Raiffeisen Group’s Tatra Banka introduces selfie onboarding

Source: Innovatrics

A world leader in biometrics technology, Innovatrics is pleased to announce that Tatra banka, a division of Raiffeisen Group, has fully automated its customer authentication and onboarding process with Innovatrics’ Digital Onboarding Toolkit (DOT).

DOT is a ready-to-deploy technology that integrates optical character recognition (OCR) and state-of-the-art facial biometrics into a mobile application.

How DOT Works
According to Peter Martiš, Innovatrics’ Chief Sales Officer, “The artificial intelligence powering DOT knows hundreds of so-called facial vectors, i.e., characteristic facial features such as eye distance, forehead size, or nose distance. This smart system recognizes millions of faces and specifically knows what to look for when verifying at incredibly high speeds. It always chooses the features that define the person's face.”

Built upon the principles of machine learning and deep neural networks, DOT makes it possible for customer onboarding to be accomplished in two simple steps using the client’s own mobile device without having to visit a brick-and-mortar branch, resulting in a significant reduction in errors, time, and resources.

First, users take a photo of both sides of their identification card. Next, users are prompted to take a selfie to verify that the image is, indeed, the same as the picture on the submitted ID. The system focuses on facial features that remain unchanged even as people age or gain weight.

To further secure the system, a ‘Liveness Test’ is conducted, wherein the client has to follow with his or her eyes a randomly moving dot appearing on the mobile screen. When displaying sensitive information, the screen is automatically blurred if the system is unable to detect a legitimate user. Using the device’s front camera, Innovatrics’ proprietary technology scans the user’s eye movements, facial features, and light conditions in order to authenticate the identity -- safeguarding the user against spoofing and account misuse.

Why Tatra banka Implemented DOT
Recognized as the Best Consumer Digital Bank in Central and Eastern Europe, Tatra banka implemented DOT to enable online accounts and mobile customers with full-service functionality. “In commercial and consumer banking, a key, strategic challenge is the acquisition of new-to-bank customers. Our goal was to simplify and completely automate the entire process of opening a current account and drawing a loan, while enabling existing remote and mobile customers with full account access and functionality.
Innovatrics’ solution provides a very effective link between the mobile phone, the bank, and the Ministry of Interior. According to recent surveys, up to 30% of the total number of newly opened accounts, and more than 50% of accounts opened by students, are created using digital onboarding,” explained Michal Liday, Chairman of the Board of Directors and General Director at Tatra banka.

Though online accounts have been around for years, the word ‘online’ has usually applied only to online electronic requests. After making a request, a client had to wait for a courier, transfer a small amount of money from another account, or visit a branch to activate the account in order to use it. With DOT, Tatra banka empowers online accounts to immediately send or transfer funds, enact ATM withdrawals, make loan applications, and even set up new accounts. This innovative approach employing facial biometrics not only is secure in authentication and verification, but also results in saving time for clients by up to 70% against standard bank operations.

Per recent customer surveys conducted by Tatra banka, Innovatrics’ DOT is well-received, especially for its convenience and time efficiency: “It’s stylish and the world is coming to it anyway; it will be used everywhere. I don’t want to visit the branch. It saves me a great deal of time.”

Aided by Innovatrics’ industry-leading solutions, Tatra banka, a member of the Austrian Raiffeisen Bank International AG, continues to offer the most innovative and secure day-to-day banking services in Central and Eastern Europe.

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