Biometric onboarding gains in financial services, iProov report shows

Tuesday 28 July 2020 13:01 CET | News

A report made by iProov has revealed that the adoption of a new onboarding process has increased Rabobank’s channel share from 35% to 60% in 2020.

According to Biometric Update, the report, called Top Considerations for Online Onboarding in Financial Services, explores how financial institutions can make the onboarding process as simple as possible for customers, while still preventing fraud and complying with Know Your Customer (KYC) regulations. 

Moreover, the partnership with Rabobank is used as a case study, with the creation of a mobile app for onboarding, the integration of ID document checking technology from InnoValor, and iProov’s biometrics, including Genuine Presence Assurance, while authenticating the applicant’s identity. 

Rabobank adopted the new onboarding process after realising that its legacy branch-based process does not appeal to 18-year old customers signing up for their first adult bank account, and is currently onboarding 300 customers a day with biometrics through mobile processes, while 80% of them using NFC.

On the other hand, iProov is pitching biometric identity verification with liveness checking as a way to prevent the creation of fake social media accounts and abusive behaviour on the platforms. Accordingly, Facebook began requiring identity verification of some US-based users who are observed to show certain behaviour patterns with an ID document image, but without authenticating the user against the document. Twitter is also reported to be piloting user identity verification.

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Keywords: iProov, report, onboarding process, Rabobank, channel share, Top Considerations for Online Onboarding in Financial Services, Know Your Customer, KYC, InnoValor, biometrics, Genuine Presence Assurance, NFC, biometric identity verification
Categories: Fraud & Financial Crime
Countries: World
This article is part of category

Fraud & Financial Crime