Intelligent CIO Middle East Issue 21 | Page 81

INTELLIGENT BANKING But manual enrolment is not just unattractive to customers. For banks, it is costly and inefficient. Preparing branch staff to reliably and consistently verify ID documents visually, compare the customer’s face with the picture on their credentials, then physically input all their personal details into the system is a major burden. Not only is it time-consuming, but also vulnerable to human error and fraud. Even if it is performed faultlessly, it is hardly likely to deliver the seamless journey that every bank should now aspire to. “Rigorous compliance with the latest legislation must be combined with swift, accessible and seamless end-user experience.” A simple and seamless customer enrolment with a multi- channel solution ID Verification solutions that encompass a suite of solutions drawing on the latest biometric and document authentication techniques to automate KYC and enrolment procedures swiftly and effectively is what is needed in order to streamline the digitalisation process. Banks and other financial institutions need to have options that can be deployed in- branch, in self-service kiosks, or online. In all cases, service providers should have the option of employing proven and familiar biometric authentication techniques, and additional customer risk assessment using PEPs, sanction and watch lists. For consumers, the contrast with long-winded manual procedures could hardly be clearer. For example, with ID Verification Online, one of Gemalto’s solutions, the end- user starts the journey by simply taking a picture of their ID document (passport, ID card, driver license etc) with their preferred connected device, then uploading it to Gemalto’s server. Here it is instantly checked against the world’s largest database of official ID document templates to confirm it is genuine. Next the customer uploads a selfie. This is automatically compared with the picture on the ID, in real time, using Gemalto’s advanced facial recognition systems. Finally, Gemalto’s multi-channel ID Verification captures the personal details on the customer’s ID document and uses them to instantly fill out the enrolment form. Precious time is saved for the customer, and the risk of a mistake being made is all but eliminated. www.intelligentcio.com The reassurance of familiar and intuitive processes Across all these solutions, the techniques employed are tried and trusted by consumers. Over recent years, leading smartphone manufacturers have quickly popularised biometric authentication. Similarly, the concept of the selfie is now part and parcel of popular culture. Every step of the process is familiar, intuitive - and fast. Furthermore, the benefits of this swift, accurate approach to enrolment are not limited to the financial sector. A myriad of organisations and enterprises stand to benefit from rapid verification of new users’ identities, ranging from mobile network operators to healthcare providers and government bodies. Proven and recognised the world over For the financial sector, stringent regulation is now a fact of life. Fortunately, there is widespread evidence that consumers expect – and indeed welcome – measures that address threats such as cyber-crime, ID theft and money laundering. However, the demand for outstanding service and accessibility remains equally strong. Solutions now exist for both public and private sector organisations to implement enrolment solutions that do more than simply minimise the inconvenience of complying with KYC obligations. By embedding these new tools into their wider digitalisation programmes, banks and other service providers can deploy another asset in the quest to acquire and retain new customers, helping to build long term market share and profitability in the years ahead. n “Service providers should have the option of employing proven and familiar biometric authentication techniques.” INTELLIGENTCIO 81