About
The use of biometrics change the relationship model - Bank: beyond real security and convenience, there is an exclusivity when recognizing the customer- the customer can actually use the channels from his uniqueness/physical characteristic, which makes the client more exclusive, in fact an Itaú made for you.
Innovation presentation
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.
Uniqueness of the project
The use of the identification technology of fingerprint introduced by Banco Itaú is one of the most advanced security technologies worldwide, present in governmental institutions such as FBI-Federal Bureau of Investigations. The scope of this implementation is innovative and the implantation was unique in national and international financial markets, raising the level of technological innovation of Banco Itaú Unibanco.
It generates as well a comparative advantage for the Bank, deploying authentication and identification biometrical services in a centralized form with numerous potential applications in the Bank such as: control access, match-on-card, login into work stations, multimodal biometry, future implementation of Proof of Life, etc.
The introduction of the completely customer experience with the use of biometrics in the physical branches changes the operational model, simplifying operational processes, and brings the additional benefit of enabling authentication while performing a bank transactions using the fingerprint to replace the password and even the magnetic card.
The strategy of implementation of biometrics at Itaú Unibanco generates a competitive advantage in the industry over competitors because empowers synergy of information with civil and governmental entities.
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.
In-Depth Analysis
The Reason Behind
Make the process of authentication and banking transactions more secure, based on the assumption that each individual is unique and has different physical characteristics.
Minimize the amount of opening of fraudulent accounts, fraud in credit card transactions and, consequently, the losses associated with this type of crime, both financial and image.
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.
Results
Reduction of potential fraud losses of about 68 %.
Key Dates
- Launch date 2 October 2019
