Applied Itaú Corporative Biometrics to Financial Transactions Qorus Banking Innovation Awards 2014

The project’s aim was to transform the authentication security process during banking transactions. We made the postulate that each individual is unique with different physical characteristics. Moreover, it minimizes the amount of fraudulent accounts openings, operational credit card frauds, and losses associated with this type of crime harming customers’ image and financial situation. We also seek to simplify and improve the customer experience with the bank when realizing electronic transactions, considering the replacement of the use of password and even the magnetic card. Therefore, aggregating value to the bank considering the possibility of simplifying operational processes using a more secure authentication way. At the same time, we stablish a corporative solution permitting the use of the biometric database in every new business relationship generated with the bank, allowing the share of information within various service channels. This opened a competitive advantage over the competition, because the deployed solution enables both, authentication and identification of a customer database of 30 million people.