Raiffeisenbank’s implementation of our solution demonstrates the exceptional value of digital onboarding for modern banks and financial services technology providers.
Our longtime customer, Raiffeisenbank, has implemented a biometric solution provided by Wultra and iProov to provide its customers with the ability to securely reactivate their bank accounts online at their own convenience, without visiting a physical branch or using additional hardware.
As mobile banking apps have become attractive targets for cybercriminals, modern banks have become hyper-aware of the risks that can significantly impact both their reputation and their customers’ assets. At the same time, customers are aware of these increasing risks and are calling on their financial services providers to offer online access to sensitive digital services.
The solution to this issue? Digital onboarding.
The process of digital onboarding allows banks to remotely identify and verify the identity of customers in a straightforward, secure manner. Read on to learn how our solution is meeting the needs of modern banks and advancing secure identification.
Security and trust are at the heart of everything we do at Raiffeisenbank. In Wultra and iProov, we have selected a market leading biometric solution that was able to meet our stringent technical expectations. Equally important was the fact that Wultra and iProov’s solution had been successfully deployed by leading global banks and had achieved the industry’s highest completion rates, a testament to the ease-of-use customer demand.
Tomáš Rosa, Ph.D, Raiffeisenbank
Cryptology and Biometrics Competence Centre Lead, Mathematical Security Architect
Securely Onboard New Customers in 15 Minutes
Our digital onboarding solution supports a safe process of customer identification and verification and can be used in the following scenarios:
- New Customer Onboarding (Enrollment of a new customer into the bank)
- Mobile App Activation (Registration of a new mobile application user)
- Mobile App Reactivation (Set up of the application on a new phone or for PIN renewal)
When onboarding a new customer, the enrollment process consists of a set of checks and validations in a flow designed to maximize the conversion rate while keeping up with regulatory (KYC and AML) and internal security requirements.
The average process of digital onboarding can be a cumbersome task for customers to complete. With this in mind, we’ve strategically divided our own solution’s flow into a series of steps to improve user experience.
The entire process can be completed in less than 15 minutes from start to finish, even when including ample time for a customer to enter their data.
