Qoobiss: The market for remote customer identification solutions (KYC) may double this year in Romania
Currently, most investments in this type of solutions are made by banking and non-banking institutions, multinational companies and from the gambling, fintech and crypto industries.
Currently, in Romania, approximately 35% of companies use such solutions. The amplification of the digitalization phenomenon in business and the adoption of the use of online services by end customers, as well as the need to reduce the operational costs of companies, by automating identification processes and the need to better control expenses, will be, this year, the growth engines of the market for online identity verification solutions.
Alignment with the legislative norms in force will contribute to the growth of the market. In the last year, the market in Romania has changed, in the sense of the migration of the activity from offline to online. And this, according to the legal provisions, requires that the documents be signed with an electronic signature. Before signing documents electronically, it is necessary to identify customers through remote identity verification solutions.
“We estimate an increase of more than 200% in the customer portfolio in 2023 compared to last year. Across the market, automation of the KYC process is accelerating, with an emphasis on the use of advanced technologies such as artificial intelligence, machine learning and natural language processing. This will reduce costs and improve the efficiency of the KYC process”, says Ileana Comănescu, KYC Global Product Manager at Qoobiss, noting that in 2023, they aim to implement the remote video identification service for at least one beneficiary in Spain or Estonia, countries the company is considering for expanding its operations.
Currently, Qoobiss has offices in Romania and the Republic of Moldova.
“For this year, we are considering both geographic expansion and diversification of our client portfolio, targeting more industries. Our target is that, by the end of the year, we will provide solutions for at least one of the following industries: medical services, telecom, insurance and private pensions”.
Currently, most investments in this type of solutions are made by banking and non-banking institutions, multinational companies and from the gambling, fintech and crypto industries. In 2023, tourism, education, telecom, medical services, insurance, car-sharing and alcoholic beverage industry companies will increasingly use KYC solutions, according to Qoobiss specialists.
At the end of last year, Qoobiss became an accredited supplier by the Romanian Digitization Authority (ADR) for remote identity verification services, using video resources.
The Qoobiss Identify solution has been developed to ensure integration with identity documents in any format, including the new electronic identity cards, which will be aligned with the European regulation on improving the security of EU citizens’ identity documents.
The Qoobiss Identify software solution is 100% automated and enables remote customer identification using the latest biometric and AI technologies, complying with legal obligations regarding the remote customer identification process.
The software provides fast and accurate results regarding the identity of the customers, with the aim of validating the identity according to the registration documents. Through this solution, customers’ identities are verified against privacy laws, anti-fraud legislation and legislative KYC requirements, thus ensuring compliance and security of the identity verification process and reducing the risk of fines and reputational damage.
The Qoobiss Identify solution integrates quickly with existing internal processes, without requiring adaptations of operations flows in the companies where it is implemented.