Shahid Hanif is the co-founder and CTO of Shufti Pro, AI-powered identity verification and fraud prevention solution. Before Shufti Pro, he also co-founded Zensed, a Machine Learning-based chargebacks and fraud prediction system.
Please tell us a little bit about your company – what is Shufti Pro all about?
Shufti Pro Ltd. is a global identity verification service provider. Know Your Customer (KYC) and Anti-Money Laundering (AML) checks are obligatory for all companies. Shufti Pro assists organizations in complying with the regulations and prevent fraudsters from increasing challenges for the enterprise. Within three years of establishment, Shufti Pro is providing state-of-the-art KYC/AML solutions along with Know Your Business (KYB) and video KYC. Apart from identity verification services, the company also offers Optical Character Recognition (OCR) for businesses for automated data processing.
Tell us a little bit about your background and how you started your company?
A few years ago, I had to verify my identity at a company and due to the cumbersome processes, I had the worst experience of verification. Not just one but I had a couple of bad experiences with different enterprises, so I decided to come up with a better solution that can ensure efficiency and accuracy simultaneously. I would never want my customers to face any inconveniences and so, the idea of digital identity verification struck me. I decided to develop a solution that will not only be convenient for my customers, but it will be satisfying for the end-users as well. Within two years, I had a digital Know Your Customer verification solution all set to change the landscape of the identity verification sector.
What was the biggest problem you encountered with your business and how did you overcome it?
When I came up with the idea, the market already had some big names and the high competition was the biggest problem. To overcome this problem, I figured out a few points that give Shufti Pro a competitive edge over other service providers. I deeply researched my competitors and identified the common problems that everyone has reported about them. My idea was to offer solutions that will have the least possible issues.
What were the top mistakes you made starting your business and what did you learn from it?
Being a startup, the mistake I made was hiring people with technical degrees from renowned institutes. I did not realise the importance of skills at that time and after experiencing some serious problems, I realised what I’m actually looking for is a team of like-minded people. So, later on, I hired people that had skills to do the job and not just degrees. What I have learned from this is it is not just a degree that matters, but skills are above all. Without skills and a great degree, you cannot excel in a field.
How do you separate yourself from your competitors?
Our AI-powered solutions provide 98.67% accuracy and self-trained AI models can verify more than 150 document types in 3000+ languages. Moreover, our solutions are extremely fast and take only a few seconds to complete. Lastly, we have introduced a couple of new products as well that can enhance the security of businesses. We believe that an all-in-one place for all the needs is what customers want and Shufti Pro is a one-stop solution.
What are three books or courses you recommend for new entrepreneurs?
The three books I would suggest are:
- The Third Wave by Steve Case
- The Fountainhead by Ayn Rand
- Think and Grow Rich by Napoleon Hill
These books have helped me a lot and the insights from successful people will help the new entrepreneurs as well.
What has been your most effective marketing strategy to grow your business?
The most effective marketing strategy so far has been emails and blog posts. My marketing team has been working day and night to improve our online presence. After experimenting with different strategies, we realised that blog posts and emails are two of the best marketing strategies. They help you bring the right audience toward your business. Unlike paid marketing, these efforts bring organic traffic to your website, and the results last longer.
What’s your best piece of advice for aspiring and new entrepreneurs?
I would encourage them to be an entrepreneur and there shouldn’t be anything to hold them back. It is my experience that nobody can trust you more than you trust yourself. The young minds must know that there are numerous challenges before accomplishing goals. These challenges should not demotivate you at any point.
What is your favorite quote?
“Passion is energy. Feel the power that comes from focusing on what excites you.”
– Oprah Winfrey
I shared this in one of my other interviews as well and I think everyone has to be passionate about their job to be successful. The more passionate and focused you are, the higher the chances of success.
How can we get in touch with you?
You can get in touch with one of my team members in the email given below. He will be available to assist you anytime. Email: damien.martin@shuftipro.com
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