[Case Study] Digital Banking Innovator - Pioneering banking app, powered by platform flexibility and best-of-breed biometrics

See how a partnership with Daon helped a financial services pioneer launch a market-leading banking app in its customers' native language, fully secured by voice and face biometrics 

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THE CHALLENGE

A digital banking innovator wanted to offer a superb customer experience to its young customer base, featuring a cutting-edge banking app powered by biometrics. But inflexible licensing and engagement models offered by biometric technology vendors frustrated its development efforts. It needed to find a vendor who could work flexibly, iterating different versions of the enrollment process until it offered a seamless experience.

THE SOLUTION 

The bank reached out to Daon and found the partnership approach it was aiming for. Working closely with the bank’s Innovation VP, Daon built, customized and refined the app using multifactor authentication. Daon incorporated its own facial matching algorithm and a voice technology from another vendor the bank had selected; both voice and facial recognition were available in the app when it launched into the market.

THE ROLLOUT

Customer reaction was excellent: the app was successfully launched in the local language of the bank’s customer base and expanded to a second territory. A weak link in the solution, however, was the voice element, which came with an inflexible software licensing model from the third-party vendor. After considering its options, the bank chose to move away from the legacy voice technology and upgrade to the latest release of Voice X, Daon’s own voice matching algorithm.

A SEAMLESS SWITCHOVER FOR CUSTOMERS

The bank successfully made the switch, and not a single customer had to re-enroll a new voiceprint. All voice files – maintaining local, non-English language prints – were migrated, and the changeover was invisible to end customers. Best of all, the bank has achieved its goal: it’s enhanced its market reputation for thought leadership, being the first to successfully feature multi-modal biometrics in its banking app, including best-of-breed voice recognition. VoiceX is also delivering cost savings, thanks to Daon’s licensing model and the fact that it uses less physical infrastructure.

Download the full case study here.

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[Case Study] International Banking Group - Looking to the future with biometrical secured banking

See how Daon is supporting a banking group’s modernization program by letting customers authenticate via their mobile phone.

IBG case study social

THE CHALLENGE

An international financial services group was modernizing its digital banking services and needed a new solution to authenticate customers. It had to be convenient for customers, meet stringent new compliance requirements, and work seamlessly across multiple bank brands in the group.

THE SOLUTION 

The banking group chose Daon, both for the proven ability of the IdentityX security platform to provide Strong Customer Authentication, and for the design and architecture capability of Daon's services team. IdentityX allows bank customers to verify their identity using multiple factors: something they possess, something they know, and something they are, e.g. a biometric attribute confirmable by a fingerprint, voice or facial recognition.

THE ROLLOUT

The orderly migration of more than 5 million bank customers is being completed over a nine-month period. The single IdentityX instance can be used for multiple bank brands, eliminating duplication of infrastructure while ensuring total separation of customer data.

GETTING CLOSER TO CUSTOMERS 

The Daon solution delivers compliance and convenience, letting customers authenticate easily with the mobile phone that's already in their pocket. It also opens the doors to a deeper relationship with customers, including push notifications for account alerts or upsells. 

Plus, IdentityX enables server-side voice and face matching for future capabilities, like voice recognition for the call center.

Download the full case study here.

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[Case Study] Polarify: Joint Venture for Cross Channel Biometric Authentication & e-KYC

Learn about the benefits of Polarify, Daon's joint venture with Sumitomo Mitsui Financial Group/Sumitomo Mitsui Banking Corporation and NTT Data

Polarify Blog

THE CHALLENGE

Japanese service providers wanted to offer a better experience to their customers, both in customer registration for new services, i.e. digital onboarding or e-KYC and when accessing services or approving transactions. If every service provider developed their own solutions, that would introduce even more friction for customers and costly duplication of effort.

THE SOLUTION 

Sumitomo Mitsui Financial Group/Sumitomo Mitsui Banking Corporation, one of Japan’s largest financial groups, along with its technology partners NTT Data asked Daon to bring its technology and expertise to a new joint venture. The result is Polarify: a service that delivers cross channel secure and convenient biometric authentication and e-KYC for streamlined digital onboarding.

THE MARKET REACTION

Polarify quickly became an attractive alternative by offering best-of-breed biometric authentication and onboarding capabilities as a service within the Japan market. With Daon as its partner, Polarify delivers a future-proofed solution for customers, who include not just banks, but also some of the world’s most prestigious ecommerce and insurance companies, including Japan’s largest life insurance company.

THE E-KYC AND TRUSTED AUTHENTICATION OPPORTUNITY

Recent revisions to the Japanese Act on Prevention of Transfer of Criminal Proceeds (APTCP) and other Know Your Customer (KYC) regulations enabled Japanese companies to go digital with their customer KYC procedures and particularly to leverage facial biometrics to enable the integrity of e-KYC. Not only that, in a single process, end users can be registered in an e-KYC process and setup for trusted authentication– a market leading business innovation from Polarify that benefits all sides, while still complying with Japan’s strict regulatory requirements.

Download the full case study here.

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[PODCAST] 5 Simple Rules for PSD2 Strong Customer Authentication Success

Chief Legal Counsel, Martin Walsh, and Head of Pre-Sales of EMEA, Eric Gilmore, discuss the 5 Simple Rules for PSD2 Strong Customer Authentication Success. You can also download our free guide about PSD2 SCA to accompany this week's episode and keep you fully informed about the approaching compliance September 2019 deadline. 

Check out more from our new podcast series and hear from various Daon leaders on the latest trends and hot topics driving the identity industry.

 

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[PODCAST] CCPA: the good, the bad, and the newly liable

In this eighth episode in the Daon Podcast Series, we talk with Elliot Golding, partner at Squire Patton Boggs and co-chair of the E-Privacy Law Committee at the American Bar Association, about the coming impact of the California Consumer Privacy Act (CCPA) and what you should know before it takes effect on January 1st, 2020.

Check out more from our new podcast series and hear from various Daon leaders on the latest trends and hot topics driving the identity industry.

 

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[PODCAST] CEO Tom Grissen on the Emotion of Trust

In this sixth episode in the Daon Podcast Series, CEO Tom Grissen explains the emotional aspect of creating consumer trust and predicts how businesses and consumers will change over the next ten years.

Check out more from our new podcast series and hear from various Daon leaders on the latest trends and hot topics driving the identity industry.

 

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[PODCAST] Creating & Protecting Biometric IP

In this fourth episode from the Daon Podcast Series, CFO Diana Donohue talks with Intellectual Property Counsel Kevin McDermott about Daon's more than 100 advanced technology patents.

Check out more from our new podcast series and hear from various Daon leaders on the latest trends and hot topics driving the identity industry.

 

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[PODCAST] GDPR: Biometrics & Consent

In the first episode from the Daon Podcast Series, Senior Legal Counsel, Ruth O’Toole, outlines how the recent EU General Data Protection Regulation 2016/679 (GDPR) defines “Explicit Consent” and how Daon’s technology is fully GDPR compliant in this complex arena. 

Check out more from our new podcast series and hear from various Daon leaders on the latest trends and hot topics driving the identity industry. 

 

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[PODCAST] The Science of Biometrics

In this fifth episode from the Daon Podcast Series, Senior Research Scientist Dr. Mark Kane provides an introduction into biometrics and the issues we solve, particularly with voice authentication.

Check out more from our new podcast series and hear from various Daon leaders on the latest trends and hot topics driving the identity industry.

 

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[VIDEO PODCAST] Introducing Our New President of Emerging Markets, John Sanders

In this seventh episode in the Daon Podcast Series, we welcome our new President of Emerging Markets, John Sanders. John reflects on his career and previous roles as Chief Technology Officer for the Transportation Security Administration (TSA) and Chief Operating Officer and Acting Commissioner for U.S. Customs and Border Protection (CBP), and what he believes is the future of Daon.


Check out more from our new podcast series and hear from various Daon leaders on the latest trends and hot topics driving the identity industry.

 

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[WHITE PAPER] 7 Ways Next-Gen Digital Onboarding Enhances Customer Acquisition

Onboarding Listicle Blog

In-person customer onboarding is painful, inconvenient, and one of the worst ways to make a first impression. But thanks to next-generation biometrics and biometric liveness technology, digital onboarding isn’t just more frictionless—it’s more secure, too. In fact, it’s been proven to reduce abandonment rates and operating costs while simultaneously stopping fraud and maximizing compliance. Learn the 7 Ways Next-Gen Digital Onboarding Enhances Customer Acquisition in our free guide here.

 

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Digital Identity and Document Verification Solving the Issue of Trust

Guest Post by Alan Goode, Founder and CEO of Goode Intelligence

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The question of how we effectively and securely identify people online and enable them to perform digital tasks in a safe and secure manner is one of the fundamental ones of our time.

Digital identity and document verification services solve an immediate problem in how to prove a person’s identity for access to online (remote) services.

In the absence of universal digital identities that can be used across services and borders, document verification services remedy the issue of trust between regional service providers and their users.

The ability to onboard new customers through remote digital channels, both web and mobile, is a pressing need for many organisations looking to reduce their physical footprint and support digital transformation projects while reducing the risk of fraud. Digital identity and document verification services aim to support digital onboarding and meet the latest AML, KYC and Customer Due Diligence (CDD) regulations.

A combination of ever-more accurate facial recognition, document verification and a wider variety of verifiable identity sources (data and signals) increasingly powered by machine learning (ML) and artificial intelligence (AI) are enabling service providers to adopt digital identity and document verification services in ever-increasing numbers.

Digital identity and document verification services, specifically, answer the following questions:

  • Is it a real user?
  • Is the user authorised to use the data it presented?
  • Can the service provider conduct business with the user?
  • What is the risk of doing business with the user?

For further insights and key market drivers for these services, download “The Digital Identity Problem – Solving the Issue of Trust” here.

About Goode Intelligence

Goode Intelligence is a leading identity and biometrics research, consulting and events organisation founded in 2007, based in London. For more information about Goode Intelligence, please visit www.goodeintelligence.com.

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Insights from FODOx2019

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For those who weren't able to join us at the Future of Digital Onboarding and Customer Experience Summit for Financial Institutions in London earlier this month, the bad news is you missed a great conference and a particulalrly intriguing keynote from Daon's EMEA/APAC President Clive Bourke about the New Zealand Government's groundbreaking RealMe digital identity program.

The good news is -- you can still read the full story here.

And as an added bonus, Daon's Senior Project Manager Niall Humphreys spoke with FinTech TV about future of passwords, the financial industry, and the implementation of new technologies into banks. Watch the interview here.

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