Banking has changed forever. Tedious and manual processes more typical of the 19th century have taken a back seat in recent years after a radical move to incorporate technology and biometrics. Those processes that could take several visits and involve many hours and even days, are now carried out in a matter of minutes. Does this jeopardise the safety of the process? On the contrary.
The era of radical and disruptive technological innovation in which we find ourselves helps us to reinforce security to the fullest in processes as important as those carried out with banks. Never before has there been such reliable access to customer identity documents, and this is thanks to state-of-the-art OCR (Optical Character Recognition) and the possibility of connecting to government databases, which allow the identity presented by the client in their document to be verified in a reliable way.
In addition, this same technology that helps new clients sign up in a matter of seconds can also be applied so that the bank’s clients access their account through facial recognition, with the convenience of passive liveness.
How many accounts are lost to the competition or are left unopened as the user tries to register from their mobile, or because they do not have a branch nearby? Thanks to already available technology, it is possible to leave behind that pre-technological era to which many banks still cling, and decisively join the digital transformation of banking by optimising the new customer registration process with FacePhi’s digital onboarding solution.
These processes allow banks to get to know their customers holistically, without obliging them to visit a branch. The process is so simple that to open an account one only needs a mobile phone and an official identity document.
In their own words, winners of the 2019 Fintech Americas award Banco Pacífico of Ecuador consider that integrating this solution “was the best decision we made.”