November 16, 2016 -
The solution enables financial institutions to collect, process and verify documents and the identity of new applicants in less than five minutes. It operates across multiple channels to give a seamless customer experience, ultimately increasing conversion and reducing the cost of acquisition of new customers.
According to a company statement, the Smart Origination solution reduces identity fraud by up to 99 percent and decreases application abandonment by 40 percent, enabling financial institutions to reduce the financial expense associated with fraudulent customers and more easily attract new customers.
The global collaboration between Fujitsu, ImageWare Systems, InAuth, Intelligent Environments, Mitek Systems and Trunomi builds on existing relationships between the technology providers.
Smart Origination specifically combines each firm’s specialist technology including: Fujitsu’s K5 next generation cloud platform; ImageWare’s multi-modal biometrics technology; InAuth’s advanced mobile and browser device identification, authentication, risk detection, analysis and risk scoring; Intelligent Environments’ digital platform that accommodates any form factor including IoT; Mitek global electronic ID verification, and; Trunomi customer consent management and data permissions in compliance with EU General Data Protection Regulation.
Smart Origination enables financial institutions to consolidate their digital channels approach and take advantage of a more streamlined and secured origination process, all in strict compliance with the incoming EU General Data Protection Regulation.
Gary Fegan, Head of Digital Financial Services Solutions at Fujitsu, said: “The aim was to take a best of breed approach for digital origination and account servicing but also deliver this as a truly integrated and business aligned solution. I believe Smart Origination allows financial institutions to leapfrog 5 years of internal development and concentrate on real customer-focused innovation whilst meeting their regulatory requirements.”
David Webber, managing director at Intelligent Environments commented: “Smart Origination, created as a result of an exciting partnership with a selection of leading fintech innovators, means that financial services firms are now able to offer their customers a seamless and streamlined ID verification and application process at the click of a button.”