BBVA Italia became the first 100% digital bank in Italy in 2022, and has continued to be successful ever since. At the end of the third quarter it already had 108,000 customers and expects to close the year at the 160,000 mark. According to Onur Genç, the bank’s CEO, BBVA’s goal in Italy is to be a perfect combination of digital and traditional banking.
To achieve this, it is essential to have reliable technology for attracting these new customers that allows them to scale, without neglecting the experience of its users, from the youngest, to the oldest.
Veridas digital onboarding comfortably meets these requirements thanks to its processing speed and ease of use. New customers scan their ID card on both sides and complete the process with a short video to verify that they are the same person as on the ID card and that there is no attempt at fraud or identity theft.
Biometrics, an excellent asset for the financial sector
BBVA Italia is yet another example of the successful incorporation of biometric technologies in the financial sector. Digital onboarding allows settling a solid and reliable customer base that opens a world of possibilities such as:
- Access to Apps or private areas with biometrics: authentication with facial biometrics allows users to log in with a selfie, leaving behind passwords and keys that are much more vulnerable to fraud.
- Transaction or movement authorization: biometrics can be used as a single or second authentication factor.
- Biometric payments: biometrics can also be used as a frictionless payment method that allows users to pay without carrying their cell phone.
- Access to facilities with facial recognition: Facial biometrics allows access to facilities to be controlled securely, verifying the real identity of the people accessing and not their credentials, which others can often use.
- Voice identification in Contact Centers: Another of the most significant success stories that BBVA has implemented is the proof of life using voice biometrics for its pensioners in Mexico. This technology allows pensioners to verify that they are still alive with a simple phone call without the need to go to a branch.
- Renewal of expired identity documents: Document verification technology allows customers to renew their expired identity documents easily and securely, verifying the validity and authenticity of the document digitally and instantly.
- Biometric signature: Thanks to biometrics, BBVA Switzerland also allows new customers to sign with their biometrics after the onboarding process in a very simple way.
- Detection of duplicate identities in databases: Biometrics also makes it possible to identify duplicate individuals in bank databases who may be committing fraud by opening multiple accounts under false identities.
Undoubtedly, onboarding technology represents only the beginning of all the possibilities that biometrics offers financial institutions. New users increasingly demand this type of interaction with companies as it allows them to prove their identity securely and securely. In this regard, the European Banking Authority recently announced guidelines for using these tools. Likewise, the Spanish Senate recognized in its Official Gazette that biometrics is the only way to guarantee the identity of individuals with certainty.
This makes it all the more important to have a reliable and experienced provider in the market, capable of solving any identity verification and user authentication scenario.
Veridas’ phygital approach offers an entire identity strategy under one platform. Hundreds of customers in more than 25 countries already trust us.