Lloyds Banking Group has improved its digital identification and authentication capabilities through new partnership with Callsign.
As part of the deal, Lloyds will be deploying the Callsign solution across all its core brands, better protecting its customers from fraud.
Callsign’s platform works by using real-time, AI-driven identity and authentication technology to leverage multiple data points to help ensure consumers are who they claim to be. Banks can use Callsign to reduce fraud, meet PSD2 compliance, improve user experiences, improve security, boost KYC protocols and lower operational costs.
To help banks protect the security of their customer data and transactions, its solution monitors real-time data points, acknowledging when behaviour is abnormal, and implements further steps of authentication when needed.
Callsign CEO and founder Zia Hayat said, “We have already built a brilliant foundation with Lloyds Banking Group and I am thrilled at the prospect of continuing our working relationship.
“Our solution will enable the bank to go even further in maintaining a premium customer experience when it comes to identification, traditionally a challenging thing to achieve.
KYC solutions have been very popular among traditional financial institutions. Earlier in the month, six Nordic banks came together to create a KYC company to offer large and small-sized companies in the Nordic area with automated KYC services.
This month also saw Deutsche Bank Wealth Management partner with software builder Finantix to receive support for its KYC protocols. Metro Bank has also been involved in recent activity in the space, signing a new three-year deal with Artesian.
Copyright © 2018 RegTech Analyst
