Verification process has always been critical and tiresome but this is one of the important process for the companies. To make it easier and quicker, we are witnessing adoption of identity verification solutions around us. Digital identity solution is now accepted among private as well as government sectors. In this regard, Syntizen Technologies is the pioneer company as they are offering digital identity solution to ease this complex process. Take a look on the excerpts from the conversation between Rajeev Ranjan, Editor, Digital Terminal and Mr. Vamsi Kotte, CEO, Syntizen Technologies, who talked about the industry, challenges and future growth roadmap the company has witnessed in this market.
Rajeev: Please brief about Syntizen and your digital identity solutions.
Vamsi: Syntizen’s mission is to enable Seamless Digital identity check which results in delightful customer onboarding for Corporate & to better the Service Delivery by Governments. Syntizen offers 80 different micro services in the identity domain to its clients. We currently serve 40 + BFSI companies, 40+ fintechs and 5 state govts with our products and services.
Rajeev: How did you get the idea of starting Syntizen? What kind of challenges did you face during this journey?
Vamsi: Initially during the Graduation days, there were 2 situations which have driven all 3 of us to start something which is related to identification.
• One of our classmates could not claim his scholarship due to a long verification process.
• A friend was not able to open a bank account in time as the verification process back then used to take at least 2 days of time.
These 2 situations have motivated us to start an Identity company which can serve citizens prove their identity in no time.
Challenges: Scaling of the system was a challenge to us, we found it difficult to scale from 1L transactions to 10L transactions. Learning from this experience we have revamped our architecture to handle number transactions on any given day.
Complaint with all the regulators where we were not aware in the initial days, as and when more clients join, we have made sure all the products are in accordance with the regulator's compliance.
Now we are in sync with the regulators and their compliance changes.
Rajeev: Where do you see most of the adoption coming in India?
Vamsi: BFSI, NBFC, Fintech, Govt and places where customer identification is key.
Rajeev: Could you please tell us about your achievements so far?
Vamsi: Since our inception, we are growing and registered a significant milestone which are our achievements. Few of them are:
So far, we have done more than2 Billion transactions
We managed to process 80M transactions in 12 hrs.
10 M transactions everyday
Our solutions are being used across 1,25,000 touch points in India.
NASSCOM emerge 50 startups in India award 2020
Rajeev: What is your future growth roadmap?
Vamsi: We want to be known as a one stop brand for all identification needs of a company. We are also building KYB portfolio. We are also building solutions for Indemnification for other countries.
On the numbers front we want to grow from 10M to 100 M in the next 1 year per day.
