FinTech Global recognizes Socure’s identity verification technology leadership in utilizing advanced AI and ML to deliver unmatched auto-approval rates and accuracy
Socure, the leading provider of digital identity verification and fraud solutions, today announced that FinTech Global has named the company as one of the world’s most innovative AI solution providers on its inaugural AIFinTech100 list for 2021. The list identifies the top 100 companies developing AI applications in financial services that every financial institution needs to know about as they develop their digital transformation strategies.
“The ability to facilitate frictionless onboarding of customers using AI is more important than ever, given the rapid digital acceleration and scale spurred by the pandemic,” said founder and CEO of Socure, Johnny Ayers. “Socure’s identity verification and fraud solution delivers an auto-approval rate of up to 98% for mainstream populations, and up to 94% for the hard-to-identify populations such as Gen Z, millennial, credit invisible, thin-file, gender neutral, and new-to-country. Our identity resolution ML engine analyzes over eight billion records and more than 530 million good and bad identities to achieve the industry’s most accurate and equitable view of identity possible.”
The standout companies were chosen by a panel of industry experts and analysts who reviewed a study of over 1,000 fintech companies undertaken by FinTech Global. The solution providers making the final list were recognized for their innovative use of technology to solve a significant industry problem, or to generate cost savings or efficiency improvements across the financial services value chain.
FinTech Global director Richard Sachar said, “Now, more than ever, established financial institutions need to be aware of the latest AI and data analytics technology innovations in the market to ensure they deliver competitive financial products and reach new customers.”
“The AIFinTech100 list helps senior management filter through all the solution providers in the market by highlighting the most innovative artificial intelligence companies in areas such as Insurance, Banking, Investment & Trading, Lending, Customer Experience, Compliance, and Fraud Prevention,” he added.
Socure recently announced record financial results – achieving 126% annual recurring revenue growth, booking growth of 285% in the second quarter of 2021 as compared to the same quarter of 2020, and a net retention rate of 177% driven by near-zero attrition. In 2020, Socure was also named to FinTech Global’s RegTech 100 List, which recognizes the world’s top 100 most innovative RegTech companies shaping the future of the compliance, risk management, and cybersecurity industries.
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