Luminor Bank deploys facial recognition for customer onboarding with Ondato
Lithuania-based Luminor Bank has deployed digital onboarding technology from Ondato to enable customers to sign up using a selfie.
Customers aiming to set up an account with the bank can take their picture during a video call, or use a photo of their ID and confirm their identity through a mobile signature.
According to Ondato, when performing client identification, a biometric 3D map of the face is created via Optical Character Recognition OCR data digitisation and “various other data review algorithms.”
Luminor Bank already provides an analogous version of the solution in Latvia, and the full roll-out will occur across Estonia in the near future.
“It was possible to become a client of Luminor bank and open an account remotely even before; however, the new solution shortens and facilitates opening the account,” says Jevgenijs Kazanins, head of daily banking products for the Baltic States at Luminor.
The third-largest bank in the Baltics, Luminor Bank has a deposit market share of 16% and lending market share of 22% in its region.
Originally founded as the Baltic operations of Nordea and DNB, Luminor was acquired by a consortium led by Blackstone Group in 2016.