The Prove team in India recently wrapped up the Global Fintech Fest in Mumbai, the largest event of its kind that showcases fintech companies and helps stakeholders learn current trends and get market insights. The event was jointly organized by the National Payments Corporation of India (NPCI), the Payments Council of India, the Fintech Convergence Council (FCC), and was backed by the Government of India. It is one of the largest and most significant events in the fintech world and was an incredible experience for our team to be able to see all types of fintech innovations, meet thought leaders and practitioners, and see the direction that the world of fintech is headed.
The event was also an opportunity for fintech companies, banks, and other financial services companies to learn how to apply an advanced digital identity verification approach, such as the Prove IdentitySM solution, to establish a mobile-centric authentication and possession check to enhance customer experience and mitigate fraud.
Global Fintech Fest brought together 300 exhibitors and 33,000+ people from more than 50 countries representing fintech innovators, banks, financial institutions, investors and technology thought leaders to celebrate the industry's growth and influence worldwide. Almost 1000 visitors joined our team at the Prove booth where we learned about their digital identity verification and fraud use cases and helped them understand how to apply Prove’s platform to support all types of their needs, from eliminating fraud to frictionless improved customer onboarding.
User authentication and identity verification were high-priority topics at the event, as regulators and other thought leaders repeatedly cited in keynote addresses the need for compliance to counter cyber risk and data security, emphasizing self-regulation. Shaktikanta Das, the Governor of the Reserve Bank of India, specifically called on fintech companies to collaborate and organize a Self-Regulatory Organization (SRO) within the next year.
The conference highlighted some poignant topics related to digital consumer identity verification, customer onboarding, and fraud. Specifically, the following were especially prominent and were discussed at length at our booth:
Attendees were especially eager to learn about alternative initiatives and advancements to authenticate consumers in real time, both as a way to enhance their customer usability and to fortify their systems by reducing fraud by stopping it at the front door. One-time passcodes (OTPs) are seen as a poor option because they add friction to the onboarding experience, and they simply are not an accurate way to perform a digital identity verification check. The fintech industry also understands that OTPs are responsible for a great deal of the fraud happening in the country.
As a result, there was a significant buzz around Prove AuthSM and our passwordless authentication capabilities. The Prove AuthSM mobile authentication solution expedites digital onboarding and reduces consumer friction during the onboarding process by enabling passwordless and OTP-less authentication for mobile apps and web-based access. Our discussions revealed that customer experience leaders want their users to be able to access services without the hassle of remembering complex passwords or dealing with time-sensitive codes. Attendees were interested in our FIDO-based authentication solution, which can increase the number of successfully authenticated users by up to 4 times, all while ensuring authentication is 2 times faster. It helps prevent account takeovers by offering more robust authentication. It is also equipped to detect jailbroken devices and SIM swaps, keeping you a step ahead of potential threats. In showing them Prove AuthSM, they got to witness how security can be fortified by eliminating the typical vulnerabilities that come from beyond passwords, OTPs, and knowledge-based authentication (KBA) towards a highly secure, user-friendly, and cost-effective multi-factor authentication (MFA) approach.
There was also considerable interest in how Prove is building an ecosystem of fraud and identity verification innovation with partnerships and our API Marketplace. API players in the market are expanding their services to cater to lending information needs, and our global partners, like Experian, are extending the reach of our solutions to financial services providers of all types. Collaborating with them and becoming a part of their ecosystem is boosting our utility and efficacy across the banking and lending industries. We had a chance to demonstrate to conference attendees how we’re delivering the most accurate identity verification solution to 1,000+ companies, startups, and financial service providers, including global partners like Visa, Experian, TransUnion, and many others.
The Global Fintech Fest 2023 created great conversations and opened a variety of different types of opportunities for Prove to expand its leadership position in the international fintech market, as well as blockchain, healthcare & cryptocurrency, by bringing its product at the right time and in the right place with a particular emphasis on mobile authentication and possession check solutions. These solutions are poised to reshape the lending and credit industry, making it more secure, efficient, and accessible. As the festival demonstrated, the fintech sector continues to be a driving force for not just India and Asia but the global economy, and its growth is inexorably linked to the adoption of cutting-edge authentication technologies such as cryptographic and reusable identity.
Ready to learn more about Prove? We'll show you how we can help you minimize customer friction for low and high-risk transactions while keeping fraud at bay. Learn more at: https://www.prove.com/global-solutions/india
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