February 18, 2020
Element and EON Partner to Launch AI-Based Digital Identity Solution
“At UnionBank, we've pioneered bringing to market key enabling technologies, notably with the launch of the Philippines first facial recognition solution in our EON banking app. From this valuable experience, we recognized the importance of working with the highest quality partners to ensure performance standards are met,” said Paolo Baltao, EON Banking Group Head.
“This ultimately led us to the feature suite and expertise that Element provides. Element’s progressive liveness detection, on-premise deployment, and native-to-device authentication is unrivaled in the market and will help us expand beyond our current platforms.”
Element’s fit-for-purpose architecture is designed to operate in any environment, with the ability to be installed on premise and authenticate users even when offline. Designed with intention, Element’s digital identity platform can be integrated based on the specific needs of each partner.
“In the Philippines, we have over 20 forms of primary identity cards that we use for banking and government services. The fragmentation of the identity landscape creates challenges of verifying the authenticity of a person’s credentials for everyday transactions,” said July Palafox, Philippines Lead at Element.
“By enabling the Filipino to apply for an EON account from the comfort of their mobile phone, our identity solution helps drive financial inclusion, unlocks easier access to digital services, and provides peace of mind with secure transactions.”
About EON Bank
EON aims to become the preferred bank for the broader mass market. Currently, it offers a suite of deposits, loans, and payment products, digitally through its website (www.eonbankph.com) and EON Bank PH app, complemented by co-branding partnerships and agent branches nationwide, backed by the strength and stability of Union Bank of the Philippines.
UnionBank has consistently been recognized as one of Asia’s leading companies in banking and finance, ranking among the Philippines’ top 10 universal banks in terms of key performance ratios in profitability, liquidity, solvency and efficiency. UnionBank garnered a record-breaking number of awards and recognition in the past three years including “Asia’s Best Bank Transformation” from Euromoney; back-to-back "Best Digital Bank Philippines" from Asiamoney; back-to-back "Digital Bank of the Year Philippines" from The Asset Triple A Awards; Digital Transformer of the Year Philippines" from IDC's DX Awards Philippines; "Bank of the Year Philippines" from International Investors Business Awards; "Best Universal Bank" from Capital Finance International; "Domestic Retail Bank of the Year Philippines" from Asian Banking & Finance; "Gold - Employer of the Year (Banking)" from Stevie Awards for Great Employers; "Bronze - Employer of the Year in Asia" and "SME Bank of the Year - Philippines" from the Asian Banking and Finance; "Best Companies to Work for in Asia" from HR Asia; "Best Digital Bank" from The Asian Banker; "Most Innovative Cash Management Services Bank Philippines" from Global Banking and Finance Review; "Champion - Best Bank in Digital Financial Inclusion" from Bankers Institute of the Philippines; and "Top PESONet Volume Contributor" at the BSP Stakeholders Awards Ceremony 2019.
As the world demands digital delivery of products and services, Element is delivering a persistent, private, and portable unique digital identity designed with intention. Element - the first modern artificial intelligence company focused on digital identity - laid the foundations for deploying deep learning on mobile devices. Our universal solution learns directly from natural features, ensuring mobile identity for anyone, anywhere.
We partner with forward-thinking financial institutions, governments, and healthcare organizations to transform how they deliver their services. Our partners choose to work with us because we deliver faster access without compromise – securely connecting anyone to any service while retaining the right to privacy. Together, we’re building a frictionless future. Learn more at www.elementresearch.com.