Aware Delivers Knomi for Several Banks in Turkey and Latin America

Aware is celebrating a string of recent successes in Latin America and Europe. In both regions, the company has outfitted financial institutions with its Knomi biometric solution to enable secure remote onboarding and online authentication.

According to Aware, its latest deployments speak to the growing demand for more convenient mobile banking options, and specifically for solutions that can deliver that convenience while guarding against fraud. The company noted that the overall mobile banking market could jump as much 155 percent leading up to 2026, but warned that fraud is keeping pace and climbing 18 percent on a year-over-year basis.

Solutions like Knomi can help mitigate that threat. The platform supports the use of face and voice biometrics in browsers and on mobile devices. That technology provides remote identity verification during onboarding, and biometric authentication when a customer wants to authorize a transaction after an account has been created.

In Latin America, Aware’s efforts have been focused in Mexico and Brazil, where the company is providing identity services for several banks that have more than $400 billion in collective assets. Those banks serve upwards of 55 million customers, but are struggling to gain control of fraud in an area in which 20 percent of all new accounts are opened under false pretenses.

Aware’s European efforts, on the other hand, are concentrated in Turkey, where the volume of mobile banking transactions is up 31 percent. The company now lists three of the country’s largest banks as clients, and believes that those banks will use Knomi to clear more than 1 million digital transactions annually. The three banks have more than 51 million digital banking customers, and possess more than $150 billion in total assets.

“Financial institutions around the globe want to empower their existing customers to perform transactions on their accounts safely and remotely,” said Aware CCO Rob Mungovan. “With Knomi, they’re discovering that they can expand into new customer markets thanks to its ability to onboard and authenticate new customers from virtually any location.”

Aware has attributed its subscription business model for its revenue growth in the first quarter of the year. The company also added support for Flutter software development tools in March.

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June 2, 2022 – by Eric Weiss