Innovatrics is celebrating its continued growth in the Latin American market. In that regard, the company noted that Latin American financial institutions have been early adopters of biometric technology, which has in turn created numerous opportunities for a company like Innovatrics that specialize in remote and biometric onboarding technology.
“If there’s one thing the world can learn from Latin America, it is how the banking sector there architectured biometric safeguards to prevent fraud,” said Innovatrics Americas Regional Director Oscar Flores. “Having implemented biometrics early on has set them many years ahead compared to other parts of the world.”
Innovatrics’ current roster of Latin American customers includes Mexico’s HSBC and Banco del Bajio, Chile’s Banco Estado, and Brazil’s CredDefense. All of those four institutions are using the company’s biometric technology to facilitate remote onboarding and authentication, and to comply with the latest Know Your Customer regulations.
The demand for biometric solutions is only expected to increase moving forward. According to Innovatrics, the Latin American market for facial recognition technology will grow at a CAGR of 16.35 percent leading up to 2028, while the region’s general biometrics market will display a CAGR of 21.25 percent through to 2027. The company expects to see particularly strong growth in Brazil, where multiple states are now using Automated Biometric Identification Systems to issue driver’s licenses, and to help distribute government resources.
“We have penetrated complicated cultural business barriers and reached the trust of powerful system integrators such as Thomas Greg & Sons, Veridos, Diebold Nixdorf, Valid, and Certisign, which have been key to continuous access of new opportunities,” added Flores. “The internationalization of our team and the foundation of local presence have already shown results that we expect to continue capitalizing in the near future.”
Innovatrics believes that its Digital Onboarding Toolkit and its SmartFace facial recognition platform will be especially popular in Latin America, and is expanding its team to better respond to the demands of customers in the region. The SmartFace algorithm recently posted a top-three score in the Department of Homeland Security’s latest Biometric Technology Rally, while Innovatrics has updated the solution to improve its performance for people who are wearing masks.
March 12, 2021 – by Eric Weiss