ComplyCube, the Artificial Intelligence (AI) powered Identity Verification (IDV) platform, has witnessed tremendous demand for its services in H1 2021, with the business growing over 500% year-on-year. This staggering growth is driven by the global acceleration of digital transformation spurred by the COVID-19 Pandemic.
The COVID-19 Pandemic prompted a rapid shift towards the digital space, creating security loopholes and vulnerabilities for businesses. Conventional IDV providers are not able to cope with the increasing demand and fraud risk. The Digital Identity company highlights McKinsey's recent research, which found that countries could gain between 3% and 13% of GDP by 2030 if they achieve broad adoption of digital ID-driven use cases by then.
ComplyCube's innovative Software as Service (SaaS) platform is powered by the latest AI and deep learning technologies with a hybrid human-based super recognizers pipeline. The GDPR-compliant platform leverages Amazon Web Services (AWS), Google's Cloud Platform (GCP), and Microsoft's Azure cloud infrastructure to achieve global coverage and meet the strict data residency and processing requirements in certain jurisdictions.
The company's global customer base now boasts businesses across remittance, telecoms, banking, financial, healthcare, retail, e-commerce, legal, cryptocurrency, travel, education, gig economy, media, and real estate sectors.
The RegTech firm also anticipates that its recently launched cloud-based KYC solution, Flow™, will continue to drive its growth. Businesses can start using Flow™ in minutes, with no coding needed. This empowers businesses of any size to mitigate AML compliance and fraud risk whilst reducing the need for specialized and expensive resources.