Customer Story
Large Latin American Bank Undergoes Digital Transformation, Reducing Fraud Rate by 70%
Products
Revenue
Employees
Industry
Benefits
ID Verifications processed annually
e-signatures and documents processed annually
fraud rate reduction
manual effort reduction
faster customer service times
Projected 3-year ROI
Overview
One of the largest banking institutions in Latin America, partnered with Sovos Trust Services to modernize its digital onboarding and compliance processes in Chile and Mexico. The goal: streamline customer interactions, reduce fraud, and ensure legal validity in a heavily regulated environment.
The bank selected Sovos Trust Services to implement digital identity verification, electronic signatures, document management, and certified timestamping, supporting both remote and in-person processes while ensuring compliance with local legal frameworks
The Challenge
The bank had an increasing need for secure, scalable, and omnichannel solutions to support its digital transformation, without compromising customer trust or regulatory compliance. Fraud had become a growing concern across both digital and in-branch channels, with more sophisticated methods demanding stronger identity verification and tamper-proof documentation to protect customer data and reduce risk.
Customer onboardings, activations and transaction authorizations in Chile were manual. This created operational inefficiencies, slowed time-to-market for new services, and created friction in the customer experience.
In Mexico, the bank needed a way to ensure the long-term integrity and legal validity of digital documents. Local regulations, including NOM 151, required certified time stamping and verifiable records for compliance and trust in digital transactions.
If this challenge sounds familiar to you, it’s worth connecting with a Sovos Expert so we can take this compliance burden off your shoulders.
The Solution
In Chile:
- ID Verification
Biometric verification was deployed across both digital and branch channels. Remote processes used facial recognition to confirm customer identity online, while branches used fingerprint biometrics, with facial recognition as a contingency method, ensuring secure identity checks during onboardings, products activation and transaction authorizations. - Electronic Signature
Customers could sign agreements digitally, whether at a branch or remotely. This reduced paper use, shortened turnaround times, and ensured contracts were legally valid Document Management. - Document Management
For in-branch processes, documents generated during in-branch onboarding and service activation were securely stored and managed in digital format, enabling faster retrieval and better control.
In Mexico:
- NOM 151 Seal
Sovos issued digital seals in compliance with Mexico’s NOM 151 standard. These seals certify the integrity of digital documents, ensuring they have not been altered after their issuance and capturing the exact date and time the seal was applied. - Validation of NOM 151 Seal
Sovos also provided the ability to validate these NOM 151 seals at any time, confirming the authenticity of the document and maintaining its legal admissibility for audits, disputes, or regulatory purposes.
The Results
By selecting Sovos, the company achieved:
- Omnichannel Transactional Efficiency
Enabled seamless onboarding and recurrent transactions across remote and in-branch channels. This company accelerated processes while enhancing transaction security, reducing service time and operational overhead, supported by a 60% reduction in manual effort across verification, e-signature, and document workflows. - Fraud Risk Mitigation
Biometric ID verification and validated documentation, prevented fraudulent contracting, activations and authorizations across branch and remote channels. This led to a 70% reduction in fraud rates across digital and in-branch interactions. - Future-proof Compliance Assurance
Full alignment with local compliance and best industry practices in Chile and Mexico ensured the company stayed ahead of regulatory requirements. This also contributed to a projected $2.4M+ ROI over three years from gains in automation, fraud prevention, and compliance. - Improved Customer Experience
Faster and secure transactions lead to frictionless customer interactions that improved customer experience across remote and branches channels, with 3x faster service times for onboarding and transactions significantly enhancing customer satisfaction.
Key Metrics
Countries consolidated into Sovos
Total projected 3-year ROI
Manual effort reduction
Fraud Rates reduction
Service Time Speed
Why Sovos?
The bank chose Sovos for its ability to deliver secure, end-to-end trust services that support both digital and in-person onboarding with consistency and reliability. Sovos brought deep regional knowledge and regulatory expertise, ensuring compliance with local legal frameworks in complex markets like Mexico and Chile. In addition to regulatory alignment, Sovos helped strengthen defenses against fraud by enabling more secure and verifiable customer interactions across all channels and at scale.