Many financial institutions have already tapped Aratek’s solutions for fast and secure transactions.
Strengthening security has become top priority in financial circles worldwide. Banks around the world are seeking measures to protect their customers’ funds and make financial services more secure. At the same time, there is a growing impetus to reach out to the 1.5 billion adults who lack access to formal financial services due to insufficiency of identification required to open a bank account. Many financial institutions still use traditional in-person KYC where customers present paper-based ID to a local branch and are given username/PIN to access their financial services. The challenge is to develop a system to replace such an outdated method which has been found to be inconvenient and a security risk.
In 2018, Aratek Biometrics joined forces with Habib Bank Limited (HBL) and a local partner in Pakistan to revolutionize the financial inclusion landscape through a branchless banking solution, HBL KONNECT. Aratek's biometric mobile terminal, BM5510, was deployed across HBL's nationwide network of KONNECT Shops, enabling swift and secure customer onboarding and various banking services.