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Zoloz, an electronic Know Your Customer (e-KYC) technology provider, has received the 2021 IDC FinTech Rankings Real Results Award for its work enabling users of bKash, Bangladesh's largest mobile financial service provider, to open digital wallet accounts remotely using biometrics. Zoloz was the winner of the Digital Trust & Stewardship category and tied as overall winner of the Real Results Awards.
Now in their seventh year, the IDC FinTech Rankings Real Results Awards recognize global IT providers that have enabled genuine, measurable, and future-enabling change in the global financial services industry. These providers supply the technological backbone of the financial services industry, an industry in which IDC Financial Insights forecasts IT spending worldwide to be USD 590 billion by 2025.
"2020 proved to be a year that tested the industry's ability to stay resilient in the face of challenges on multiple fronts. This year's IDC FinTech Rankings Real Results program describes examples of financial institutions and technology providers partnering to overcome those challenges in real, substantive ways," said Jerry Silva, vice president at IDC Financial Insights. "IDC congratulates the vendors that stepped up to the demands of an unusual year of disruption and helped financial organizations get back to the business of innovation."
"We are honored to be a winner of the 2021 IDC FinTech Rankings Real Results Awards," said Chen Jidong, the general manager of Zoloz. "With innovative technologies like AI, risk management and biometrics, Zoloz's e-KYC solution significantly increases financial inclusion for underbanked communities in remote identification areas by allowing financial institutions to complete due diligence processes without the need for physical verification."
Almost half of Bangladeshi adults were unbanked just a few years ago due to a lack of a trusted ID verification system. Zoloz's integration of e-KYC technology allowed previously unbanked families to verify their identity with ease. On average, it reduced the user process from several days to just 3 minutes and increased the verification success rate from 65% to over 90%.
Zoloz's fully automated e-KYC solution has helped bKash onboard over 23 million e-wallet users in Bangladesh, taking the country one step closer to its goal of total financial inclusion by 2024. Amid the outbreak of COVID-19, Zoloz's e-KYC solution helped the government of Bangladesh efficiently distribute aid via bKash to over 5 million families who lost their primary source of income due to the pandemic.
"Zoloz's bKash project is an exemplary case of how innovation has responded to the business need with effective and measurable results. The inclusive finance aspect of it will have profound impact of how digitally enabled financial services can be expanded to those underdeveloped markets in need," said Eric Fei Gao, director of IDC Financial Insights.
So far, Zoloz's e-KYC technology has been selected for use in e-wallets including GCash in the Philippines, TnGD in Malaysia, Dana in Indonesia, TrueMoney in Thailand and banks including Mandiri Bank in Indonesia and Maybank in Malaysia, having served more than 100 million users in total across the world.
Zoloz combines industry-leading technologies including advanced biometrics, spoof detection, Optical Character Recognition and risk management to provide a comprehensive electronic Know Your Customer (e-KYC) technology solution that protects, connects and enhances user identity. Its technology meets the most stringent international standard for biometric and privacy protections technologies.
To learn more, please visit: https://www.zoloz.com/
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