Numbrs introduces in-house developed video identification system. SWK Bank first partner bank
Numbrs the third provider to offer a video legitimisation system
As previously announced in one of our blog posts, our teams have been working on an in-house video identification and legitimisation system. The identification system will be an integral component of Numbrs and will allow our users to visit the Numbrs Store and fully apply for their product of choice within just a few minutes and while on the go.
Now, we are excited to announce that the Numbrs video identification and legitimisation system has been completed and officially approved by several German institutes and review panels. This makes Numbrs only the third provider in the financial services industry to offer a video legitimisation system.
The full stack principle, which is about developing our most important technologies ourselves to remain in complete control over them — was a determining factor when we decided to build our own video identification system nearly one year ago. Ever since, we have made significant investments in this innovation that also poses particular technical and legal challenges.
SWK Bank the first partner
Today, we are excited to announce our first big partner bank that will be taking advantage of the new Numbrs video identification system. The SWK Bank has decided to cooperate with Numbrs in respect to video identification and electronic signatures and will start using Numbrs’ in-house developed technology beginning in March 2018.
The video identification system developed by Numbrs makes it possible for Numbrs Store customers to apply for financial products using only their smartphones. The complete legitimisation and identification processes take place seamlessly on the smartphone. This makes the application process easier for customers and significantly accelerates borrowing. At the same time, the solution conforms to the highest security standards.
What is video legitimisation and how does it work?
As a result of the digitalisation of the financial industry and the increasing relocation of banking into the digital world, smartphone-based identification systems and mobile contract agreements continue to grow in importance. A crucial factor when it comes to the banking of tomorrow is the implementation of innovative solutions that allow for location- as well as time-independent banking.
As part of the video legitimisation process, the customer holds both sides of his or her identifying document in front of the camera of his mobile device of preference. Afterwards, the authenticity of the document is verified by tilting it in front of the camera in order to test its detectable security elements in real-time.
To confirm the customer’s identity, the correspondence of the face to the picture on the identifying document is determined by way of professional profiling conducted by specially trained employees. Additionally, the customer’s behaviour is analysed and evaluated throughout the legitimisation process by using cues from criminal psychology. In total, the complete procedure only takes a few minutes and is thus significantly faster than previous approaches.
We are excited to begin offering this unique experience to our customers starting in March. In the near future, we will introduce additional partner banks that will take advantage of our new video identification system.