The digital identity solutions market has solutions, which cater to different organizational needs. Customers across industries, such as IT, retail, healthcare, and BFSI, adopt digital identity solutions into their operations to reduce time and automate the customer onboarding process.
These solutions have provisions where organizations can easily maintain customer data that was previously collected or collected during the registration.
And are designed to enhance security, streamline business processes, reduce cost, and enhance customer satisfaction. Helping organizations to reduce damages in terms of fraud, identity theft, and money laundering.
Digital identity solutions are witnessing significant growth on account of escalating security threats and data vulnerabilities across industries.
The notion of replacing more traditional payment methods like cards or even phones with hand scanning will continue to attract its share of critics.
It will increase as massive corporations adopt such technologies. Leading companies are currently working on blockchain-based digital identity verification, record attestation, and record-sharing systems to replace traditional identity systems.
There’s little doubt the interest is there, at least with the corporations fueling such change.
NICHE TO MAINSTREAM
The biometric solutions segment is growing at a significant rate due to the increasing demand for digital identity solutions, identity authentication, ID verification, and others, which include compliance management and fraud prevention.
This segment offers a massive market opportunity with a competitive landscape for suitable go-to-market strategies
Palm vein biometrics developer KEYO is launching its identity management network to provide privacy-focused physical and logical access control with $7 million in new financing.
The company, led by CEO Jaxon Klein, intends to use the funds to accelerate growth, and expand operations and its business reach.
The KEYO network consists of a combination of hardware and software designed to bring palm scanning to a broad range of different markets and services.
Such as its multispectral biometric scanner, the Wave, a mobile app for linking and managing accounts and credit cards, a partner program, an app store for enterprises, and a cloud-based back end with military-grade encryption.
KEYO mobile app, third-party partner program and the KEYO Identify Cloud enable users to instantly and privately identify themselves based on a simple scan of their hand at any business participating in the KEYO network.
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