Bahrain’s leading FinTech platforms, Aion Digital, announced its partnership with an global leader in biometric identity technology vendor, Daon.
“Digital transformation is a complex, multifaceted journey, and onboarding is the center of that transformation. Our partnership with Daon will allow banks to enhance their first interactions with customers and create opportunities for existing customers to begin using new services,” said Ashar Nazim, CEO, Aion Digital. “With Daon’s seamless ‘two-in-one’ platform for digital onboarding and authentication, banks can embed market-leading features, reduce abandonment, cut operating costs, and position themselves as innovators”. Given that not all biometric technology are the same, the partnership between Aion and Daon significantly enhances banks credibility with regulators and customers.
In the GCC, Aion Digital is already reshaping the customer experience for financial institutions in the region with its “digital bank in a box” approach to augment the digital capabilities of existing banks. Their digital onboarding platform not only allows customers to open bank account in under 5 minutes, but has also enabled banks to reduce the cost of customer acquisition by 50%. As a result, a new breed of banking leaders are emerging and taking their first steps towards a modern banking system. The platform has been well received by regulators and also marks a significant step for moving towards a single GCC banking market.
“We are pleased to partner with a visionary group like Aion to bring world-class biometrics and identity assurance to the GCC region,” said Tom Grissen, CEO, Daon. “Daon and Aion will deliver a joint solution that transforms digital onboarding practices and satisfies even the most highly regulated industries and entities while delighting millions of customers across GCC’s six thriving markets and beyond.”
Daon’s vision is “to be the world’s leading human identity platform, enabling people across any channel to easily assert and protect their identities.” In July, Daon launched a new release of its IdentityX Digital Onboarding solution, leveraging two decades of experience in state-of-the-art biometrics and biometric liveness to build the most frictionless and fraud-resistant customer onboarding experience ever conceived. Unlike competing products, Daon’s technology is proven to reduce abandonment and cut operating costs while satisfying even the most stringent AML and KYC compliance mandates.