Opening a bank account online just got easier and safer

The online NEON bank uses ICAR technology on its onboarding process for clients

NEON, a 100% online bank targeted at the millennial generation, has just launched in Brazil with the goal of breaking away from traditional banking cultures and processes. Pedro Conrade’s poor experiences with banks left him feeling he was treated like a number and nothing else. That’s why he created NEON: to help his clients better manage their finances.

In order to do this, NEON was launched with a limited number of bank accounts – just 5,000 – so that it could offer personalized customer care. Another interesting feature of NEON is that the bank does not issue loans or credit because it wants to avoid increasing debt, particularly among young people.

NEON operates exclusively online, and accounts can only be accessed using a special app. The process of registering – onboarding – it is also done online, avoiding unnecessary paperwork, procedures and commute. All you need to do is download the app, fill in a form, validate your identity and ID document, and make a deposit. From that point on, the app will authorize you to enter your account and carry out transactions using biometric facial recognition.

For this onboarding process, NEON uses technology by ICAR, a Barcelona-based company, pioneer for it’s entirely automatic processes to verify client identity.

The ICAR technology that has been incorporated to NEON’s on boarding process enables quick and easy verification of client identity: all the client needs to do is take a photograph of their identity document with their mobile phone using the bank’s application. The registration process is handled instantly.

The system is able to automatically verify identity by scanning and reading the relevant data and checking the security measures employed by identity documents while simultaneously verifying document data with third-party databases.

This technology allows registration processes to be carried out with maximum security while also offering users an optimal experience via a fast, automatic process that requests only the strictly necessary information.

ICAR technology is already being applied in identity and ID document verification processes in a range of financial entities and financial technologies, because apart from facilitating processes, ICAR technology drastically reduces online fraud and identity fraud.

Moreover, this totally automatic process of reading and capturing document data using mobile phones has been employed to improve user experience at events such as the Mobile World Congress 2016, where attendees were able to validate their access to the conference using this system.

From the start, we have based our activity on creating a mobile strategy focusing on the digital reality of our customers. Applying technological solutions that fit in with this strategy has been a key element of the Banco Neon launch process.

Pedro Conrade
CEO of Banco NEON

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