Daon Blog Team
[CASE STUDY]: Mox Bank

See how biometrics have been designed in from the start to deliver the security and uncertainty required to ensure success 

MoxBank Blog


THE CHALLENGE

Mox, a new virtual bank in Hong Kong by Standard Chartered in partnership with HKT, PCCW and Trip.com, needed a way to achieve seamless, secure onboarding and customer authentication over a mobile device. The onboarding and authentication experience had to offer superb usability and convenience compared to passwords, and help the bank maintain contact with customers over the lifetime of their account.


THE SOLUTION

Biometric technology was a natural fit: it delivers that seamless experience and helps the bank maintain contact and achieve continuous engagement with customers -- something that is especially important for a bank which does not have any branches. Mox selected Daon, global leader in biometrically-secured banking, to provide the core technology that secures the bank's customer app.


BIOMETRICS: A NATURAL FIT FOR A VIRTUAL BANK 

Daon is vital to delivering the security and certainty required to make Mox a success. The Hong Kong deployment follows a number of successful implementations by other international banking groups who use Daon's technology to give digital bank customers a secure, convenient way to verify their identity while also meeting robust compliance requirements. To learn more, visit Case Study: Digital Banking Innovator

Daon Blog Team
[PODCAST] Thought Leaders Corner: Interview with Ashar Nazim, CEO of Aion Digital

We’re proud to launch Daon’s Thought Leader Corner, a new audio space where today’s top thinkers, leaders and experts share their independent perspective on the industry. Our guest today is Ashar Nazim, Group CEO of Aion Digital, one of the fastest growing fintech solution providers in the Gulf Cooperation Council (GCC) and partner of Daon.

Ashar is a fintech investor and board advisor. He is the lead-founder of the digital onboarding platform (Waqfe) that is deployed by banks in the GCC.

Formerly, Ashar was Partner and global head of Islamic banking practice at EY. He led the firm’s advisory practice to build-out 30 major Islamic financial institutions and national level programs across emerging markets.

Ashar also served as Senior Strategist at the Central Bank of Bahrain where he was responsible for the implementation of financial sector reforms. In 2017, Ashar left EY to focus on building fintech businesses for financial institutions. He is working alongside leading regional banks to invest in, and build and operate fintech solutions.

Ashar’s network and unique track record of strategy consulting, operational buildout and customer experience roles gives him a holistic understanding of digital influences driving change for the banking industry. He directed set up of a fintech consortium of banks in GCC, consulted boards of Islamic banks on digital transformation and worked alongside management teams on operationalising digital strategies.

In this first episode, Ashar touches on customer onboarding as the gateway for banks going digital and how Aion’s understanding of the local banking and regulatory landscape ultimately led to the game-changing creation of a unified single market of 34 million GCC nationals.

Check out more from our podcast series and hear about the latest trends and hot topics in identity.

Daon Blog Team
[CASE STUDY]: Target Professional Services

Discover how pension providers are leveraging biometrics and a user-friendly mobile app, mypensionID, to transform the efficiency of customer communications. 

mypensionID Blog


THE CHALLENGE

GDPR requires pension schemes to keep member data updated and to cease payments promptly when beneficiaries pass away. In addition, Target Professional Services, a UK firm specializing in data verification, needed an easier way for schemes to maintain communications with members, and for members to view all their pensions in one place.

THE SOLUTION

Working with IdentityX, Target developed mypensionID: an innovative app that incorporates Daon's best-of-breed biometrics technology. The app makes it simple and secure for pension schemes to onboard their customers, confirm liveness, and open a two-way digital communications channel for the first time.

MARKET REACTION

One of the UK's largest pension schemes is using mypensionID and two further schemes are in pilot, reflecting the industry's demand for a better means of communications than traditional post and email. Payments to deceased beneficiaries remain a billion-pound problem in the UK, and the app makes it faster and easier for schemes to conduct annual liveness checks with members and maintain up-to-date, GDPR-compliant member details.

TRANSFORMING THE PENSIONS INDUSTRY

Looking to the future, the app could allow liveness checks to be done monthly, instead of annually, representing a significant financial benefit by allowing payments to deceased members to cease more promptly. Target believes that mypensionID, and the biometric security it uses, are a good example of the innovations that will become commonplace as the pensions industry continues its digital transformation.

Download the full case study here.