Biometrics facial recognition: the future of ID verification in banking

Event Details

Biometrics facial recognition: the future of ID verification in banking

Time: September 7, 2017 from 6pm to 7pm
Location: USA
Event Type: business
Organized By: jackson
Latest Activity: Sep 7, 2017

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Event Description

With the rapid growth in digitisation, new technologies and new user behaviours are revolutionising the ways in which financial and banking institutions interact with their customers. Take for instance new account opening and customer onboarding processes: banks are required to follow Know-Your-Customer (KYC) policies mandated by regulators and governments.

Effective KYC compliance has become necessary to know the true identity and detailed information of any customer. For this reason, financial and banking institutions are looking for KYC Software with identity verification technologies such as biometrics facial recognition to meet regulatory requirements and cut down fraud losses. Identity verification is also beneficial for customers and banks alike because of increases in convenience and security.

An effective biometrics facial recognition solution is CumulusPro’s IDentify+. It provides financial and banking institutions a fast and simple way for customers to easily verify their IDs and other credentials to meet KYC requirements, and ensure they are onboarded quickly and securely.

Running on a cloud-based platform, IDentify+ can instantly extracts the bio-data from government issued ID documents such as driver licenses, passports, and national IDs. It then auto-populates the information into the transaction forms while validating it against set regulatory policies.

About IDentify+

IDentify+ is an innovative, cloud-based ID verification cloud platform powered by CumulusPro. It delivers a fast and simple customer onboarding experience, reduces fraud and expedites regulatory compliance. The benefits of IDentify+ are:

  • ID verification and facial recognition work together to ensure compliance and curtail many types of fraud

  • ID capture for frictionless form prefill for quick and efficient onboarding

  • Facial recognition ensures applicant in possession is the owner of the ID

  • A.I. extraction engine prefills forms with data from driver licenses, national IDs, passports in real time

  • Liveness detection can differentiate between a live picture and a video

  • The ID Verification KYC software can also be easily integrated into any mobile app (iOS or Android) with the help of IDentify+ Mobile SDK.

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