Printer Friendly

Mexican Bank draws in the unbanked through biometric authentication.

A Mexican bank has reached out to unbanked customers through the use of biometric identification. With 8 million customers using the system, Banco Azteca, Mexico City, is believed to deploy the world's largest biometric banking application. Most Banco Azteca branches are located inside retail stores operated by Grupo Elektra.

The system was initiated in 2001 because the bank needed an alternative system to authenticate its customers, most of whom are of low-income communities without driver's licenses or some secure form of identification.

The technology, which was supplied through DigitalPersona, Redwood City, Calif., has enabled 75 percent of Banco Azteca customers to establish and maintain savings and credit accounts for the first time. The technology has also increased the bank's potential customer base.

The bank reports that it has been using the technology to add about 10,000 new users every day throughout its 1,440 branch network in Latin America.

"Banco Azteca has been able to open economic advancement opportunities to millions of people who previously lacked a reliable, if any means of identification and were subject to identity theft," says Juan Arevalo, director of Systems of Banco Azteca

COPYRIGHT 2007 Bank Marketing Assn.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2007 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:Marketing News
Publication:ABA Bank Marketing
Article Type:Brief article
Geographic Code:1USA
Date:Dec 1, 2007
Previous Article:Open a CD, and this bank will contribute to your favorite charity.
Next Article:Debit cards.

Related Articles
Increase security, decrease costs.
ISSE 2002 to highlight biometrics in security. (News and Products).
What you know, what you have, what you are: state-of-the-art biometric authentication senses living body parts to ensure positive identification.
Fujitsu Introduces New Biometric Security Solution for ATMs in Brazil; Fujitsu PalmSecure(TM) Ideal for Financial Cotrporations Requiring High-level...
BIO-key awarded patents for biometric identification technology.
Money transfers among banked and unbanked Mexican immigrants.
Fed product helps banks serve Mexican immigrants.
Siemens and Fujitsu Collaborate in Biometric Authentication Business; New Biometric Identity Authentication Solution Recognizes Hand Vein Patterns.
China Electronic Commerce Association Becomes First in China to Deploy PalmSecure.

Terms of use | Privacy policy | Copyright © 2018 Farlex, Inc. | Feedback | For webmasters