BBVA, first bank to incorporate the digital registration of minors
If there is one thing BBVA is known for, it is its continuous spirit of innovation and improvement. Its mobile app has been recognized on numerous occasions as the best banking app in the world. And the latest step taken by the bank in the expansion of its digital strategy is to enable the remote registration of minors between 14 and 17 years of age in its app.
In this way, and under the supervision of their parents or legal representatives, they will be able to carry out different operations such as checking their balance, topping up their cell phone, withdrawing cash or operating Bizum.
Secure digital onboarding, the key to expanding digital services and attracting more customers
The extension of the bank’s online services in more countries or to more segments of the population can only be supported by a secure, reliable and friendly registration service for new users.
BBVA was the first bank in Spain to offer remote registration to its customers through its ‘app’ in 2017. From that first moment, it had the support of Veridas to incorporate a technology that would securely verify the identity of its customers in a simple way. Such has been the success of the solution that, just this year, the bank launched a 100% digital branch in Italy, without physical branches, where all interactions with its customers happen virtually.
Veridas digital onboarding makes it possible to verify the identity of new customers, in compliance with the regulations in force in each country.
In terms of fraud prevention, this system allows to put a barrier in one of the most critical moments such as the registration of new customers. Both document verification technology and facial biometrics have anti-spoofing or anti-fraud measures that are capable of detecting fraud attempts such as false documents, alterations in the information, masks, or even deepfakes.
In the case of the registration of minors, the process asks the minor to capture both sides of his or her identity document. Veridas’ ID document verification engine runs more than 30 Artificial Intelligence algorithms that analyze different security measures of the document to determine if it is authentic. In addition, all the information present in the document is extracted, autocompleting the necessary fields for the registration and facilitating the user experience.
This registration is associated to the account of the parent or legal representative who will be able to regulate and authorize the different operations that minors can perform in the application. Upon reaching the age of majority, the bank’s underage customers must complete their registration based on the regulations of the Executive Service for the Prevention of Money Laundering (SEPBLAC), which requires video evidence and subsequent review by an agent.
Veridas’ onboarding solution is compliant with this regulation and facilitates compliance for financial institutions through our video-identification solution.
Bringing banking closer to young people
One of BBVA’s main objectives with this new project is to bring banking closer to young people and help them in their financial education in a controlled way but at the same time giving them a certain autonomy.
Once again, BBVA is at the forefront of innovation in the financial sector with the security of having robust and reliable technology behind it.
More than 12.000 registrations in 2 months
The registration service for minors was launched in October 2022, and in only two months, more than 12,000 minors have already registered. These figures show that this new use case is proving to be a success for the institution, allowing it to reach a large segment of the population early and in advance.