Successes in Brazil, Mexico and Turkey bring secure, convenient financial account onboarding and authentication to consumers
Aware, Inc., a leading authentication company applying proven and trusted adaptive authentication to solve everyday business challenges with biometrics, is excited to announce the company’s recent momentum with its biometrically-powered solutions in the financial services market, having established significant footholds in both Latin America and Europe. With the mobile banking market expected to increase over 155% by 20261 and the losses from mobile banking fraud rising 18% year over year2, financial institutions are increasingly turning to Aware products and services for secure, mobile, and user-friendly customer access to financial accounts.
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Aware has already secured several of the largest banks in Brazil and Mexico; a region where it’s estimated that up to 20% of accounts are opened fraudulently3. To protect their more than 55 million users and over $400 billion in assets, Aware’s Latin American banking customers have deployed Aware’s Knomi™ mobile biometric authentication platform, providing a more secure method of accessing accounts remotely. Knomi’s biometrically enabled remote onboarding capabilities also help address fraudulent account openings, as well as expand into new customer markets.
In the European market, Aware is proud to have secured three of the largest banks in Turkey, representing over $150 billion in overall assets. Turkey has seen a 31% increase in mobile banking transactions in recent years, and it is estimated that over 51 million people in the country are actively performing financial transactions digitally4. With Knomi, these institutions can now perform secure, passwordless authentication for their digitally active customers, and onboard new customers without the need to visit a branch. These banks are expected to generate over 1 million digital transactions a year using Knomi.
“We at Aware have designed our biometric solutions to make transactions easier and more secure, whatever the use case,” said Rob Mungovan, chief commercial officer of Aware, Inc. “With financial services being an obvious use for our offerings, we are not surprised by our recent success in this market. More and more, financial institutions around the globe want to empower their existing customers to perform transactions on their accounts safely and remotely. But with Knomi, they’re also discovering that they can expand into new customer markets thanks to its ability to onboard and authenticate new customers from virtually any location.”
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The Knomi mobile biometric authentication platform uses mobile devices and browsers to provide a trusted registration process and authenticate financial customers safely, securely and conveniently. With industry-leading face and voice recognition, passive liveness detection, and flexible device-, server-, and browser-based options, Knomi is a secure, convenient customer onboarding and authentication platform for virtually any use case.
Financial institutions interested in Knomi can expect the following use cases and benefits:
- Passwordless account access: It’s clear that passwords are no longer the safest way to access our sensitive assets and accounts. With Knomi, users can access their accounts from their phone using their face and voice, and be confident no one else can do the same thanks to spoof-resistant passive liveness detection.
- Remote customer onboarding and document verification: Attract new customers with Knomi’s remote onboarding and document verification capabilities. Capture and enroll a new customer’s face, and match it to their identification documents for a secure and convenient onboarding experience.
- Frictionless user experience: Knomi is a modular solution, enabling financial institutions to continue to develop and use their own visual interface for customers while incorporating its biometric functionality.
- Customer data ownership: Maintain your ownership over customer data. Knomi offers on-premise deployment and interoperable biometric data that can be consumed by alternate vendors.
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