A global financial services firm is embracing selfie-based remote onboarding, and has turned to Yoti for the technology.
Based in Canada, Manulife offers insurance and financial services solutions across the country and in Asia; it also operates through its John Hancock Financial division in the United States. And it has become the latest such firm to recognize the advantages of biometric onboarding in the wake of a pandemic that has driven customers into digital channels.
Like a few other biometric onboarding solutions that have risen to prominence in these circumstances, Yoti’s revolves around the use of facial recognition technology. End users are prompted to take a selfie photo and pictures of their official ID, and Yoti’s solution matches the face images for identity verification.
In announcing the effort, Yoti noted that the solution it has designed is “Canada-hosted” and FINTRAC-compliant, referring to Canada’s financial intelligence agency guidelines.
The company also framed the development within the bigger picture of the Digital Identification and Authentication Council of Canada, or DIACC, a cross-industry alliance aimed at fostering the development of digital identification standards and frameworks, particularly through its Pan Canadian Trust Framework effort. Yoti noted that both itself and Manulife serve on DIACC expert committees.
“We’re proud to be driving digital identity adoption in Canada through DIACC and members like Manulife,” said Yoti Canada Commercial Director Leigh Day. “We bring a radically different approach to personal data and make it faster, simpler and safer for individuals to share their identity.”
On that latter note, Yoti has indeed distinguished itself in the biometrics industry through its commitment to core ethical and privacy guidelines. A certified B Corporation, Yoti has outlined its core ethical principles, and is overseen by an independent ethics board. The company has also demonstrated a particular concern for protecting the privacy of young people online, and it was a founding member of the Online Safety Tech Industry Association in the UK.
April 1, 2021 – by Alex Perala