Demoing companies showcasing new and innovative technology are at the heart of Finovate events. We caught up with FinovateEurope 2021 demoer Erez Zohar, CEO & Co-Founder of Obsecure, about the company’s beginnings and the adaptations and takeaways from launching during a pandemic.
Tell us about Obsecure, when was the company founded and what problem was the company founded to solve?
Erez Zohar: Obsecure was founded in January of 2020 with a mission to provide next generation identity trust biometric solutions for assuring the highest level of trust at time of digital onboarding and high risk transactions.
What in your background gave you the confidence to tackle this challenge?
Zohar: I spent the last 20 years helping financial service organizations fight financial crime and fraud. One of my key observations was that the industry spends so much effort to spot bad actors and suspicious activities but as a result good customers are being treated as suspects as well. A lot of authentic account opening applications are being declined or abandoned because of complex verification steps. Transaction limits and various authentication challenges are being imposed on good customers. This results in frustrated customers who are likely to abandon a digital onboarding process or switch to a different financial institution, especially in such a competitive market.
So I decided to develop products that focus on the good customers vs. the bad actors, increase identity trust and remove friction.
Who are your primary customers and how do you attract them?
Zohar: Our technology is applicable to any digital service. However, our primary market focus at the moment is within financial services and payments / ecommerce. The value proposition is simple. We help you accept more customers which means growing your business. We further help you take on riskier business and keep your customers happy – all while protecting you from bad actors.
Tell us a little bit about the technology behind your solution.
Zohar: Our core technology uses privacy-preserving face biometrics with state-of-the-art biometrics matching and liveness detection. We use this core technology plus other very unique techniques to develop innovative solutions that are different than anything else in the market today. Our two main solutions are:
- CyberPrint™ – a biometrics identity verification solution that corroborates identities against their online visual persona. This solution can augment and in some scenarios replace document verification. The goal is to increase trust at time of onboarding and accept customers that otherwise would be rejected. We came up with an innovative approach that both increases trust but also maintains customer privacy which is key to everything we do
- AuthenticAction™ – a notary-grade digital action signing solution that signs any digital transaction with the biometrics of the customer, ensuring that no one but the true customer can initiate the transaction. Very powerful for high risk transactions such as large wire or alcohol purchase. The innovation here is about using continuous biometrics authentication and combining identity with action into a single channel.
How did COVID-19 impact your company and its customers? What were some of the big adaptations you had to make? What are your biggest takeaways from the experience?
Zohar: COVID-19 hit not long after we started our journey and we were initially concerned. However, the accelerated shift to digital turned out to be a great driver for solutions like ours. This is also when we decided to expand our offering beyond high risk transactions to remote digital onboarding which is so critical today.
My key takeaway from this experience is to always be thoughtful about how to mitigate risks and at the same time seize opportunities which are presented when the market changes.
What can we expect from Obsecure in the months to come?
Zohar: Our products are innovative and unique in their nature and as such are adopted by innovative and nimble organizations first. Our focus in the next few months is on helping our customers and design partners gain the most value from our solutions and make the necessary enhancements. In parallel we plan to expand our customer base in both the financial services and payment / ecommerce markets. And of course, our roadmap is full of new and innovative ideas which we plan to add to our products.
Watch Obsecure’s FinovateEurope 2021 demo below.