THE WAVE OF REFORM
We have highly capable computers and smartphones that are capable of handling high-end day to day complex tasks as well as operations. Human beings live on the internet and social media and the smartphone has become a need-based product rather than a luxury. The capability, flexibility, and scalability of databases have increased with technological advancement and is used widely across businesses and sectors.
We thought that the traditional ways of doing business needed a big change as the time, money, and resources spent on operations is immense. We researched and brainstormed about various solutions that could help various sectors and ecosystems cut down on operational costs and increase customer satisfaction by using state of the art business tools and software. We realised that for customers to do anything like buying a product or a service, booking a hotel or a flight ticket, getting loans, etc., involves three major components; identification, documentation, and verification. The fulfillment of these three components is the most important to have a successful transaction between businesses and customers.
Technology has advanced to a speed where communication travels faster than thought. Tech firms have developed smartphones and applications that keep users engaged for hours, so much so that people live on social media. Even businesses have taken advantage of technology to make better business decisions and move ahead in the highly competitive world. But even now, organizations struggle and so far haven’t found a sustainable method to reduce operational costs that costs millions.
Emerging technologies like machine learning, artificial intelligence, and blockchain have impacted various industries, ecosystems, and businesses by coming up with unique solutions to reduce costs, and also help preserve the environment as well. Emerging technologies aim to completely digitize everything and have a secure, and easily accessible internet for the planet.
Technology is the center for any new product or service that aims to disrupt the traditional forms of doing business and bring in a new perspective to the market. We leveraged the three components of identification, documentation, and verification integrating with emerging technologies to come up with a solution that is universal for all customers as well as businesses. For any business to be successful, the timing for it to launch in the market is important.
This led to the inception of ‘Signy’: a place where all IDs and documents of a customer are stored and they can sign-up, sign-in, and/or sign-it. It helps in digital onboarding, KYC process for businesses. Customers have full control over their data including whom they share it with, and who can view their data. The data is encrypted and secured by cryptographic algorithms. Signy takes full advantage of AI and blockchain technology making it a state of the art platform for identity and document management.
Signy can help various businesses like in onboarding of customers in various verticals. For instance, banks spend around USD 228 million annually on the onboarding process, and it takes between 2-12 weeks for one client to get onboard. Blockchain offers a KYC solution that ensures that clients can get on board within minutes without running around various departments in the bank and handing the same paperwork multiple times. Educational institutions, insurance providers, and companies when they hire employees can take full advantage of Signy and reduce their time, resources, and operational costs by getting the job done within minutes. See more use-cases here.
Technology should be the nucleus to have a successful business in today’s highly competitive environment. Emerging technologies are helping various sectors, organizations, and ecosystems by disrupting the traditional way of doing business and making the world a better place to live in. The idea behind any technology company is to build a product that makes the lives of businesses as well as customers easier.
There are hundreds of projects in a company that is started with pace, and firms invest massive amounts of time, money, and resources into making them a success. But, due to the lack of streamlined organizational processes, departments, and decision making, many projects are terminated. We aimed to stop that from happening and help companies and people build their ideas into a product to benefit the end consumer and the world.
Read more about Signy here
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