Innovatrics updated its Digital Onboarding Toolkit (DOT) to speed up the onboarding process. The improvements should reduce the amount of time needed to register new customers, which should in turn lower abandonment rates for online services.
In that regard, Innovatrics noted that abandonment remains a major problem for financial institutions, citing a survey that found that 83 percent of North American financial institutions had a digital account opening process that took longer than five minutes, while nearly 40 percent took longer than 10 minutes. Signicat found that the outlook in Europe was similarly dire, reporting digital onboarding abandonment rates of close to 40 percent in 2020.
Innovatrics is hoping to get the account opening process below the five-minute threshold with its latest DOT update. The platform offers a two-step verification process in which users take a photo of a government ID and then take a selfie. DOT uses optical character recognition to extract the important information from the ID, and then uses facial recognition with liveness detection to make sure that the person is present and to match them to the document.
The news comes a few months after the previous DOT update, which added support for the Cyrillic alphabet and bolstered the DOT’s NFC utility to make it compatible with any iOS or Android device with NFC capabilities. Innovatrics’ facial recognition has taken the top spot in previous rounds of NIST testing, while the company itself has argued that contactless technologies have become increasingly important in the wake of the COVID-19 pandemic.