DATASHEET Biometrics, tailored
The Innovatrics Automated Biometric Identification SystemDownload Datasheet
Equity Bank was founded as Equity Building Society (EBS) in October 1984 and was originally a provider of mortgage financing for the majority of customers who fell into the low income population. Ever since then Equity continued in the mission to financially empower and elevate communities at grassroots level throughout Africa.
While implementing their regional expansion strategy through acquisitions of smaller banks, Equity encountered the problem of a reliable/secure authentication of over 1 million new customers.
Retail banks pride themselves on the speed and efficiency of their services. Unfortunately, they are also deeply concerned about the authentication of customers, especially when withdrawing cash from an account. In the event of misidentification, the bank is responsible for the error! As such, retail banks must find and implement customer authentication systems that are both efficient and highly secure.
Poor standardization around identification and authentication of account holders
In the event of misidentification, the bank is responsible for the error
CompuLynx, a trusted IT partner of Equity Bank, architected and deployed a solution utilizing Innovatrics ABIS (Automated biometric identification system) featuring powerful fingerprint authentication. to solve the critical issues of an efficient and secure authentication system.
The purpose of the system was to provide Equity Bank with both an immediate answer to their recent acquisition as well as a scalable system that could be deployed to other acquisitions as part of its retail expansion strategy.
The system relies on centralized biometric database (CBD) of customers fingerprint at Equity Bank’s Data Centre in Nairobi, Kenya. The Innovatrics ABIS maintains a single biometric profile for every customer, irrespective of the number of accounts the customer may hold with Equity Bank (savings, loan, hire purchase, home, education, etc.).
When customer wants to register for new service, withdraw money or perform any bank transaction, Innovatrics ABIS performs 1 to N matching operation to prevent identity fraud.
The system maintained a centralized biometric database at Equity Bank’s Data Center
The system maintained a single biometric profile for every customer
High-speed 1 to N fingerprint matching with up to 20 million records within 6 seconds
Equity Bank now has a centralized system to provide banking customer authentication that provides a smooth user experience while preventing fraud.
The web based solution is compliant with all necessary banking standards and security requirements. In addition, the scalable solution can be easily deployed at future retail banking sites. This ensures that Equity Bank can continue its regional expansion strategy with the knowledge that it can easily integrate sites into its secure, biometric authentication system.
Highly secure authentication method using fingerprints
Easily deployable at future retail banking sites
As a specially-architected solution, CompuLynx worked with Innovatrics to identify the critical pieces that would meet Equity Bank’s short- and long-term needs. Beginning with design, CompuLynx worked with the Equity Bank to understand the critical issues and how the solution would need to scale with future expansion plans. Once the design was finalized, CompuLynx worked with Innovatrics engineers put together the hardware and software, implementing an “off-the-shelf” solution that could be deployed at any future retail banking site.
The CBD, developed by CompuLynx as a central repository of all Equity Bank biometric data, runs concurrently with an ultra high-speed biometric verification engine that can compare a biometric fingerprint image with up to 20 million records and check for duplication within six seconds;
Each retail-banking branch was connected to the CBD via a dedicated, high-speed data line.