Securing Branchless Banking with Identity Continuity

This case study details the implementation of a digital identity ecosystem by a pioneering digital-only neobank in Southeast Asia to enhance security in branchless banking. The neobank aimed to provide a secure and frictionless experience for customers, addressing challenges in onboarding, authentication, and account recovery. The solution involved a cloud-based identity platform that complies with AML and KYC regulations, utilizing biometric solutions such as server-based face biometric authentication and multi-factor authentication (MFA). The study outlines the neobank's objectives, including the need for compliance with identity verification standards and fraud prevention measures. It describes the challenges faced in the financial services industry, particularly in delivering a mobile-only solution that meets high security and availability requirements. The response included the deployment of Daon’s identity verification and authentication applications, which facilitated seamless digital capture of identity documents and enhanced fraud management capabilities. The benefits of this implementation included rapid scaling, increased deposits, and improved access to financial services for underserved populations.