Philippines based Security Bank, a financial institution has partnered with global digital security firm Entrust to enhance the bank’s electronic know your customer (eKYC) process.
This partnership marks a major step in security Bank’s digital transformation. It will help to provide an efficient, secure and a customer-centric bank experience Security Bank said in an announcement on Tuesday.
According to the statement, “the Philippines’ digital banking market is poised for rapid expansion, with a projected compound annual growth rate of 31 percent through 2029, reaching a market volume of $2.16 billion.”
With the adoption of digital banking, Security Bank is modernizing its eKYC process by introducing a updated Security Bank app to streamline process of digital onboarding for its customers.
Security Bank joined hands with entrust for its proven expertise in secure digital identity verification and demonstrated success in the financial sector.
Security bank will leverage Entrust Onfido Studio platform, which combines robust security features with advanced fraud detection capabilities, including deepfake detection and prevention.
New platform have flexible orchestration capabilities enable Security Bank to create customized onboarding workflows while maintaining regulatory compliance.
“Security Bank is transforming digital banking in the Philippines, and we’re proud to support their vision with advanced identity verification that makes onboarding both more secure and convenient,” said Harvinder Singh, Regional Vice President of Sales, Asia Pacific (APAC) at Entrust.
“Our solution helps Security Bank deliver the experience their customers expect, while maintaining the highest standards of security and fraud prevention,” he added.
“Our partnership with Entrust is a testament to our BetterBanking commitment to our customers,” said Juan Mestas, Senior Vice President and Strategy, Innovation Architecture, and Platform Division Head at Security Bank.
“Looking ahead, we plan to expand these capabilities across other services to give customers the best experience possible,” he added.
“Our vision is to deliver truly integrated, omnichannel banking for our customers,” said Malcolm Yow, Senior Vice President and Retail Chief Technology Officer at Security Bank.
“This integrated approach strengthens our position as a digital banking leader in the Philippines and reinforces our commitment to delivering innovative, customer-centric solutions,” he added.
