Banco BV
80% Faster Approvals with Smarter Fraud Prevention
Industry:
Banking
Region:
LATAM
Solution:
Account Opening, Transaction Monitoring, Behavioral Biometrics
Key Results
80
cut in approval time per proposal
Notable reduction
in false positive rate
Company
Banco do Brasil and Votorantim combined in 1988 to form Banco BV, one of Brazil’s largest
private banks. The multi-product digital bank offers innovative solutions: accounts, cards, loans and financing for individuals, insurance and assistance, institutional investors, vehicles, Corporate & Investment Banking, Asset Management and Private Banking.
Context
With strong roots in vehicle financing and a market leader in the solar panel loans segment, Banco BV has transformed itself into a cutting edge digital bank. While this opened up opportunities for the institution, it also meant that the bank needed knowledge, skills and, specifically, technological expertise to deliver this new business model in an industry where fraud and scams are prevalent. The bank chose Feedzai to partner with them on their digital journey, implementing a multi-layered fraud prevention system. This helped Banco BV better understand its customers with a 360-degree view — from onboarding to real-time transactions — and deliver products to them safely and securely. As the seventh-largest bank in Brazil, headquartered in São Paulo, Banco BV continues to set a benchmark for innovation and customer trust in the digital banking space.
The Challenge
Banco BV faced the challenge of having a fragmented fraud prevention system that needed to be improved to match market maturity levels. The bank lacked a centralized and integrated approach to fraud prevention across its various products and channels.
The Solution: Feedzai
After extensive research and evaluation of vendors, Banco BV selected Feedzai as its partner, prioritizing cultural and technological alignment as well as the ability to address the bank’s needs, technical gaps, and fraud prevention maturity. Banco BV chose Feedzai for its comprehensive fraud prevention capabilities and its ability to integrate multiple monitoring processes into a single platform, providing a holistic view of customer transactions and activities.
Feedzai helped Banco BV by implementing a centralized fraud prevention system that included behavioral biometrics, transaction monitoring, and automation. This integration enabled Banco BV to effectively monitor financial and non-financial transactions, reduce fraud losses and improve customer experience. Threat intelligence helped the bank detect types of fraud such as account takeovers and the presence of malware on a customer’s device, allowing the bank to act quickly to stop malicious activity.
"We have seen exceptional results by integrating Feedzai’s fraud prevention system. Our turnaround time on financing approvals has improved significantly and fraud losses have been drastically reduced, leading to a safer and more efficient banking experience for our customers."
Cássia Dias, Head of Fraud Prevention, Banco BV
The catalyst for change was Banco BV’s vision to centralize risk operations across the bank, simplifying technology and moving from multiple solutions to using a single integrated platform — Feedzai. For initial use cases, Feedzai’s platform combined its Transaction Fraud for Banking (TFB) and Digital Trust solutions. The bank also had a special case related to new accounts, for which Feedzai developed an Account Opening solution.
Implementation Process
Banco BV started by integrating Feedzai’s TFB solution to monitor online transfers and transactions in its financing business. The success of this led the bank to integrate Feedzai’s Digital Trust solution to monitor customer interactions using behavioral biometrics.Banco BV continues to centralize its risk management operations: currently expanding its onboarding operations, as well as migrating card transaction monitoring to the Feedzai platform.
Feedzai’s Key Capabilities
- Account Opening
The flexibility of the Feedzai platform is enabling the bank to expand its onboarding operations by integrating ecosystem partners via API connectors, simplifying operations and reducing threats. - Transaction Monitoring
At the core of Feedzai’s RiskOps platform, real-time scoring of transactions across the customer lifecycle has driven efficiency through a 360-degree view, as well as accelerating the centralization of separate fraud prevention systems for Banco BV. - Behavioral Biometrics
Banco BV was able to better protect customers from fraud attacks using Feedzai’s account hacking module, which leverages device, network, malware and behavioral biometric information.
Results Achieved
- Increase in Financing Approvals
Banco BV saw an exceptional change in results when Feedzai was integrated into the financing approval process.
Service level agreement (SLA) reduced from 2 hours to 30 minutes, leading to more customer approvals. - Reducing False Positives in Financing Applications
The reduced false positive rate meant fewer rejections due to greater accuracy in identifying legitimate and
fraudulent applications. - Expanding Fraud Prevention Across the Bank
Based on its success in financing solar panels, Banco BV is implementing Feedzai in existing and new
products, as well as in other business areas.
Conclusion
Banco BV’s foray into digital banking has not only increased options for new and existing customers in Brazil, but has also provided a safe and secure experience. By integrating Feedzai’s solution into its digital operations, Banco BV reduced false positives and increased approvals due to accurate decision-making. The bank continues to centralize risk operations across multiple business areas, with several initiatives already underway. These include extending the account opening solution to new bank accounts and credit card applications, expanding its onboarding operations, and migrating card transaction monitoring to the Feedzai platform.
