No one likes wasting time in never-ending queues.
The British, who are known for their love of forming an orderly line, are said to spend an average of six months of their lives queuing. Americans spend a total of 37 billion hours each year waiting in line.
IDnow, a Germany-based financial technology company, has its sights set on making life a bit more hassle-free. The company’s GPU-accelerated identification solution gives people a fast pass to skip the queues at places where they need to provide photo ID, such as when opening a bank account.
Instead of standing in line, IDnow’s video identification system, called Video-Ident, lets you identify yourself from the comfort of your home. All you need is a mobile device with a camera, an internet connection and your identification documents.
When asked to identify yourself to, say, sign a contract, an identification expert guides you through the IDnow Video-Ident process. Using a combination of video and voice, the rep checks your documents and confirms your identity. If you want to go beyond verification and sign a sensitive contract like a credit application, IDnow eSign offers you a qualified electronic signature, which is the highest security standard in e-signing.
Recently, IDnow began using deep neural networks to make its solution even more efficient and accurate. Thanks to GPU-accelerated deep learning technology, it can accurately locate ID documents — even with busy video backdrops — classify them, and identify specific data within them.
IDnow’s image detection algorithms have learned how to recognize patterns and make appropriate predictions through their analysis of vast amounts of data. They can even automatically determine whether or not the face on the ID document matches the person in the video call, using 128 points of reference.
This face-matching capability means that IDnow can help reduce the amount of attempted fraud, as identification is only possible if the algorithms establish a match.
“We want people to have more time to spend on the important things in life,” said Armin Bauer, co-founder and CTO of IDnow. “Our online identification systems allow people to enjoy more flexibility, and by utilizing GPU technology, we can make our solutions even more efficient.”
With society becoming faster paced and increasingly on-demand, standing in line has never felt more inconvenient. The financial-technology sector knows this better than most, and several big players have adopted IDnow’s solution.
As part of its comprehensive digital strategy efforts, Commerzbank, one of the largest banks in Germany, wanted to ensure that becoming a customer is as quick and easy as possible. Thanks to IDnow’s video identification technology, Commerzbank’s customers can now open an account and then immediately access it. And the bank has seen its conversion rates from account applications to account openings jump 50 percent.