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Learn moreBiometric Onboarding Breaks Down Barriers to Financial Inclusion for Banco Estado Chile’s Clients
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Banco Estado Chile, the nation’s only public bank, is both the largest mortgage lender and the largest issuer of debit cards in Chile. The bank was looking for a new, more inclusive solution that should address the need to open its services to disadvantaged people, who are limited by their physical abilities or geographic location.
Banco Estado Chile faced several challenges common to many banking institutions, including lengthy onboarding processes, increased risks of fraud, and the exclusion of individuals due to their socio-economic background or lack of traditional identification documents. These factors affected operational efficiency and left a significant portion of the population underserved by the banking sector. In response, Banco Estado sought a solution to enhance security and streamline customer onboarding that will make banking services accessible even to disadvantaged individuals.
process for customers
in identity checks to reduce fraud
to disadvantaged people
Banco Estado Chile implemented Innovatrics’ Identity Verification Toolkit (IDV) and Automated Biometric Identification System (ABIS) for streamlined customer onboarding and secure identity verification.
IDV captures and verifies biometric data such as facial images using mobile devices. This data is used to accurately and quickly confirm customer identities. Each onboarding includes multiple biometric verifications to guarantee thorough identity checks, incorporating OCR, liveness detection, and face extraction. On the ABIS side, a new module was developed for Onboarding and Investigation. It utilizes traditional IDV Servers and adds a persistence layer and new features to the ABIS user interface. This crucial component allows the collected data to be stored reliably and efficiently over time, enabling the system to check and detect any irregularities on the submitted document during onboarding.
by deploying active and passive liveness detection
via smartphones
By using biometric onboarding, Banco Estado Chile has made banking accessible to individuals lacking traditional identification documents or those with disabilities. The system supports visually impaired individuals and others facing challenges with conventional onboarding processes.
The user-friendly process ensures customer satisfaction by allowing them to be onboarded
through their mobile devices without needing to visit a branch. Real-time processing
and verification streamline the user experience, allowing immediate access to banking
services. The use of existing mobile devices for capturing and verifying biometric data
minimizes the need for additional infrastructure investments.
through biometric technology
to enhance customer satisfaction
Biometric data ensures high accuracy in identity verification, significantly reducing the risk of fraud. Active and passive liveness detection confirms the presence of the individual during onboarding.
Innovatrics IDV facilitates secure and hassle-free customer onboarding, reducing the need for physical visits and paperwork. Such a system makes onboarding faster and more convenient than the usual branch visit.
The use of existing mobile devices for capturing and verifying biometric data minimizes the need for additional infrastructure investments. The system is designed to handle 10 million users and process up to 50 onboardings per minute, ensuring it can manage high transaction volumes effectively.
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