INTELLIGENT BANKING
Simplifying identity verification to
aid digital transformation – it’s all
about security and automation
Traditional banking services are changing along with the
expectations of customers. Marwan Elnakat, Digital Banking Sales
CISMEA at Gemalto, explains how the use of technology will result
in a more efficient service and hopefully the end of queues.
When the customer uploads a selfie this is automatically compared with the ID picture
using Gemalto’s advanced facial recognition systems
D
igital technology and a new
generation of consumers are
redefining traditional banking and
financial services, with the rate of change
set to accelerate even further. Millennials
have grown up in a world of 24/7 mobile
connectivity and consequently their
expectation is typically one of instant,
one-click fulfilment.
But the challenges for the financial
sector do not stop there. Authorities
around the world are responding to
threats such as money laundering,
identity theft and the flow of finance to
support terrorism by implementing far
more rigorous regulatory frameworks.
Central to many of these is the
imposition of more stringent
requirements on banks and other
financial service providers to deploy
efficient Know Your Customer (KYC)
and Customer Due Diligence (CDD)
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INTELLIGENTCIO
procedures during enrolment. For long-
established institutions and FinTechs
alike, the scale of the task should not be
underestimated. Quite simply, rigorous
compliance with the latest legislation
must be combined with swift, accessible
and seamless end-user experience.
An outdated approach to enrolment
still dominates the banking sector
To date, enrolment has remained
one of the few banking processes left
largely untouched by digitalisation,
especially in the Middle East region.
Typically, it still requires the customer
to visit a branch in person, join the
queues, and undertake a laborious
manual process. Certainly, it is far
removed from the expectations of a
new generation of consumer who is
rapidly abandoning ‘bricks and mortar’
banking in favour of anytime, anywhere
mobile and digital services.
“With ID
Verification
Online, one
of Gemalto’s
solutions, the
end-user starts
the journey by
simply taking a
picture of their
ID document.”
www.intelligentcio.com