Solution integrates leading AI-driven identity verification technology with physical and digital card issuance capabilities to reduce fraud at account opening and provide continuous account protection
Entrust today announced an all-in-one consumer banking platform that allows banks and credit unions to provide high-assurance security throughout the customer lifecycle – from account opening to financial credential issuance to on-going, everyday transactions and interactions.
The solution integrates leading AI-driven identity verification technology with physical and digital card issuance capabilities to transform the consumer banking experience, dramatically reducing fraud at account opening and providing smart continuous account protection.
Approximately 82% of consumers say they access banking services always or mostly online. Meanwhile, there’s been a dramatic influx of sophisticated cyber threats including synthetic identities, deepfakes, and phishing attacks. It’s more important than ever to ensure every interaction – big or small – is secured with the highest level of assurance.
"Criminals will continue to take advantage of banks that under-invest in secure digital services,” said Tony Ball, President of Payments & Identity at Entrust. “Deepfakes, data breaches, fraudulent account openings, synthetic identities and phishing attacks are all very real threats impacting consumers; by utilising an all-in-one solution, financial institutions are able to ensure customers are protected at every turn."
The solution is built to transform the consumer banking journey for financial institutions through the following capabilities:
- Secure and seamless digital account opening: Empowering financial institutions to unlock scale and acquire more customers through digital identity verification, establishing high assurance in their customers through document validation, biometric liveness detection, and a suite of fraud signals, underpinned by award-winning AI technology.
- Instant financial card issuance: Reducing the time for a new customer to get a payment card in their hands so they can start transacting sooner. Entrust gives financial institutions a simpler way to issue both digital and physical payment cards.
- Connected identity experience from onboarding to ongoing consumer banking moments: By tying new customers to a strong, real identity at onboarding, they can re-use these biometric signals to quickly and securely reverify those same customers at high-risk moments. With a simple selfie, financial institutions can open up new possibilities for enabling customer access while protecting their existing assets.
By bringing these capabilities coalescing into one seamless platform, Entrust is distinctively positioned to power banks with the digital services they need to prevent fraud and give customers the seamless user experience they’re looking for. The platform builds upon Entrust's robust offerings which already reduce issuance and customer service costs, enables compliance to global regulations, and protect cardholders for financial institutions. Banks and credit unions can also take advantage of The Entrust Studio, a no-code journey time orchestration tool that acts as a mission control for identity. Studio gives businesses the tools to deploy the right level of assurance for their business, for the right customer at the right time, through flexible drag-and-drop workflows.