Big Brazilian bank launches facial biometrics for auto loan applications
Brazil’s largest private bank, Itaú Unibanco, is launching facial biometrics to improve the customer experience of vehicle financing applications while reducing fraud, ZDNet reports.
The tool will be available in more than 10,000 locations, beginning this month. Dealerships and partner stores initiate the application on the Itaú platform, with the bank’s customers providing information for the request. The bank then contact’s customers by SMS and email to perform an identity authentication by taking a selfie for biometric matching.
“Investing in technology to develop innovative solutions aims to reduce bureaucracy in the process of buying and selling vehicles, improving the consumer experience and, consequently, the efficiency of the entire automotive chain,” says Itaú Unibanco Director Rodnei Bernardino de Souza. “We work based on this premise with the mission of facilitating the client’s and the shopkeeper’s journey, making the operation more digital to ensure an even safer and more agile process for all.”
Itaú was one of seven Latin American banks that signed up for behavioral biometric fraud prevention services from BioCatch last year, and also launched cameras equipped with artificial intelligence and facial biometric technology in branches earlier this year to boost security and measure cue time for improved customer service, according to ZDNet.