Revolutionizing Digital Banking: Security Bank and Entrust Join Forces to Enhance eKYC Solutions
Security Bank has recently entered into a significant strategic partnership with Entrust, a global authority in identity-centric security solutions. This collaboration is set to enhance Security Bank’s electronic Know Your Customer (eKYC) process, a pivotal aspect of the bank’s ongoing digital transformation efforts.
Enhancing eKYC with Advanced Solutions
Entrust is widely recognized for providing comprehensive security solutions that facilitate secure digital identity verification across diverse sectors. The goal of this partnership is to streamline and bolster the digital onboarding process for Security Bank customers by utilizing the advanced features of the Entrust Onfido Studio platform.
Key Features of the Partnership
- Deepfake Detection: Incorporates cutting-edge technology to detect manipulated media.
- Advanced Fraud Detection: Employs sophisticated algorithms to identify fraudulent activities.
- Customizable Workflows: Allows for the development of tailored onboarding processes that comply with regulatory standards.
Security Bank’s choice to partner with Entrust stemmed from the latter’s established history of delivering solutions that not only enhance security but also improve customer satisfaction within the financial sector.
Positive Outcomes from the Collaboration
The partnership has already produced notable improvements for Security Bank, including:
- An increase in customer onboarding completion rates.
- A reduction in the time taken for onboarding processes.
Security Bank is also benefiting from Entrust’s dedicated technical support, which encompasses ongoing enhancements and the sharing of best practices to continually refine the user experience.
Future Plans for Expansion
While the initial focus is on enhancing the retail banking onboarding experience, there are plans to broaden the application of Entrust’s identity verification solutions across additional services offered by Security Bank. This expansion is aimed at ensuring a consistent level of security and convenience across all digital banking interactions.
Statements from Leadership
Juan Mestas, SVP and Strategy, Innovation Architecture, and Platform Division Head at Security Bank, stated, “Our partnership with Entrust is a testament to our BetterBanking commitment to our customers. By leveraging Entrust’s advanced identity verification technology, we’re enhancing the security and accessibility of our banking services, ensuring that every interaction—be it digital or in-person—is convenient and reliable. Looking ahead, we plan to expand these capabilities across other services to provide our customers with the best experience possible.”
Harvinder Singh, Regional Vice President of Sales, APAC at Entrust, added, “Security Bank is transforming digital banking in the Philippines, and we’re proud to support their vision with advanced identity verification that makes onboarding both more secure and convenient. Our solution helps Security Bank deliver the experience their customers expect while maintaining the highest standards of security and fraud prevention.”
For more information about Security Bank’s initiatives, visit their official site at Security Bank.
