Biometric Onboarding Breaks Down Barriers to Financial Inclusion for Banco Estado Chile’s Clients

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 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 Chile implemented Innovatrics’ Digital Onboarding Toolkit (DOT) and Automated Biometric Identification System (ABIS) to streamline customer onboarding and secure identity verification.

Results achieved thanks to biometric onboarding:

• Efficiency: Scalable onboarding capable of handling 10 million users and up to 50 onboardings per minute.
• Streamlined Onboarding: Reduced need for physical visits and paperwork, providing a fast and convenient onboarding process.
• Enhanced Security: Significant reduction in fraud through accurate biometric verification and passive and active liveness.
• Financial Inclusion: Enabled banking access for individuals lacking traditional IDs and those limited by their physical abilities or geographic location