> For the complete documentation index, see [llms.txt](https://docs.indicio.tech/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.indicio.tech/product/introduction/use-cases/banking.md). # Banking Improving the customer experience without sacrificing security or privacy ## Transforming Account Recovery for Banks with Verifiable Credentials Indicio Proven provides comprehensive verifiable credential solutions for rapid, remote onboarding, seamless account access and reusable (with expiration) Know-Your-Customer (KYC) checks. By issuing a biometric template as a verifiable credential, institutions have a powerful way to verify liveness without having to store biometric data — and they can implement simple, instant workflows to defeat AI-generated identity fraud ## Account recovery made easy Indicio Proven offers an innovative, decentralized identity solution that transforms account recovery by leveraging verifiable credentials within a digital wallet. This solution enables secure, frictionless identity for quick account recovery while reducing operational costs and improving compliance readiness. ### How It Works 1. Issue a Recovery Credential: Upon account creation, the bank issues a recovery verifiable credential (VC) to the customer. This credential is stored in the customer’s digital wallet within their banking app. The credential is cryptographically secure, private, and tamper-proof. 2. Self-Service Recovery Process: If a customer needs to recover their account, they simply present their VC via their secure digital wallet. The bank verifies the credential providing instant and reliable credential validation, no knowledge-based authentication (KBA) or passwords required. 3. Enhanced Security Measures: Biometrics can be bound with the verifiable credential for added security, ensuring compliance with banking regulations.
## Why Indicio Proven? * Interoperable: Compatible with major digital wallet providers and existing banking systems. * Scalable: Handles large-scale deployments across multiple branches and regions. * Customizable: Tailored technology selections to fit specific regulatory and operational needs. * Proven Expertise: Trusted by industry leaders, including SITA, IATA, and governments, for its secure, scalable verifiable credential solutions. ### Challenge: Stress-free account recovery in banking Account recovery is a critical process for financial institutions, yet it often causes frustration for customers and operational inefficiencies for banks. Traditional recovery methods rely heavily on outdated mechanisms such as knowledge-based authentication (KBA) and manual identity verification, which introduce challenges: * Compliance Strain: Regulatory requirements around data privacy and security intensify the need for robust and auditable solutions. * Customer Friction: Long wait times and multiple verification steps create frustration, reducing customer satisfaction and loyalty. * Security Risks: KBA and other traditional methods are vulnerable to fraud, phishing, and social engineering attacks. * Operational Costs: Manual verification processes demand significant resources and time, driving up costs for banks. \ Benefits for Banks ------------------ **Streamlined Customer Experience:** Eliminates lengthy manual verification steps, enabling near-instant account recovery. Reduces frustration and improves customer satisfaction.\ \ **Enhanced Security:** Cryptographic verification significantly reduces the risk of fraud and phishing attacks. Decentralized identity ensures that sensitive customer data is not stored in a centralized database, minimizing the risk of breaches.\ \ **Cost Savings:** Automating the recovery process reduces operational overhead, allowing staff to focus on higher-value tasks.\ \ **Regulatory Compliance:** Indicio Proven’s decentralized identity framework aligns with privacy laws such as GDPR and CCPA, ensuring secure and auditable processes.
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