Raiffeisen’s Tatra bolsters onboarding with Innovatrics’ DOT

Tatra banka, a division of Raiffeisen Group, has tapped Innovatrics’ Digital Onboarding Toolkit (DOT).

Headquartered in Bratislava, Slovakia, Tatra will leverage DOT to fully automated its customer authentication and onboarding process. DOT is a ready-to-deploy technology that integrates optical character recognition (OCR) and state-of-the-art facial biometrics into a mobile application.

Peter Martiš, Innovatrics’ chief sales officer, “The artificial intelligence powering DOT knows hundreds of so-called facial vectors, i.e., characteristic facial features such as eye distance, forehead size, or nose distance. This smart system recognises millions of faces and specifically knows what to look for when verifying at incredibly high speeds. It always chooses the features that define the person’s face.”

Innovatrics’ DOT leverages uses machine learning and deep neural networks to make customer onboarding accomplished in ‘two simple steps’. Through the toolkit, onboarding can be achieved through the client’s own mobile device without having to visit a brick-and-mortar branch, resulting in a significant reduction in errors, time, and resources.
Users take a photo of both sides of their identification card. Next, they are prompted to take a selfie to verify that the submitted ID.

To further secure the system, a ‘Liveness Test’ is conducted, wherein the client has to follow with his or her eyes a randomly moving dot appearing on the mobile screen. When displaying sensitive information, the screen is automatically blurred if the system is unable to detect a legitimate user.

Innovatrics’ technology scans the user’s eye movements, facial features, and light conditions in order to authenticate the identity — safeguarding the user against spoofing and account misuse.

Michal Liday, chairman of the board of directors and general director at Tatra banka, said: “In commercial and consumer banking, a key, strategic challenge is the acquisition of new-to-bank customers. Our goal was to simplify and completely automate the entire process of opening a current account and drawing a loan, while enabling existing remote and mobile customers with full account access and functionality.

“Innovatrics’ solution provides a very effective link between the mobile phone, the bank, and the Ministry of Interior. According to recent surveys, up to 30% of the total number of newly opened accounts, and more than 50% of accounts opened by students, are created using digital onboarding.”

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