One of the most recognized updates in recent years is the facial recognition and fingerprint virtual wallets. It is enough to show yourself in front of the phone’s camera or to put your fingers on the screen, for the system to guarantee your identity.
According to Ignatius Carballodirector of the Fintech Ecosystem of the Catholic University of Argentina (UCA)the gap was huge between the native digital players and the rest of the financial entities, it was reduced after the Covid-19 pandemic. “The coronavirus led all entities in the country to update”he added.
The specialist in cryptocurrencies maintains that the implementation of these technologies is generating that “today the user experience is not very different between a fintech, a traditional bank and a digital bank“. While, the facilities that were adopted reduce time and costs.
Digital accounts: how the system works
With few clicks and from a cell phone it is possible to be enrolled in a bank and have an account.
Marcelo Fondacaro, Chief Commercial Officer (CCO) of Veritran, technology company that develops these systems for banks and fintechexplained that there is a identification of who the person is who is submitting the request.
When making a digital registration, they are used biometric patterns (usually facial)with the aim of contrasting through a selfie or video with the ID of who is behind the screen.
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How do they verify digital identity?
- Compare the photo with the National Register of persons (Renapper). If that person has a match percentage above of a certain value, which each organization establishes, is registered online
- You are allowed to access the line of products that the financial institution has
For Fondacaro, this process of registering the client and opening the savings bank is carried out at a speed of approximately 3 minutes, although there are still companies that take up to 10 minutes to carry out this process.
“Within each registration, there are several steps. Those steps are determined by the financial entities. Some ask for verify in the truthful that the user does not have debts. Others ask verify with the AFIP. Others ask to validate it with their own scoring system. Each organization determines it and we follow each other based on that, “he detailed.
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Currently, several financial entities in Argentina are making their own onboarding to attract new customers. Of every 100 people who enter, 85 enter the platform and finish the process.
Specialists maintain that a good user experience is essential for the implementation of these technologies. Even so, one should not neglect what is related to the Informatic security to avoid fraud and cyber attacks.
Source: Ambito
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