A new mobile-focused bank is aiming to shake up the financial services industry. Called NEON, the bank is headed by 24-year-old Pedro Conrade, and launched in Brazil this week.
The bank has a number of notable, unusual qualities, among them being its reliance on mobile-based biometric authentication. Customers can only access their accounts through a mobile app, and must take a selfie for facial recognition-based authentication. The technology was provided by Daon via its IdentityX platform, which has received acclaim for its use in the USAA mobile app, and has also been embraced by Mastercard for its Identity Check payment verification system.
NEON claims to be the first bank in Brazil to enable in-app biometric authentication. It’s also notable for completely eschewing monthly and annual fees, opting instead for transaction fees; and for offering only Visa debit cards, and no credit cards—part of an effort “to help our customers save money and live within their means”, said Conrade in a statement announcing the bank’s launch.
The bank joins a small vanguard of other institutions, including Atom Bank and First Internet Bank, attempting to operate exclusively online. By embracing sophisticated technologies such as IdentityX biometric authentication, it’s keeping in step with its peers in appealing to a tech-forward, early adopter audience.
July 14, 2016 – by Alex Perala