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Biometrics: A veteran player with novel solutions

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Since 1997, Precise Biometrics has earned a strong reputation in fingerprint security solutions. With recent innovations in facial, voice, behaviour, and fingerprint recognition, there is significant room for growth. Since Apple introduced the fingerprint sensor on iPhones, Precise Biometrics has seen a huge increase in business.

However, achieving profitability has proven to be difficult. Stefan Persson, the new CEO has his sights set on reinventing the company culture, employing a human-to-human marketing approach, and delivering new products – which he is confident will lead to profitability.

“We offer convenience in a secure manner,” says Mr. Persson. This value proposition is quite simple, and it is something that has been largely overcomplicated in the industry. “We need to address the benefits of our technology to the people in a way they can easily relate. We will market the ease of use and convenience, while providing the most reliable security measures on the market.”

Precise YOUNiQ, Precise Biometrics’ newest digital identity solution is being marketed in this exact way. The new solution provides secure access to buildings via selfie, rather than cards, pin codes, or other typical options all of which have major flaws.

Precise YOUNiQ has been thoroughly tested internally and externally, proving its convenience and reliable security. This innovative solution has a wide variety of other use cases from the front door of residential homes to the most high-security commercial buildings.

Stefan Persson, CEO of Precise Biometrics AB
We need to address the benefits of our technology to the people in a way they can easily relate. Stefan PerssonCEO

Mr. Persson and his team have identified many other trends in which they can deliver value as well. Growth in digital activities such as shopping, banking, and healthcare has set the stage for massive growth potential – in the range of billions of EUR annually. On top of that, Sweden will become a cash-free society by as soon as 2023, which will align with Precise Biometrics’ smart card technologies.

With so much potential Mr. Persson has confidence in his team’s ability to achieve profitability by 2020. “I like it when it’s tough. I like to see when teams are growing. You just need to give them trust, good direction, and the right energy. When these things come together with a market in demand, we will succeed,” concludes the CEO.

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