In 2022, The Fintech Times posed the question: ‘what sets a ‘fintech for good’ company apart from the rest?’. This year, we wanted to hear directly from global fintechs that align themselves with the ‘fintech for good’ ethos. Why do these companies perceive themselves as agents of positive change in the industry?
Deepak Jain, CEO and founder of Wink, outlines its mission to shakeup payment authentication by providing fast, secure, as well as effortless checkout experiences, making finance more accessible and trustworthy.
Tell us about Wink
Wink is a payment authentication platform that transforms the checkout experience for merchants and customers, especially in e-commerce. E-commerce is still saddled with a lots of account fraud, losses due to illegal account sharing, payment fraud and identity theft.
On top of that, delivering a friendly payments and checkout experience that brings state of the art payment technology advancements is a huge challenge for merchants.
With biometric passwordless authentication that works on all devices, browsers and apps combined with state of the art secure payments built-in, Wink makes the checkout process fast, secure, and effortless for merchants of all sizes.
Our technology works on any camera-enabled device, providing a seamless and convenient omni-channel checkout experience. With a focus on simplicity and security, Wink offers flexible payment options through an extensive network of gateways, enabling merchants to cater to a diverse customer base.
Wink’s technology and a unique take on decentralised self-sovereign identity showcases our commitment to security, ensuring the protection of sensitive information for both merchants and customers. Our innovative technology streamlines the checkout process, leading to increased sales and reduced cart abandonment rates. At Wink, our goal is to make payment authentication simple and secure for businesses of all sizes.
Why do you think your company is a ‘fintech for good’?
At Wink, we are also dedicated to innovation and keeping pace with society’s growing demand for privacy and data protection. By championing biometric passwordless authentication combined with state of the art tokenised payments, we are building a financial ecosystem that is safer and more trustworthy.
No longer will customers be locked out of their accounts or forced to abandon their shopping carts or have their data or identity stolen from databases. Merchants and financial institutions will no longer be left with a hefty bill due to fraud or identity theft. The door will be shut to fraudsters leveraging weak authentication and card number based payments to wreak havoc on consumers.
Strong user authentication and modern payment technology shouldn’t be inaccessible to community financial institutions, smaller fintechs or be the domain of only the Bigtech and big merchants. Wink enables the entire financial community to use the best of biometrics and payments and deliver those experiences to their users.
At Wink, we believe that financial technology should be a force for good, and our commitment to biometric authentication is just one way we’re making that a reality. We’re excited to continue leading the way in the fintech industry, delivering secure and seamless payment authentication solutions for businesses and individuals alike.
How do you measure your impact?
To gauge the impact of biometric authentication in creating a safer and trustworthy financial ecosystem, it’s essential to track measurable changes. One of the most crucial metrics is the reduction in fraud and identity breaches experienced by clients after implementing this security measure.
Another important metric to track is the volume of customer service calls or emails related to forgotten passwords or unfinished orders. These metrics are crucial because they directly reflect the effectiveness of the security measures in place and the ease of use for customers. By tracking these metrics, companies like Wink can continue to make data-driven improvements to their biometric authentication platform and provide a more secure and seamless experience for their clients.
What more can be done to make finance more ethical, transparent and accessible?
In a world where trust has eroded, every company must take significant steps towards building transparency as their foundational building block. Transparency should be coupled with accessibility. Customers should have access to clear and concise explanations of data policies and practices so they can understand how their data is being used, and they should have control over who, what, where, and when their data is accessed.
As a multi-factor biometric authentication company, we understand the significance of preventing fraud and data hacks. Utilising the strongest and safest security measures is essential for building trust with customers and ensuring that their data is not compromised.
That’s why we have developed the Wink platform with self-sovereign design and decentralisation where a user is in complete control on who can authenticate them using their biometrics. Our decentralised approach enables data to be distributed globally with no single point of attack where data can be compromised.
By leveraging blockchain technology, there is no centralised entity that has access to users’ private data, and our customers have greater control over their financial information. With Wink, customers can trust that their data is secure, and their financial information is in their hands. Building transparency through trust and accessibility is the only way forward to create a sustainable and trustworthy financial ecosystem.