Hamilton Reserve Bank and authID expound on the benefits of seamless and secure digital identity assurance.
authID’s biometric identity proofing and multi-factor authentication has helped Hamilton Reserve Bank (HRB) reduce the risk of identity fraud, mitigate password risk, and deliver seamless banking experiences that are trusted by HRB’s loyal customers.
Launched in 2021, HRB’s new digital Temenos banking platform was designed specifically to expand its global portfolio of high-net-worth customers and provide enhanced security.
HRB uses authID’s multi-factor, cloud-based biometric authentication technology to create a customer journey that is secure and seamless throughout, reinforcing the bank’s reputation for security and trust. It also meets best practices in anti-money laundering (AML), know your customer (KYC), and countering the financing of terrorism (CFT) compliance, as well as PSD2 regulations.
With the simplicity of a photo ID and facial biometric identity proofing, customers can establish a trusted identity that can be used anywhere, anytime they bank with HRB. authID’s flagship solution, Verified, allows customers to avoid the use of vulnerable one-time passwords and knowledge-based questions and instead use a “selfie” that is bound to their proofed identity to authenticate login and confirm valuable account transactions.
“authID’s biometrics allow financial institutions like HRB to speed up customer conversion and secure the entire customer journey by allowing the identity verified at onboarding to help them defend against password risks and fraudulent account takeovers, lower enterprise support costs, and increase customer loyalty,” says Jeremiah Mason, senior vice president of product for authID.
HRB’s CFO, Antonio Kenyatta explains that their new digital onboarding process needed to be cutting-edge enough to provide a “wow” effect, but also simple and intuitive for all new customers.
“As part of our bank’s digital transformation strategy, we outlined the need to address new account onboarding. In creating a digital solution, we streamlined the online customer application process for both retail and business accounts, and reduced client onboarding time,” says Anthony Gajor, executive vice president, global business development.
The result is a digital onboarding experience that is both satisfying and safe for customers. The process is significantly shorter, and customers can use any mobile or desktop browser to quickly capture their identity document and snap their selfie.
The selfie means that at the start of the customer journey, biometrics strengthen the bank’s digital onboarding. And during automated remote account opening, authID’s Verified provides strong biometric identity verification, thereby…