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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

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Title Annotation:Marketing News
Publication:ABA Bank Marketing
Article Type:Brief article
Geographic Code:1USA
Date:Dec 1, 2007
Words:191
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