Revolutionizing Bank Customer Service with Biometric Technology

Key takeaways

Identity verification (KYC) is crucial for effective onboarding and customer service in banking.

Biometric solutions significantly improve banking processes, reducing fraud and enhancing user experience.

Manual processes in banking are prone to errors and fraud, while automated solutions offer speed and accuracy.

Didit offers a free, comprehensive KYC and AML (optional) solution for banks and neobanks, ensuring regulatory compliance.

Understanding customers and meeting their demands is key to the prosperity of any company, regardless of the sector. That's why banks and neobanks must be careful in responding to their users' needs: onboarding processes and customer service that are accurate, secure, and effective.

Going to the local branch to open an account is a thing of the past. Now, with a selfie and a photo of the required documentation, practically anyone can have a new bank account. But what's behind these processes?

Identity verification or KYC (Know Your Customer) has become crucial for banks and neobanks to offer an effective onboarding system and subsequent optimal customer service. Personalizing experiences, products, or services can only be done after correctly identifying the person.

It's time for the banking sector to adopt identity verification technologies that close the door to human errors and fraud while providing an excellent experience for their customers. For this, nothing is better than solutions that verify documentation, its authenticity, and, through biometrics, are capable of ensuring correct validation.

What Happened Before Biometric Tools?

Without the appropriate technology, most processes related to banking services were manual and excessively time-consuming. The result? A user experience that could be greatly improved. Look back in time, do you remember how long it took you to open your first bank account? It was probably more than 15 minutes, as they had to do all the mandatory checks.

The process was completely manual. This forced users, on one hand, and banks, on the other, to fill out and complete one or more forms by hand. Therefore, the possibility of making a mistake was high, as it happens with almost any manual task.

The possibilities of fraud were also much greater. The documentation provided by people trying to contract banking products could be manipulated without the human eye being able to detect it. Operators were often unable to detect and differentiate clones, practically perfect in terms of shape, size, or color, from legitimate official documents.

Fortunately for banks, neobanks, and users, times have changed. And they have changed to improve onboarding processes and customer service within the sector.

An Exponential Improvement for the Banking Sector Thanks to Biometric Solutions

Biometric solutions represent an exponential improvement in the relationship between the banking sector and users. These tools help banks and neobanks offer better onboarding and customer service solutions. A procedure that previously could take several minutes, such as identity verification or KYC, can now be done in just a few seconds.

These systems are effective, secure, and automatic, allowing companies in the banking sector to improve and optimize their processes safely, while also providing a great user experience. Fraud, such as identity theft in the industry, will no longer be a problem thanks to biometrics.

That's why more and more banking companies are deciding to incorporate these identity verification systems with biometrics into their processes. Many of them opt for in-house systems, with an entire department dedicated exclusively to this task, while others prefer to outsource the service.

For the latter, Didit is the perfect partner, as we offer a completely free, unlimited, and forever identity verification solution, regardless of the number of verifications or company size.

Didit's KYC and AML Software for Banks and Neobanks

Didit offers an optimal identity verification (KYC) solution for the banking industry, enhanced with optional AML Screening. This comprehensive software consists of three pillars:

• Document verification, which allows us to ensure the authenticity of the information and extract the information.
• Facial recognition, which allows us to ensure through biometrics that the person is who they claim to be, without risk of deepfakes or other similar frauds.
• AML Screening (optional), which allows us to ensure that the verified identity is not on any sanctions lists for money laundering or is a Politically Exposed Person (PEP). This becomes relevant, mainly, after news such as the sanction imposed on TD Bank, Canada's second-largest bank, for problems with its anti-money laundering solution. You can read the full story here.

In this way, and thanks to Didit's identity verification solution for banks and neobanks, companies ensure regulatory compliance in both KYC and AML without skyrocketing their operational costs.

If you want to know more about how Didit can help your bank or neobank, click on the banner below and our colleagues will guide you to offer a solution tailored to your unique needs.