Earlier this month Precise Biometrics reported its Q2 results with the team proudly delivering another period of strong development despite the challenges we all face in the wake of Covid-19. Stefan K. Persson, CEO of Precise shares some of the highlights and focus areas for the company in the months ahead..
The quarter has been an eventful one. I’m delighted that we have achieved the goals we set ourselves – making good profits, keeping a positive cash flow and continuing to invest in our Digital Identity solution, particularly as it has all been done against the ongoing challenge of operating in a Covid-19 world. I am proud of how everyone at Precise has pulled together, working in different ways during a time of uncertainty. Integrations of our BioMatch Mobile product in most ranges of mobile phones and tablets have been successfully carried out and we’ve made important steps in the development and commercialization of Precise YOUNiQ. We have seen this particularly for Access where the global pandemic has accelerated the need for contactless, secure and convenient identification solutions for access to buildings and premises. Our solution is ideal for companies who have staff or visitors who need to physically attend their premises. Without the need for expensive, cumbersome and time consuming processes to issue keys or other physical tags, authorised individuals are simply onboarded at a convenient time digitally. Then they can enter the facility easily via facial recognition which is matched against the selfie they provided during onboarding. Importantly during this time of heightened hygiene, there is no need to touch anything in order to enter the facility – no pin pad or tags needed and you can be sure that only the right individual has been granted access.
Over the quarter we expanded our commercial installations of Precise YOUNiQ for access. One highlight is that our solution is now being used by Temporary Space, a company that provides temporary premises or ‘modules’ which are used at various construction sites, making their journey towards digitalization smoother, meeting the needs of their clients, staff and visitors alike. In addition, we are also implementing a number of proof-of-concepts with selected hospitals. This is an area where I feel we can really make a positive difference. Ensuring that authorised staff only have access to hospital storage area facilities is especially important and of course, a hygienic, no-touch solution reduces risks for those working in these environments. Seamless solutions are essential to make sure that time is always used effectively and not wasted by searching for a tag or getting a replacement for a damaged one.
A trend that Covid-19 has accelerated is the demand for contactless methods of payments and other processes, something that is set to continue into the future. Banks across the world have raised their limit for contactless payments to reduce the need to enter a PIN code on shared card terminals and avoid potential spread of infection. Consequently, many more card payments are now contactless which in turn is also driving the development of biometric cards. Our certified product is ready to be integrated into these biometric payment cards. While this will not happen immediately – we do not yet expect any major volumes of biometric cards from any of the card issuers in 2020 – it will be an exciting area to watch once card issuers can start to mass produce the cards to harness this innovation.
For the remaining months of this year our focus will be delivering value to our clients through our vision of secure, convenient identification – no matter who you are, where you are and what you do. Personally, I think this vision is more relevant now than ever and I’m looking forward to meeting the challenges of the weeks and months ahead with the strength, expertise and innovation of the Precise team.