AU10TIX identity verification will enable CIBC FirstCaribbean to offer a secure and fast digital verification experience to its 10 million customers
Caribbean bank CIBC FirstCaribbean chose AU10TIX, a global leader in automated identity verification, as a primary partner in the bank’s digital transformation. The collaboration will increase the speed and security of ongoing customer onboarding and due diligence processes, while enabling a more secure and accessible financial services platform for the 16 Caribbean countries where CIBC FirstCaribbean serves. This measure comes at a time when the majority of consumers are moving from branches to digital platforms for all aspects of banking and, according to a recent study by PYMNTS, 79% of companies limit their growth due to issues of security.
AU10TIX has served the financial sector for 20 years, gaining deep experience in user due diligence and knowledge of the customer (KYC), as well as balancing compliance, risk and conversion for brands such as PayPal, Saxo, Fondeadora and Prime Trust.
CIBC FirstCaribbean will use AU10TIX to enhance its “online application” service whereby customers can open checking and savings accounts digitally. The AU10TIX’s automated solution for ID verification, vitality detection, and facial biometric authentication enables seamless identity verification results in seconds during customer onboarding and account login requests.
“Cybercrime has become widespread due to the pandemic and many of our habits have changed the way we as consumers want to connect with businesses,” said Carey O’Connor Kolaja , CEO of AU10TIX.
“Together with CIBC FirstCaribbean, we are creating a platform that responds to these digital trends with faster onboarding, greater security and data protection, and the best user experience. We are excited to partner with CIBC FirstCaribbean to strengthen their identity verification tools. and support its path to become the leading digital bank in the Caribbean. ”
CIBC FirstCaribbean will launch the service in Saint Lucia in July and plans to continue implementation in the other islands where it does business later this summer.