Tatra Banka enables account opening with a selfie
Tatra Banka, a subsidiary of Raiffeisen Group in Slovakia, has fully automated its customer authentication and onboarding process with Innovatrics’ Digital Onboarding Toolkit (DOT).
Innovatrics says its DOT offering, built upon the principles of machine learning (ML) and deep neural networks, requires just “two simple steps” for customer onboarding on a mobile device, without having to visit a physical branch. This, emphasises the vendor, results in “a significant reduction in errors, time, and resources”. For clients, it can save them up to 70% compared to standard bank operations.
First, users take a photo of both sides of their identification card. Next, users are prompted to take a selfie to verify that the image is, indeed, the same as the picture on the submitted ID. The system focuses on facial features that remain unchanged (even as people age or gain/lose weight).
Security features include a “liveness test” – the client has to follow with his/her eyes a randomly moving dot appearing on the mobile screen.
Also, when displaying sensitive information, the screen is automatically blurred if the system is unable to detect a legitimate user.
Using the device’s front camera, Innovatrics’ proprietary biometrics technology scans the user’s eye movements, facial features, and light conditions to authenticate the identity.
“In commercial and consumer banking, a key, strategic challenge is the acquisition of new-to-bank customers,” comments Michal Liday, chairman of the board of directors and general director of Tatra.
“Our goal was to simplify and completely automate the entire process of opening a current account and drawing a loan, while enabling existing remote and mobile customers with full account access and functionality.
“Innovatrics’ solution provides a very effective link between the mobile phone, the bank, and the Ministry of Interior,” he says.
Liday cites statistics, according to which up to 30% of the total number of newly opened accounts in Slovakia are created via digital onboarding. More than 50% of accounts opened electronically belong to students.
“Though online accounts have been around for years, the word ‘online’ has usually applied only to online electronic requests. After making a request, a client had to wait for a courier, transfer a small amount of money from another account, or visit a branch to activate the account in order to use it,” Innovatrics.
“With DOT, Tatra empowers online accounts to immediately send or transfer funds, enact ATM withdrawals, make loan applications, and even set up new accounts.”