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 guarantees the identity, as well as prevents identity theft and operations 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.
In the financial sector, deciding which tools, applications or solutions to implement to improve the user experience, while being concerned about information security, becomes one of the main challenges.
With alternatives such as biometrics, it is easy to create a secure digital journey for you and your users. According to a study by Juniper Research, it will be the big player: it will enable more than $3 trillion in transactions to be authenticated by 2025, up from $404 billion in 2020.
Trust and security: the most important assets for financial institutions
Paying for products, performing banking transactions and accessing digital channels of banks or financial institutions are some of the actions most frequently performed by users. Having security mechanisms to validate their identity is key to generate 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.
We help you create a safe digital journey for your customers.
At Isbel we work with VU alongside banks and financial institutions in Latin America to create secure and frictionless digital experiences. One of our specialties is cybersecurity: we advise, train and implement solutions focused on identity protection and fraud prevention.
