Capco recently launched its Secure - Banking and Capital Markets practice. The goal of this practice is to increase security for financial institutions by implementing EyeLock's iris authentication technology as the cornerstone of the new practice.
The partnering relationship leverages EyeLock's proven iris authentication technology to solve critical problems that cost banks billions of dollars each year. EyeLock's solutions include cost-out physical security strategies such as keyless branch conversion. Additionally, solutions are aimed at increasing logical security for customer-facing applications, online and mobile systems such as ATM access, account opening, check clearing, wire transfers and mobile banking, among others. Increasing security at these points will help protect customers and ultimately save banks billions.
"The banking and capital markets industries are currently facing a very serious security crisis," said Bill Adiletta, New York Technology Partner at Capco.
"Each year, financial firms lose tens of billions of dollars due to security breaches. There has long been a need to find a better solution as security risks continue to escalate, especially as we move to an increasingly digital society.
Fortunately, the technology to prevent security breaches has progressed exponentially. EyeLock's iris authentication system delivers the technology to effectively reduce cost, mitigate fraud and increase consumer satisfaction. That is a powerful triple-play."
"The financial services sector has a crisis level need for trusted identity, which means banks and other financial institutions need to verify that a person is who he or she claims he or she is, otherwise the door is left open for breaches," said Jeff Carter, Chief Strategy Officer at EyeLock. "Working with Capco, EyeLock delivers a high-value service-related solution across employee and customer-facing touch points, including physical branch access, ATM account authentication and kiosks, teller transactions, account opening and check cashing."
"Our partnering relationship with Capco accelerates our growth and market reach deep into the financial services marketplace," said Anthony Antolino, Chief Marketing Officer at EyeLock. "EyeLock continues to provide significant value across global vertical markets through partnering relationships with market leaders, and working with Capco to further penetrate the financial services sector will ultimately provide a huge competitive advantage for their customers that adopt this technology."
In just one example of improved physical security EyeLock estimates that, by implementing this new technology, Tier 1 banks will be able to eliminate annual recurring costs of approximately $45 million over the course of the first two years by using keyless bank entry for employees and vendors alone.
Capco is a global business and technology consultancy dedicated solely to the financial services industry. Our professionals combine innovative thinking with our unrivalled first-hand industry knowledge to offer our clients consulting expertise, complex technology and package integration, and managed services to move their organisations forward.
Through our collaborative and efficient approach, we provide our clients with tools to enable them to increase revenue, better manage risk and regulatory change, reduce costs and enhance control. We specialize in banking; capital markets; insurance; wealth and investment management; finance, risk & compliance; and technology. We serve our clients from offices in leading financial centres across North America, Europe, Asia and Africa. To learn more, visit our web site at www.capco.com and subscribe to Capco's newsroom RSS feed.
About EyeLock Inc.
EyeLock Inc. is a leading technology provider of iris-based identity authentication products and technology solutions. Transforming the way identities are authenticated and protected, the Company offers a broad suite of breakthrough solutions for the identity management, access control, border control and logical access sectors.