AU10TIX Provides Biometric Onboarding Tech for Challenger Bank in Mexico

The Mexican challenger bank Fondeadora will be using AU10TIX’s identity verification technology to onboard customers for its digital banking app. The automated solution will allow customers to sign up for an account without ever setting foot in a physical branch location. 

The AU10TIX platform is able to verify the authenticity of an identity document, and can then match a selfie of the user to the image on that document through facial recognition. The solution also comes with liveness detection to prevent various forms of spoofing.

Fondeadora is hoping that the improved customer experience will help it capture a larger portion of Mexico’s digital banking market. As it stands, more than 65 million residents are still using cash for most of their transactions, which means that there is a lucrative opportunity for a challenger bank that can convert a greater number of users.

With AU10TIX, Fondeadora will be able to complete the identity verification process in as little as ten seconds. The streamlined onboarding procedure will boost conversion rates while still complying with Mexico’s strict Know Your Customer and Anti-Money Laundering regulations.

“We’ve been looking across all systems to ensure our offering is resilient and ready to scale—particularly at that first touchpoint with a potential account holder, which is so critical in establishing confidence,” said Fondeadora Chief Business Development Officer Miguel Gutiérrez. “We needed an identity verification partner that was fully automated, accurate, responsive and customizable, and AU10TIX’s technology and team met all those demands.”

Prime Trust and Kumbaya are some of the other companies that have adopted AU10TIX’s onboarding technology in the past few months. The former develops API solutions for the financial industry, while the latter is a gig app designed specifically for teenaged workers.

For its part, AU10TIX recently moved forward with the official launch of its SECURE.ME onboarding solution. Fondeadora will also be taking advantage of the company’s INSTINCT platform, which provides ongoing synthetic fraud detection. 

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March 24, 2021 – by Eric Weiss