Through this move, Security Bank seeks to further advance its digital transformation while also underlining its commitment to offering a secure, simplified, and customer-focused banking experience. In its decision to select Entrust as its partner, the bank took into consideration the latter’s capabilities in delivering secure digital identity verification and prior experience in the financial sector.
The collaboration with Security Bank comes just a little over a month after Entrust rolled out the NFC Issuer Wallet Solution for iOS, enabling European financial institutions to develop their wallet within their banking app. The service was projected to offer an augmented customer convenience with digitised payment cards and tap-and-pay for both Apple and Android smartphones.
As part of their alliance, Security Bank is set to utilise the Entrust Onfido Studio platform, which merges advanced security capabilities with fraud detection features, including deepfake detection and prevention. With the platform’s flexible orchestration abilities, the bank seeks to develop customised onboarding workflows while also falling in line with regulatory requirements. Commenting on the news, representatives from Entrust mentioned their company’s commitment to assisting Entrust in further improving digital banking in the Philippines.
Furthermore, collaborating with Entrust has provided substantial results for Security Bank, including an increase in customer onboarding completions and a minimisation in onboarding times. The bank is also utilising Entrust’s technical team, benefiting from ongoing developments and best practices to augment the user experience. Initially, Security Bank aims to focus on retail banking onboarding, however, the financial institution intends to extend Entrust identity verification solutions across its wider portfolio of services. The company’s technology is set to be used to optimise the customer experience across more digital services, in turn delivering consistent security across all banking segments.
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