Say goodbye to passwords and say hello to selfies
Innovative and frictionless solutions are the protagonists in Latin American businesses, in particular for banks and financial institutions.
The best part? They are affordable for small and medium-sized companies.
Biometrics: revolutionising the financial sector
The Secure Onboarding Process (SOP) platform of our partner VU uses a biometric system that allows to authenticate people's identity remotely by reading an ID card and a selfie.
In the first instance, it recognises some characteristic features (such as voice, face and fingerprints) and registers them in a database. The system then analyses these features and derives characteristics that it will associate with that individual.
When validating the identity, the system checks the data it obtains against the data it has stored in the database. If the characteristics do not match, authentication does not take place.
For this reason, it secures identity, as well as preventing identity theft and transactions on behalf of third parties.
The solution to the rescue for secure digital processes
Technology is advancing so fast that it is sometimes difficult to keep up with it. In the current context, digitisation has accelerated even more and mobilised users to digital platforms.
Deciding which tools, applications or solutions to implement to improve people's experience, while being concerned about information security, becomes one of the main challenges.
With alternatives such as biometrics, it becomes easy to create a secure digital journey for you and your users. According to a study by Juniper Research, biometrics will be a major player, authenticating more than $3 trillion in transactions by 2025, up from $404 billion in 2020.
Trust and security: the most important assets
Online shopping, banking transactions and accessing companies' digital channels (such as apps) are some of the actions most frequently performed by users. Having security mechanisms in place to validate their identity is key to building trust.
Long, hard-to-remember passwords are becoming obsolete and easy to crack. Today, people feel safer using quicker and less frictionless methods when logging in or registering on a digital platform.
