Bank credits Innovatrics’ biometric onboarding with cutting transaction time for customers

Raiffeisen Group’s Tatra banka has reduced the amount of time its customers take to complete transactions by 70 percent compared to in-person transactions by implementing Innovatrics’ facial biometrics and other mobile technology, according to an announcement.

The Slovakian financial institution recently launched the Digital Onboarding Toolkit (DOT), which Innovatrics unveiled earlier this year, to onboard customers to its mobile application quickly and securely, the company says. The app uses optical character recognition for document reading and a selfie with a liveness check with proprietary technology which measures eye movements, facial features, and light conditions to verify each customer’s identity.

“Innovatrics’ solution provides a very effective link between the mobile phone, the bank, and the Ministry of Interior,” notes Michal Liday, Chairman of the Board of Directors and General Director at Tatra banka. “According to recent surveys, up to 30% of the total number of newly opened accounts, and more than 50% of accounts opened by students, are created using digital onboarding.”

“The artificial intelligence powering DOT knows hundreds of so-called facial vectors, i.e., characteristic facial features such as eye distance, forehead size, or nose distance,” comments Innovatrics’ Chief Sales Officer Peter Martiš. “This smart system recognizes millions of faces and specifically knows what to look for when verifying at incredibly high speeds. It always chooses the features that define the person’s face.”

Innovatrics also recently joined the International Biometrics + Identity Association.

Article Topics

banking  |  biometrics  |  digital identity  |  facial recognition  |  Innovatrics  |  KYC