Mano.bank Automates Customer Onboarding With Idenfy’s ID Verification
The implemented solution helps boost security and enhance customer experience
Kaunas, Lithuania (December 3, 2022) – The specialised bank with a basis in Lithuania, mano.bank, has launched a cooperation with iDenfy, a complete full-stack identity authentication, conformity, and fraud control firm. iDenfy provides mano.bank with ID verifications and extra confidence that all customers on the banking platform are real.
The digital landscape accelerated the volume of banking transactions and online payments. According to iDenfy, with more daily activities moving online, online fraud is damaging businesses’ reputations while putting their customers at risk. Currently, identity theft is one of the most common types of fraud, potentially resulting in banks having to deal with credit card fraud, loan fraud, and other bank scams.
The statistical peak in fraud numbers continues to negatively affect banks and other institutions that deal with money flow. The Association of Certified Fraud Examiners (ACFE) recently found that approximately up to 5% of corporate revenue is lost annually to fraud. By combining artificial intelligence and automation, businesses can detect complex fraud patterns more easily. iDenfy claims that every modern security system’s leading fraud prevention tool should be identity verification.
mano.bank agrees with this security-first approach, explaining that the business concentrated on improving its fraud prevention strategy when searching for identity verification partners. For this reason, mano.bank exclusively looked for efficient, fully automated authentication methods that could add an extra layer of security to protect its customers. The bank decided to partner with iDenfy due to its user-friendly solution, which benefits the customer onboarding process.
For enterprises in Europe, mano.bank offers a tailored, hands-on customer service and pertinent financial services. The Lithuanian micro bank is in its active phase after gaining the first-ever EU specialised banking licence. For mano.bank, the goal is not only to ensure a trusted relationship with customers on their banking platform but also not to compromise on user experience.
By joining forces with iDenfy, it aimed to accelerate one of its key metrics, growth, by having a reliable ID verification provider. Currently, iDenfy is responsible for onboarding mano.bank’s customers through a simple, four-step ID verification process. iDenfy’s biometric technology and liveness detection map out faces, compare the data with the extracted information from the ID document, and eradicate fraudsters who try to complete the validation using facemasks or deep fake videos.
iDenfy is also responsible for taking care of customer data and documentation, helping mano.bank to comply with GDPR and KYC requirements. Additionally, iDenfy’s in-house team of experts manually double-checks all verification results in real-time, ensuring that AI algorithms are correct. As claimed by the startup, this technique helps eradicate the chances of fraud and assess all risks more effectively without compromising on the solution’s ease of use.
“Using iDenfy’s ID verification solution helped us automate customer onboarding and reduce acquisition costs. We can now verify more customers in less time, which is a vital factor to scale, and for that, we’re grateful,” — said Giedrė Blazgienė, CEO at mano.bank.
Domantas Ciulde, the CEO of iDenfy, commented: “Our team is excited to have partnered with mano.bank. AI-powered identity verification, combined with real-time human supervision, provides the needed accuracy and trust that every global business needs. We’re happy to assist our partners and help them reach new goals.”
Each firm, from huge corporations to microenterprises, is guaranteed to comply with AML and KYC requirements thanks to the gateway of identity validation solutions and fraud protection technologies known as iDenfy. The quickly expanding company was recognised as the top “Fintech Newcomer” in 2020. Additionally, the business was honoured for taking home the 2021 Baltic Parliament Prize for Creativity.
For more information and business inquiries, please visit www.idenfy.com.