Nequi is shaking up the banking sector in Colombia with an innovative platform and offering account access exclusively through a user’s mobile device using the convenience and security of biometric authentication.
Customers will enroll their biometrics immediately upon opening their account as Nequi guides them to a new age of fintech services. Nequi is using Daon’s IdentityX® Platform for mobile biometric authentication and will be the first financial institution in Colombia to feature biometrics in live production.
Starting with facial recognition, that includes “liveness” techniques, Nequi customers will authenticate with a selfie whenever they change devices or SIM cards, reset passwords, or reactivate an account. Nequi will ultimately deploy biometrics (facial recognition) for mobile login as a gateway to their mobile application and add voice recognition as an additional biometric modality.
“In February, when we went to Mobile World Congress 2016 in Barcelona, biometric authentication was one of the novelties, but the good news was we were already piloting this technology,” said Andres Vasquez, Director of Nequi. “Nequi prides itself on being at the cutting edge of innovation, similar to any Silicon Valley startup.”
By incorporating the IdentityX Platform, Nequi offers a better user experience than traditional authentication techniques, protects against account takeover, and secures high-risk transactions with biometric step-up authentication.
“We work with truly innovative customers who want to give their users the best digital experience,” said Tom Grissen, chief executive officer at Daon. “The Nequi brand exemplifies this approach to financial services, removing friction from the authentication process and establishing trust by verifying the person, not a password or dongle. The IdentityX Platform provides Nequi’s customers the added convenience and security they are looking for when managing and accessing their financial accounts.”