADVANCE.AI—a leading big data and AI company in Asia that specializes in solving digital transformation, fraud prevention, and process automation challenges faced by banking, fintech, retail, and e-commerce sectors. Currently operating across six markets (India, Indonesia, Malaysia, Philippines, Vietnam and Thailand), the Singapore-based ADVANCE. AI serves over 1000 clients in these sectors, empowering them with its rich industry experience and expertise. To begin with, ADVANCE.AI offers a robust, AI-powered Face Recognition solution that comprises modules like Face Comparison, Liveness Detection, Face Search, Fraud Face Detection and Face Multi platform Score. The company’s AI-powered OCR comes with ID Document Recognition (API and SDK) and Receipt Recognition and ID Document Forgery Detection. Besides these cutting-edge solutions, ADVANCE.AI’s capabilities also include NLP technology and Machine Learning algorithms for fraud detection.
Digital Onboarding and Identity Verification ADVANCE.AI focuses on regulatory requirements and helps clients acquire full alignment and deep understanding of regulatory requirements such as involvement of data security, process robustness, and so on. The company also accelerates remote information verification through stable and reliable video calls, effective result handling, and comprehensive functions to cover all business needs. With ADVANCE.AI’s AI-powered OCR SDK, the company assures correct ID types and automatically takes ID documents photo with high quality even with low end smartphones.
We leverage global AI technology and local data to solve Asia Identity verification problems
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