The ‘Germany and UK Banking Survey 2020’ asserts that the prospects of document capture, machine learning technologies, and biometric authentication provides the backbone for change in identity strategy amongst several banks, in addition to growing regulation and a switch to digital platforms by customers. Gur Geva, the Co-CEO of iiDENTIFii, says: “DigiME is a clear example of how software can provide an innovative solution to online identity verification swiftly and accurately without racial or gender bias. As identity fraud continues to increase, the more the world moves into the digital space, it becomes imperative to ensure that financial services clients are protected in every way possible.” iiDENTIFii says 106 million Rand (about US$6.7 million) was lost solely through banking apps in 2019.Īccording to a new study by FICO, with 50% of UK banks that employ identity verification in their current account opening process, customers have to be taken out of channel for verification purposes, however, 32% of customers dump an application that forcefully takes them out of channel. The facial recognition system will be based on data provided by the South African Department of Home Affairs. By using the technology from iiDENTIFii, the bank seeks to provide a more robust customer authentication process through liveness detection, ID documentation, and selfie biometric checks. In a bid to digitise some of its processes such as loan approvals and account opening, Standard Bank of South Africa has adopted iiDENTIFii’s DigiME biometric system. BioCatch promotes the benefits of behavioural biometrics as South African bank adopts iiDENTIFii facial recognition system
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