We will launch biometric identification of new customers in the next months, aiming to simplify the enrollment process, announced Kostas Tovil, Senior Vice President, Merchant Solutions TBI Bank, during the Future Banking meets retailArena conference.
“In Q4 we will launch the KYC (Know Your Client) biometric technology, in addition to the one based on selfie photographs and ID copy. This way, we can make quick decisions and be sure that the ID presented is the right one. As a business in this field, you can’t rely on a single KYC technology, which is why we offer multiple options to our customers”, said Kostas Tovil.
TBI’s VP explained that KYC biometric technology will be complementary to current solutions. By using the biometric solution, customers have the option to skip the live identification process, through video. However, if TBI considers necessary, in the case of certain customers classified as high risk, the bank may still request video identification.
Kostas Tovil points out that although technological progress has been made during the pandemic, technology itself is not a miraculous solution for the success of any business.
“You achieve success by identifying the problems in a market and then offering solutions that solve them. The technology comes later, as an element that allows a business to achieve its objectives. Revolut, for example, found a problem: the length of time it took to open an account. And they found a solution with the help of technology. At TBI, we did the same for retailers who could not sell online – we offered them this opportunity”, said Kostas.
Kostas Tovil participated at the Future Banking meets retailArena conference on the 25th of August 2020.