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Eurasian Bank onboards 1 million clients using Oz Forensics’ biometrics

Eurasian Bank onboards 1 million clients using Oz Forensics’ biometrics

Kazakhstan-based Eurasian Bank onboarded over 1 million clients in 2022, with biometric technology provided by Oz Forensics, according to a joint announcement. Another financial services company has signed up for Oz Forensics technology to try and replicate that kind of success with a POS system.

The growth is the latest positive metric to result from Eurasian Bank’s digital transformation, which began in 2021.

“At our institution, we are committed to providing our clients with the best possible service, and our online processes, coupled with the implementation of biometric solutions, help us do just that,” says Ivan Belokhvostikov, deputy chairman of the management board for Eurasian Bank, in the announcement. The bank, which is among the ten largest financial institutions in Kazakhstan, plans to continue to evolve and integrate its services digitally.

Oz Biometry, Oz Forensics’ identity verification tool, and Oz Liveness, a security tool to prevent biometric attacks, featured in the implementation. Artem Gerasimov, the CEO of Oz Forensics, said that in addition to firming up security, the partnership will also result in reduced credit costs for clients.

“Thanks to our implementation of Oz Forensics solutions, over 800,000 customers have already passed biometric authentication, resulting in a highly secure process,” Gerasimov says. “Additionally, our online processes have allowed us to reduce the cost of credit by 2.5 percent.”

“Eurasian Bank has recognized Oz Forensics as one of the key players in biometric fraud prevention and real person verification. This trust has been rewarded with over 1 million successfully onboarded clients. We will continue to integrate even more services to increase the protection layer against future attacks, simplify the customer journey, and digitalize services.”

Eurocapital is the latest financial services company to sign up for Oz Forensics technology, delivered to a POS system in collaboration with Chilean technology integrator RobleLabs.

The same three tools deployed by Eurasian for selfie biometrics, identity verification and liveness detection have been adopted by Eurocapital as its digital transformation reaches credit processes. The technologies were adopted to make the processes more seamless than a previous biometrics implementation.

“At RobleLabs, we installed our biometric POS device in the financial company to enable 26 commercial executives to verify the identity of each person using a biometric match-on-card method,” says Alejandro Juarez, CEO of RobleLabs, IDGroup, Chile. “However, many people had issues with their fingerprints, and that’s where Oz Forensics came in with their innovative facial liveness and biometric comparison solution. After successful identity verification, the local laws permit signing different kinds of private documents in digital form.”

Oz Forensics’ face biometrics have been benchmarked in NIST testing, and implemented for online onboarding processes, online loans and transaction confirmation by banks in Russia, Africa, Asia and Latin America. Last year, the company opened its main business hub in Dubai.

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