86 400 looks to strengthen customer sign-up process

Neobank 86 400 has integrated machine learning and behavioural biometrics into its sign-up process to better keep customers safe from nefarious activity.

The neobank is using BioCatch to monitor the customer on-boarding process and weed out potential threats by observing consumer usage such as device orientation, typing speed and swipe patterns.

Such patterns could point to the potential presence of account takeover activity or phishing scams.

86 400 chief risk officer Guy Harding told iTnews the agreement with BioCatch won’t be hindered by the neobank's recently-announced acquisition by NAB and unification with UBank.

“Should the acquisition be approved, this is a positive for the partnership as more customers will be protected by the BioCatch solution as we migrate UBank customers to the 86 400 platform over time," Harding said.

NAB-owned UBank already uses biometric information in the form of fingerprints and voice patterns.

Harding said that "safety net" technology used by both 86 400 and UBank would be combined.

“Over time, UBank customers will move on to the 86 400 platform," Harding said.

"At that point we will have an opportunity to add to our best-in-class approach by leveraging capabilities within the NAB family of brands.”

86 400 recently partnered with another digital identification fintech, OCR Labs, to add biometrics to its digital mortgage offering.

The neobank will use OCR Labs' contactless verification of identity (VOI) solution, which consumers can run from their mobile devices in two minutes.