An adaptive identity solution for access without compromise
Digital identity represents a powerful key to inclusive growth.
3.4 billion
people have ID but cannot readily use it on digital channels
163 trillion GB
forecast size of the global datasphere by 2025
90%
potential cost reduction in customer onboarding from digital ID
$6 billion
in losses to lenders due to synthetic identity fraud
3 billion
people transacting on smartphones today
6 billion
mobile devices by 2025
Identity is more than a name on a piece of paper – we believe it’s defined by the ability to access essential services. All of us have the right to open a bank account; to buy a home; to start a business; to cast a ballot; and to see a doctor.
As the world demands digital delivery of products and services, Element is delivering a persistent, private, and portable unique digital identity designed with intention.
As the first modern AI company focused on digital identity, Element laid the foundations for deploying deep learning on mobile devices. Our state-of-the-art solution learns directly from natural features, recognizes changes in features over time, and works for everyone, everywhere.
Element makes new customer enrollment fast and frictionless, enabling companies to expand onboarding beyond traditional brick and mortar. By verifying customers in real-time against a legal ID or database, we automate customer onboarding without the need for a face-to-face interaction.
Element delivers fast, frictionless, and secure authentication for any transaction, replacing pins, passwords, and costly OTPs. Our solution integrates into any environment - enabling secure and cross-channel access regardless of connectivity.
Our partners choose to work with us because we deliver faster access without compromise - securely connecting anyone to any service while retaining the right to privacy. We support the identity life cycle without having to rely on PII or transactional data - and co-create fit-for-purpose solutions with our partners.
We partner with forward-thinking financial institutions, governments, and healthcare organizations to transform how they deliver their services.
KYC processes can be cumbersome and costly.
The average bank spends over $60 million in annual KYC costs - with individual KYC expenditure ranging from a few dollars to over $100 per customer. Some firms are even spending up to $500 million per year on consumer due diligence (CDD) and KYC compliance.
Our digital onboarding solution helps partners reach more customers, adhere to compliance frameworks, and reduce the cost of doing so.
Forgetting passwords is not just a universal annoyance - it’s bad for business.
Over 30% of customer service requests relate to forgotten passwords - costing an average of $25 per request.
We are replacing/reinforcing passwords with our authentication solution, making secure transactions possible with a simple glance.
Consumers are spending more time - and more money - on their devices.
By some estimates, when digital ID is fully adopted in any given economy, it can generate the equivalent of up to 6% of GDP in economic value – fueling financial inclusion and faster transactions.
We help banks leverage their authentication solution for third party identity services, transforming the traditional role of the bank into one that enables access to the broader ecosystem of products and services.
Accurately identifying a patient - and any medical history that may exist - is central to providing quality care.
Yet healthcare providers around the world acknowledge medical errors due to misidentification and find duplicate records when searching for patients. This has costly consequences - for example, resulting in millions worth of denied claims per year.
By biometrically linking patients to health records, we’re working with partners across the health system to improve efficiency of patient registration systems, reduce duplication of records and services, and help ensure the right patient gets the right care at the right time.
One of the biggest pain points for providers is the cost of lengthy claims and appeals processes, which can erode revenue cycles and impede service delivery.
An estimated $262 billion in health insurance claims are initially denied each year in the US alone, forcing hospitals to spend over $118 per revised claim and wait weeks for reimbursements.
With many of these denied claims resulting from patient misidentification, biometric patient identity can provide transparency for both providers and insurers - removing the guesswork from adjudication.
Fraud is the biggest threat to insurers worldwide. In healthcare, even a small amount can raise the cost of care for patients, providers, and payers alike.
In the US alone, the cost of healthcare fraud ranges from $68 to $230 billion, representing up to 10 percent of the nation’s annual healthcare spending.
Biometric verification can help ensure transparency of submitted claims and eliminate fraudulent identity takeovers.
The ability to identify people in a given country is central to achieving the ambitious goals of Universal Health Coverage (UHC) - providing the foundation to check eligibility for national health insurance, track services provided, and process claims.
For example, Thailand achieved UHC in 2002 - even as it was transitioning from a lower-middle to an upper-middle income country - in part by assigning personal identification numbers and integrating their civil registration system. This created a clear list of beneficiaries to enroll in the national health insurance scheme, which now covers 75% of the population.
By working with the fastest growing economies in the world, we aim to support governments and national health insurance schemes in utilizing unique identification to improve coverage in a cost-effective, transparent approach.
Globally, an estimated 650 million children were not registered at birth - creating foundational barriers to accessing education, healthcare, and other essential services. For example, just 7% of children in the world’s poorest countries are fully vaccinated, in part because it is difficult to identify them and track their vaccinations over time. Without an electronic medical record, and a digital ID linking a child to that record, this remains a persistent problem.
While emerging technologies are addressing challenges - such as legal birth registration and immunization - central to child health and rights, there are no commercially-available biometric solutions for infants and young children.
At Element, we’re managing the world’s largest infant and child biometric program - working across Bangladesh, Cambodia, and Mozambique to extend our solution to 0-5 years of age. By creating the first mobile digital identity platform for the world’s youngest populations, we’re aiming to change how services are delivered across the lifespan.
From community health to financial services, the last mile is often the hardest. Challenges with low connectivity and logistics make it difficult to operate, account for resources, and reach those most in need.
At the same time, mobile technology is transforming how we deliver and access services. By 2018 in healthcare alone, the mobile industry had created more than five billion points of contact between consumers, workers, and administrators.
Element’s solutions can be deployed to run offline, without connectivity. And by leveraging the common mobile devices already in the hands of billions of people, we’re setting systems up to go the last mile.
Many people do not receive the social and government transfers they are entitled to because these benefits have to be delivered directly into an existing account.
Of the 1.7 billion people who remain unbanked, most live in emerging and developing markets - where 79 percent of adults already own a mobile device.
As national banks, fintech platforms, and governments digitize services, Element’s mobile digital identity solutions can help drive account creation and ensure loans, cash disbursements, vouchers, and other direct benefit transfers reach intended participants - while saving time and reducing costs.
Mobile technology is driving a global digital transformation for accessing all types of services - health, education, financial, humanitarian assistance, and more. Digitally proving your identity is essential to accessing basic mobile services - and it often begins with SIM registration.
But even in countries where mobile services are widely available, an estimated 456 million remain at risk of exclusion to these basic services due to their inability to meet KYC requirements for SIM registration.
With our digital onboarding solution, we can verify customer identification credentials against any approved database, enabling real-time SIM registration.
By enabling access to digital services, mobile operators can turn a few digits into big figures.
In the last year, registered mobile money accounts increased 20% to 866 million, recording $1.3 billion in daily transactions - with the number of customers transacting on smartphone apps more than doubling.
We are partnering with telcos internationally to ensure their customers can transact with confidence, driving more trust and more transactions in the mobile money ecosystem.
Operational efficiency should never come at the expense of consumer safety. In the digital economy, failure to link workforces to the product or service being delivered can jeopardize both - posing a threat to consumer safety, inhibiting service delivery, and stifling operations management.
Digital onboarding and authentication can ensure the right service is delivered by the right person. Linking workforces to digital platforms is critical to building trust between customer and provider - enhancing security, driving scale, and yielding savings up to $1.6 trillion globally.
Our solution effectively links providers to the services they render, empowering customers to confidently and safely access digital services.
