Security Bank has partnered with Entrust, a US provider of identity-centric security solutions, to enhance its electronic “know your customer” ( eKYC ) process.

The partnership marks a milestone in the Philippine lender’s digital transformation, and is part of its efforts to provide a secure, seamless, and customer-centric banking experience.

The Philippines' digital banking market is poised for rapid expansion, with a projected compound annual growth rate of 31% through to 2029, reaching a market volume of US$2.16 billion, data from Statista show.

Security Bank is modernizing its eKYC process through its new app to streamline the digital onboarding of customers.

The bank says it has selected Entrust for its proven expertise in secure digital identity verification and demonstrated success in the financial sector. It will leverage the Entrust Onfido Studio platform, which combines robust security features with advanced fraud detection capabilities, including deepfake detection and prevention.

The platform's flexible orchestration capabilities enable the bank to create customized onboarding workflows while maintaining regulatory compliance.

 The partnership is delivering measurable results for Security Bank, including a significant increase in customer onboarding completions and reduced onboarding times.

Entrust’s dedicated technical specialists also provide ongoing improvements and best practices to optimize user experience.

 “By leveraging Entrust’s advanced identity verification technology, we’re not only enhancing the security and accessibility of our banking services but also ensuring that every customer interaction – digital or in-person – is convenient and reliable,” says Juan Mestas, senior vice president and strategy, innovation architecture, and platform division head at Security Bank. 

“Looking ahead, we plan to expand these capabilities across other services to give customers the best experience possible.”