Scanovate<\/a><\/strong>. “To be able to rely on a verification process in order to create an immediate business transaction is already the next level. There is a difference between verifying identity and giving someone a loan after checking him for five years and verifying a person’s identity and giving him a loan a second later”. The world is progressing to the second level that requires more precise technologies. There is a constant struggle for balance between the levels of precision and the customer’s experience.<\/p>\n\n\n\nThe digital world is constantly developing. If someone knows your ID number, tomorrow he can steal your identity because nobody knows who is really sitting at the keyboard entering the ID number. “Even telephone numbers can be duplicated”, Fishman says. “But facial contours are much more difficult to steal. Facial contours identify people unequivocally. As methods of identity theft become more advanced and as cyber capabilities improve, the related security requirements become more stringent. <\/p>\n\n\n\n
“When I want to open an account online, there is no prior acquaintance between me and the entity I am opening an account with. The bank doesn’t know that I’m Amir Fishman \u2013 it needs to verify my identity”, Fishman explains. “In the past, I would go to the bank and the clerk there would verify my identity physically. This is a very expensive process. <\/p>\n\n\n\n
The goal is to rely on technologies to enable a person to verify his own identity from home”. When there is no prior acquaintance, I need to check an ID certificate, verify that it is genuine, attribute it to the prospective client, check that the client is a real live person and is not using someone else’s picture. The picture of the living person must then be linked to the ID certificate by crosschecking his face with the picture on the certificate”, Fishman explains. “In the end, there are also cases where a person comes and says: ‘it’s not me’ and then all these stages of the process need to conform to standards of laws of evidence. There are multiple complexities that need to be resolved along the way to ultimately create an identification process that takes several seconds”.<\/p>\n\n\n\n
Scanovate’s goal is to create comprehensive digital infrastructures for the clients and to enable them to manage the field of identity management and to conform with regulation in a business environment that is becoming increasingly digital, certainly in the post-Covid world. <\/p>\n\n\n\n
“If we look for a moment at the needs”, Fishman says, “first, there is the need of financial institutions or commercial companies seeking to become more digital. If you can’t provide a digital interface the client can rely on, you don’t have a place in the market. On the other hand, are the end customers \u2013 usually a wide range of ages from different sectors of the population \u2013 whom you must assume have zero tolerance for digital processes, so the solutions need to be very flexible and suited to the target population. There is also the constantly changing regulation which is becoming increasingly stringent”.<\/p>\n\n\n\n
This situation means that the processes become more complex, the level of interaction with the client increases, and the system is obligated to conform to regulation. “In addition, as a company, you want to have full control over all the elements that need harnessing to commercial processes”, Fishman says. “For example, we are required to support the ability to immediately question the client, to request and gather documents, to fill in and sign on documents, to identify the client with numerous biometric technologies, and to communicate with the client via WhatsApp, SMS, and email in Android and ios environments. To meet all these requirements, you must have a single environment where you manage all the different scenarios. Our system is capable of doing that”. <\/p>\n\n\n\n <\/figure>\n\n\n\nSelf-Built Technologies<\/h3>\n\n\n\n Scanovate was founded in 2011 and, until 2014, operated in other worlds of image processing. “In 2014, we made a complete switch over to the field of fintech”, says Fishman. “We completed an accelerator program, studied the financial world, and received a first opportunity at Bank Leumi to start with check deposits. This was our point of entry to the field of identity management”. <\/p>\n\n\n\n
The company developed a facial identity technology that extracts text from a picture \u2013 OCR (Optical Character Recognition), facial verification, reading fingerprints, a one-time password (OTP), biometric signature and more. “We designed many of these things ourselves”, says Fishman. “In early 2019, we began to develop a platform called B-Trust which is what presently manages all the processes and allows our clients to manage all forms of identity management i.e., everything related to scanning and storing documents, checks, certificates etc.<\/p>\n\n\n\n
“We are unique in this challenging field of identity verification, primarily because we develop our technologies ourselves. We are not an integrator of different kinds of solutions, but rather, are really a factory of biometric technologies”.<\/p>\n\n\n\n
Another challenging issue is the fact that these same platforms must be able to take any identity and add elements to it that primarily deal with worlds of regulation \u2013 all sorts of processes of repeat identification, patient identification, logging on to personal areas etc. “This can all be managed in an organization with ten systems and needs to all operate harmoniously”, Fishman explains. Therefore, a platform is needed to support all these processes. We have achieved all this, and the company can now support dozens of scenarios in most of the existing industries”.<\/p>\n\n\n\n
Technological Innovation or Product Maturity?<\/h3>\n\n\n\n In Israel, Scanovate operates in conjunction with Altshuler-Shaham Investment Bank, together with the Innovation Authority and the Capital Market Authority that finance and lead the process”. The vision for the future is to create a situation whereby we enable all investment companies in Israel to identify their clients in a way that replaces physical identification”, explains Fishman. <\/p>\n\n\n\n
“At present, we are building this process to conform with all the regulations and with all Altshuler Shaham’s customer service standards as a market leader. There is a kind of struggle between the need to create a customer experience of Altshuler standards and the regulator who wants to strengthen the process as much as possible. Ultimately, a middle path must be found that will achieve and optimal balance. We are fortunate to have discovered such good partners at Altshuler Shaham. <\/p>\n\n\n\n
The Pilots Program, in which Scanovate is participating, is a program aimed at advancing fintech companies’ activity in Israel together with the Israel Securities Authority and the Innovation Authority. “The program’s early stages were very challenging”, says Fishman, “because there was tension between the Innovation Authority that pushed for maximum technological innovation, and the Israel Securities Authority that primarily wanted initial product maturity. <\/p>\n\n\n\n
“We overcame this challenge, in large degree by virtue of the patience of the Innovation Authority’s professional expert and his ability to demonstrate flexibility and, also, that of the Capital Market Authority that successfully convinced us of the need for balance between the two things. We are extremely satisfied with the process we have undergone, because it brings not just innovation but also a real product that is intended to serve specific target audiences. The Capital market’s goal is to facilitate competition between the investment companies and to enable the customer to open a complete digital account. A critical part of this is the unequivocal identification of the customer. <\/p>\n\n\n\n
“Covid did two things: On the one hand, many financial customers went on the defensive, not a good thing for anyone. On the other hand, the number of opportunities grew dramatically. Our approach of first becoming well established in Israel and only then diversifying to other markets proved itself. Despite everything that happened, our clients in Israel took on all kinds of challenges in the digital worlds. If in the past we needed to explain why they needed us, today it is the client who is pursuing us. <\/p>\n\n\n\n
“We aim to provide a comprehensive solution in the world of identity and compliance, and to be a world leader in this market. We want our clients to receive a platform with a complete set of tools from beginning to end that supports every business process which involves the need to communicate with clients in the digital dimension, to solve the problem of identifying them, to support regulation, and to manage a single interface in those organizations. These are challenges of the huge global corporations \u2013 and that is where we are heading”.<\/p>\n\n\n\nSagi Dagan, VP and Head of the Growth Division at the Innovation Authority:<\/strong> Covid has delayed many business processes. Have you received a mortgage recently from a commercial entity that did not know you personally prior to Covid? Probably not. Today, when someone tries to digitally open an account, even the largest and most well-known banks refuse to dispense with face-to-face meeting with a company representative. We are here to help you \u2013 financial institutions and end customers \u2013 to realize your dreams, to expedite processes, and to make the market more efficient by supporting technology companies that are developing innovative technological fintech solutions. <\/em><\/p><\/blockquote><\/figure>\n","protected":false},"excerpt":{"rendered":"In a world that is becoming increasingly digital, high-quality and high-speed solutions for managing identities are becoming a sought-after ability. Two Israeli companies have entered this dynamic field with the support of the Innovation Authority with the goal of leading the market with tools that are gaining global success<\/p>\n","protected":false},"featured_media":4337,"parent":0,"menu_order":0,"template":"","magazine":[182],"geographic_location":[],"acf":[],"yoast_head":"\n
Who Moved My Identity? - English Innovation Site<\/title>\n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n\t \n