The entire competitive and financial landscape is experiencing a seismic shift, one fueled by fintech disruption and changing customer priorities. Industry leaders such as Sumsub and Wise are at the forefront of this transformation. They advocate for solutions that are security-by-design, transparency-driven, and user-empowering. At Sumsub, we’re using multilayered security approaches, including AI-driven fraud detection, to fight these complex financial crimes. Wise is attempting to create new, more transparent financial models. Collectively, they are developing a landscape where financial services are safer, more equitable, and user-focused.

Sumsub is focused on stopping the increasing danger of advanced fraud, using a rich, multilayered security solution. This includes things like deep device fingerprinting and behavioral analysis. These tools enable Sumsub to detect and eliminate sophisticated fraud networks that older approaches may overlook.

Another related and growing challenge is the increase of synthetic identities—completely made-up personas used to game financial systems. That’s why Sumsub is using the power of artificial intelligence to identify these counterfeit identities. This is a positive, forward-looking model for how they protect financial institutions and their customers from significant bad actors.

Penny Chai, a leader at Sumsub — one of the world’s largest KYC providers — calls for creating a “trusted” ecosystem. This vision highlights Sumsub’s motto of building a solidified safe haven for everything digital. Trust is a fundamental currency in our modern digital ecosystem. This is instrumental in building that trust, and Sumsub is defying the odds with their unique technology and user-first vision.

Sumsub’s dedication to security goes deep, even in authentication processes using “AI to fight AI.” This groundbreaking approach understands that just as fraudsters are innovating and getting smarter, so must their opponents. With the help of AI, Sumsub helps businesses detect and check fraudulent activities. It’s this proactive approach that helps them stay one step ahead in the ongoing battle against financial crime.

A central part of Sumsub’s long-term vision is Sumsub ID, a portable self-sovereign identity system. Having such a system would put real power in the hands of customers. They should be able to prove their identity once—then use that proved identity for service after service. This saves time during onboarding and makes the process more user-friendly while still offering enterprise-level security.

"We give the permission and the control back to you [with Sumsub ID]." - Penny Chai

01 Sumsub ID returns the power to close deals faster to the customer’s hand. This is in keeping with the broader trend towards increased public demand for control over their personal data, and a more integrated online experience. Sumsub takes verification further through providing users with the tools to manage their digital identities. We’re helping usher in a new era of trust to the digital world.

The identity verification space is one of the most quickly changing markets around, largely propelled by technology. Sumsub recognizes that this is "a fast-moving concept" that's "changing even every minute because of the technology that we are exposed to today." This agility and adaptability are crucial for staying ahead of emerging threats and meeting the ever-changing needs of the digital landscape.

Wise, formerly known as TransferWise, is another important player in this new financial landscape. Wise’s new Head of NK Samarth Bansal pointed out an interesting angle – traditional banks are falling behind on customer retention. Consumers are hungry for something more transparent and easy to use. This new standard of customer expectation is creating a pressing need for solutions that focus on transparency and true value.

In doing so, Wise demonstrates its commitment to transparency. It has rejected openings from prospective partners at banks willing to enter into relationships that are not open and above board. Wise goes out on a limb to prove that it’s serious about putting its core values first. The Company is committed to building a financial ecosystem based on these principles, trust and integrity.

Wise, together with Sumsub, are working to develop financial models where transparency comes first. These models take the approach of “showing customers all.” This implementation ensures that consumers know upfront what fees, exchange rates, and other costs are associated with their financial transactions.

For example, Wise and Sumsub use artificial intelligence to increase the efficiency of fraud detection in financial processes. Not only do they accelerate operational efficiency, they help improve the customer experience. AI algorithms sift through vast troves of data to identify unusual patterns of behavior. Beyond automating routine tasks and personalizing interactions, AI-enhanced tools are increasing ecosystem security and efficiency.

"You cannot hide charges." - Samarth Bansal

Wise genuinely believes in total transparency — especially when it comes to fees. This consistent, honest approach earns trust with their customers and raises the bar for what’s expected as a responsible steward of people’s financial lives.

It’s Wise’s ultimate goal to embed itself directly into banks’ interfaces in order to save time and money while improving their customers’ experiences. Together, this kind of seamless integration will bring greater accessibility and convenience to financial services for users globally.

"We don't think of [banks] as clients anymore; we think of them as partners." - Samarth Bansal

Wise does not see banks as adversaries, but rather as partners in creating a more equitable and inclusive financial system. This shared approach encourages creativity and helps generate solutions that serve the interests of both institutions and their customers.

Samarth believes in a future where financial services are delivered seamlessly, responsibly and in full compliance with the law. In this ideal future, buyers experience quicker, easier, and more effective access to the services they need. In turn, regulators can have confidence that our financial system is functioning as it should.

"You can use a secure ID that you have already passed [with banks or regulators], and you get onboarded faster. You can use [banking] services faster, and it'll be compliant with the regulator," - Penny Chai

Sumsub ID is an integral part of this vision by providing secure and convenient onboarding. By allowing customers to use their verified identity across multiple services, Sumsub ID accelerates the process of accessing financial services while ensuring compliance with regulatory requirements.

"We have an internal mechanism through which CS agents can train themselves, ask questions that customers are asking, get a very good answer that's generated through LLM, and leverage a lot of the knowledge that we have internally," - Samarth Bansal

Wise is also leveraging AI-powered tools to nourish its customer service agents with context and information. This allows them to quickly access information and provide accurate and helpful assistance to customers, improving the overall customer experience.

"I think it's already blurring. It's one of those lines that I don't know who created, how they created it." - Samarth Bansal

The divide between age-old strategies from banks and emerging technologies like crypto and payments are fading faster every day. This convergence is fostering new inventions and spurring new opportunities for partnership and development.

"I think agents will always be acting on behalf of someone," - Samarth Bansal

"I can't perceive a world where this is just left to [AI agents] — at least for now." - Samarth Bansal

Even as AI takes on an ever-greater role in financial services, human expertise and judgment should still be a part of the process. Samarth Bansal from NYU’s GovLab thinks we’ll always need human agents to advocate for customers’ interests. They aren’t going to be the ones to protect us from bad AI.

"But we are always behind [the fraudsters]." - Penny Chai

As we all know, the fight against fraud is an everlasting war, and fraudsters are continually innovating with new strategies. Sumsub understands this and knows that as they’re constantly innovating and evolving, so too are the threats they’re working to eliminate.

"The controller is me, you, and everyone else," - Penny Chai

"We give the permission and the control back to you, me, and the people in the masses," - Penny Chai

Sumsub’s mission is to give everyone the power to control their digital identities. This user-centric approach has the benefit of feeding into the broader trend of increased demand for privacy and more control over one’s experience in the digital age.