US-based digital identity verification company Socure has revealed it is betting big on India’s fintech market, which is predicted to touch USD 31 billion in 2020.
According to The Hindu BusinessLine, the company’s plans are to roll out services for the Indian market, double its headcount, and enter more cities. Currently, it AI and ML with online/offline data intelligence from email, address, phone, IP, and social media accounts to verify identities in real time.
Moreover, Socure’s proprietary predictive analytics tool aims to help banks and financial institutions to reduce frauds and manual review processes and maximise the auto approval rates for new account opening. Its verification platform ID+ is used by over 100 banks, lenders, brokers, and payments providers worldwide. The company suggests that it is already receiving enquiries for its commercial service, and that it will enter the Indian market in 6-18 months.
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