Banks improve CX by deploying biometrics for frictionless service and secure transactions
Financial institutions around the world are showing increasing interest in biometric authentication systems not only to boost security, but also to deliver a seamless and frictionless experience for their customers. This week, digital transformation efforts come from the U.S., India, Ukraine and Kuwait. While Enacomm has introduced voice biometrics banking that supports Amazon Alexa, Scripbox partnered with MinkasuPay to secure net banking transactions, Ukraine’s state bank has deployed biometric POS terminals with facial recognition and Kuwait’s government partnered with a local bank to pioneer digital ID registration services.
U.S.: Enterprise Bank rolls out Enacomm’s voice biometrics for Amazon Alexa service
Enacomm’s voice biometrics banking solutions with Amazon Alexa are now available for Massachusetts-based Enterprise Bank customers to improve their customer experience and efficiency, and prevent financial fraud, the company announced.
Enterprise Bank’s Alexa skill for voice banking is an AI-powered digital voice assistant will help customers access their account information, as well as perform daily banking operations such as checking balances, locating branches and ATMs, and transfers.
“Enterprise Bank closely follows technology trends so that we can deliver the highest level of digital convenience to our customers,” said Brian Collins, executive vice president at Enterprise Bank, in a prepared statement. “The time is right to roll out Alexa voice banking, as there’s now a critical mass of smart speaker users—one-in-three U.S. adults.”
In January 2020, as many as 87.7 million adults in the U.S. were using smart speakers, found the Smart Speaker Consumer Adoption Report 2020, a 32 percent year-over-year growth since January 2019 and 85 percent since January 2018. Around that same time, Amazon reported “hundreds of millions of Alexa-enabled devices.”
“Enterprise Bank is proving itself to be a modern-minded leader among community banks by offering voice-directed digital banking,” said Enacomm CEO Michael Boukadakis in the announcement. “The pandemic has accelerated the utilization of digital technologies as people are pressed to learn new ways to accomplish tasks remotely. With in-person contact at an all-time low, the need for technology solutions to create intelligent interactions has never been greater.”
By leveraging voice biometrics, Enacomm’s Virtual Personal Assistant (VPA) secures bank transactions and allows authenticated bank users virtual access to their accounts.
Collins added, “Our goal is to deliver a technology-enriched customer experience that rivals the biggest banks while maintaining the local connection and personal relationships that consumers don’t want to lose.”
In April, Enacomm appointed FinTech veteran Thomas Delaney as Vice President of Financial Sales to expand business development operations and deliver remote voice banking for banks and credit unions.
India: Scripbox partners with MinkasuPay
Indian investment provider Scripbox and mobile payments company MinkasuPay have partnered to deliver biometric security and authentication for fingerprint and facial recognition-enabled internet banking transactions, writes the Economic Times.
MinkasuPay delivers a two-factor authentication system that uses biometrics and smartphones to reduce friction and boost security. Biometric authentication allegedly reduces transaction times to 2 to 3 seconds from 45 to 60 seconds. In the first implementation stage, the service will be rolled out for ICICI-bank account holders, with other banks to follow in the future.
Customers will have to use their username and password to log in to the net banking account, but for all transactions they will use biometric authentication to authorize payments. The Scripbox PayPIN for authorizing payments can also be used if the phone does not have biometric capabilities.
“Industry reports suggest that more than 40 percent people reuse their passwords across different platforms, increasing their vulnerability to cyber frauds,” said in a prepared statement Atul Shinghal, Scripbox CEO. “This is increased with the adoption of digital platforms by customers. It is essential for financial services companies to provide safe authentication for logging into accounts and making payments, while complying with privacy regulations mandated by the RBI.”
“MinkasuPay offers biometric authentication solutions for online payments,” said Anbu Gounder, co-Founder and CEO, MinkasuPay. “MinkasuPay’s patented security technologies make online transactions safer. It uses Public Key Infrastructure (PKI) and cryptographically signed digital signatures for making quick and secure payments.”
Ukraine: state bank launches biometric facial recognition terminals
According to the bank’s head of retail business Yevhen Vasyltsov the technology has been deployed on 260 Android PAX POS terminals, with 7,700 FacePay24 terminals to be launched across the country by the end of the year.
To authorize facial recognition payments, customers have to install the application Privat24 and activate FacePay24 payments. They also have to take three pictures from different angles and link them to a bank card. To authorize payments, users have to select this option on the terminal, face the camera and then confirm the transaction with a PIN code.
“FacePay24 uses one of the world’s leading automatic facial recognition systems Amazon Recognition and ensures complete security of customer personal data, including technical and physical controls, data encryption during storage and transmission,” the bank announced.
Kuwait: Bank partners with government for digital ID registration service
Executive Manager Personal Finance Products at KFH Adel Ahmed Al-Rashood explained in a prepared statement that the ATM machines are self-contained, delivering a holistic approach to digital ID self-registration through smart mobile devices. Digital signatures can also be registered to enable remote digital signing of electronic documents.
The digital ID was approved for official use through the “Kuwait Mobile ID” application, abiding by regulations established by the Cabinet of Kuwait. Kuwait Mobile ID is an innovative government application that enables fast registration for a digital Civil ID and banking transaction optimization, according to the report.