Biometric 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 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
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 DOT 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.
Our passion for technology brings biometric benefits to millions of people.
