Citibanamex harnesses the power of the Incode Omni orchestration platform to drive digitalization of the banking sector in Mexico.

Industries: Financial Services, Traditional Finance
Use Cases: Customer Onboarding/Verification, Fraud Detection
Solution: Incode Omni

BENEFITS

  • Achieved an 80% cost reduction in onboarding processes.
  • Increased the number of open accounts while effectively mitigating fraud.
  • Implemented personalized and fully automated user journeys using Incode’s flexible workflows.

CLIENT

Citi operates in Mexico as Citibanamex, the second-largest bank in the country, providing banking services, insurance, and investment products. The bank has partnered with Incode Technologies Inc., the leading provider of world-class identity solutions, to completely reimagine what they do as a bank and create new value for their customers with accelerated remote onboarding and a more accurate, efficient, and secure way to verify and authenticate identities.

CONTEXT

Competing in Mexico’s fast-changing Corporate and Investment Banking (CIB) industry, which is experiencing significant disruption from new entrants, heightened regulations, and shifting consumer preferences towards flexible and fast transactions, requires tomorrow’s leaders to reshape their strategies around greater commercial excellence, digitalized end-to-end processes, upgraded products, and advanced analytics. Additionally, the ‘stay home’ requirement of COVID-19 has accelerated the steady flow of bank branch closures and the expansion of digital alternatives for branch customer services.

CHALLENGES

To succeed in a rapidly evolving banking ecosystem, individual banks are increasingly focused on digitization as a driver of value creation for clients. Citibanamex wished to offer its customers truly frictionless methods to use their banking services safely and securely. The bank identified a need for implementing a biometric orchestration platform that connects identity signals to verify and authenticate customer identities in a more accurate, convenient, and secure way.

Citibanamex’s objectives were as follows:

  • Leverage full automation and biometric capabilities to diminish the necessity of visiting physical branches.
  • Implement remote onboarding to reduce the costs associated with acquiring new customers.
  • Enhance the performance and accuracy of identity verification processes to minimize fraud and enable secure and seamless daily access to digital banking services.
  • Foster trust-based relationships with customers by responsibly handling consumer data, particularly Personally Identifiable Information (PII).

In the Citibanamex vendor selection process, Incode stood out with its in-house developed core technology, agility, robust orchestration capabilities, full automation, edge computation, and on-prem deployment options.

SOLUTION

Incode deployed its advanced, AI-powered identity verification platform, Incode Omni, for Citibanamex. The platform relies on the accuracy of face recognition and incorporates iBeta Level 2 passive liveness technology to enhance security.

Additionally, Incode Omni ensures superior identity document validation for optimal security. The effectiveness of Incode’s Passive Liveness Detection solution has been confirmed by iBeta Quality Assurance, meeting the Presentation Attack Detection (PAD) requirements of the ISO/IEC 30107-3 standard (Level 2). The platform’s accreditation from NIST/NVLAP further validates its capability to deliver reliable results for this PAD standard. With these robust features, Incode Omni offers a secure and seamless identity verification solution for Citibanamex, ensuring a safe digital banking experience for its customers.

The implemented solution delivered secure and efficient onboarding processes, ensuring seamless daily access to services for Citibanamex’s customers while mitigating risks such as fraud and maintaining the highest standards of privacy and safety.

RESULTS

• Lower Onboarding Costs and Higher Conversion Rates
Incode’s comprehensive approach resulted in an impressive 80% reduction in the cost of Citibanamex’s onboarding processes. Simultaneously, the solution achieved increased conversion rates, boosting the bank’s overall performance. This win-win scenario provided customers with speed, convenience, and safety of online account opening while optimizing the bank’s operational efficiency.

• Frictionless, Automated Experience with Worldwide Identity Document Support
Incode-developed technologies use automated, accurate digital workflows for fast capture, verification, and authentication, facilitating seamless remote onboarding and rapid service access for Citibanamex’s customers. The platform’s versatility extended to customers with distinct identity documents, accommodating worldwide travelers and multinational organizations. Incode supports over 4,600 distinct documents from nearly 200 countries, ensuring a user-friendly global experience.

• Reduction In Fraud Attempts
Incode’s self-developed face recognition algorithms underwent rigorous testing, earning certifications from NIST and iBeta Level 2. These advanced algorithms continuously optimize security measures across the entire customer lifecycle, significantly reducing fraud attempts.

• Ensured Regulatory Compliance
Beyond serving as a technology provider, Incode acted as a trusted advisor to Citibanamex, offering expert guidance in digital onboarding, security, and privacy. The close collaboration between Incode and Citibanamex during the regulatory phase played a vital role in promptly meeting all compliance requirements. Through effective collaboration with the client and various regulatory bodies in Mexico, Incode facilitated a smooth implementation plan, accelerating Citibanamex’s time-to-revenue while maintaining strict adherence to regulatory standards.

SUMMARY

Incode’s partnership with Citibanamex exemplifies its commitment to delivering the best and most user-friendly solutions to clients. By digitally transforming the bank’s onboarding processes and modernizing service access with speed, convenience, and security, Incode achieved remarkable results. The project resulted in reduced onboarding costs, increased open accounts, and a significant reduction in fraudulent attempts, benefitting both the bank and its customers. Incode’s ability to meet Citibanamex’s needs and support the bank’s high volumes showcases its expertise in driving further digitization within the banking sector in Mexico. This successful collaboration sets a compelling precedent for the future of digital banking in the region.

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About Incode

Incode is the leading provider of world-class identity solutions that is reinventing the way humans authenticate and verify their identity online to power a world of digital trust. Incode’s revolutionary identity solutions are unleashing the business potential of universal industries including the world’s largest financial institutions, governments, retailers, hospitality organizations, and gaming establishments by reducing fraud and ultimately, transforming human interactions with data, products, and services.