The value of our Verified biometric authentication platform was on prominent display in Fintech Futures Banking Tech recent award to Hamilton Reserve Bank (HRB) for “Best Use of Risk, Compliance & Fraud Protection Technology”. The authID Verified platform competed in a highly competitive category and out-performed Morgan Stanley’s ‘highly commended” Wealth Management Technology Change Risk Assessment. We are honored to be in such great company, and we are even more excited about what this achievement signals for the banking industry and the impact our cloud-based biometric authentication technology can have on a bank’s bottom line.
Through the combination of Verified and HRB’s Temenos digital banking platform, authID.ai’s biometric verification technology has allowed HRB to speed up account onboarding, defend against fraudulent account takeovers, lower enterprise support costs, and ultimately increase customer loyalty. authID’s 99.995+% accurate digital identity technology was able to minimize HRB’s fraud risk by 23% and decrease customer help desk support costs by 67%while simultaneously fortifying defenses against phishing and account takeover scams. Watch the Hamilton Reserve Bank case study videos and download our case study to see Verified in action.
Fintech Futures’ recognition of HRB and authID’s Verified platform demonstrates how biometrics strengthen digital banking and reduces the risk of identity fraud, mitigates password risk, and ultimately deliver seamless, trusted banking experiences for customers. Businesses that incorporate secure cloud-based biometric identity authentication will gain higher assurance of the user behind the device and an indisputable audit trail for valued transactions.
To achieve this award, contestants must prove their successful application of a security or anti-fraud solution that has helped to protect customer transactions at any stage of the banking process or has protected users from fraud more holistically. HRB demonstrated how security and fraud prevention improvements were made, as well as the larger impact it has had on their digital transformation.
The use of facial biometric authentication within digital banking is the most sensible way to improve customer experience as well as the speed –of business. Instead of taking weeks or months to onboard a customer, banks can use Verified to enroll a new account in just minutes. Customers don’t have to worry about someone impersonating them with a photo pulled off the Internet; both active and passive liveness ensure that account takeover, identity theft, or other digital fraud don’t plague systems and users, which saves businesses money and protects their reputation in the long run.
While businesses are making progress in prioritizing Identity and Access Management (IAM), we see significant opportunity for the global banking sector to lead the way in making digital identity management a business imperative. Hamilton Reserve Bank is a prime example of how biometric authentication technology strengthens the intersection between security and business service lines – and we are proud to call them a partner.
Watch the Hamilton Reserve Bank case study videos and download our case study to see Verified in action. Verified™ delivers cloud-based, facial biometric authentication and anti-spoofing liveness confirmation that confirms the identity of the true account owner, every time. Replace vulnerable one-time passwords and challenge questions that rely on compromised PII data or answers that customers simply forget. Contact authID today at 1 (516) 778-5639 or click here to schedule a demo.