Jumio’s unique computer vision solutions help financial services firms verify customer identity while improving remote account opening completion rates

At Jumio we believe that cus­tomer ver­i­fi­ca­tion processes should do more than just meet the letter of the law. In fact, the method by which you verify the iden­tity of your cus­tomer can and should be an impor­tant dif­fer­en­tiator between you and your com­peti­tors. We’re working with many finan­cial ser­vices providers to ensure that your cus­tomers have a fast and pos­i­tive expe­ri­ence when opening an account on their mobile device while enabling the provider to meet Know Your Cus­tomer (KYC) and Cus­tomer Iden­ti­fi­ca­tion Pro­gram requirements.

Many finan­cial ser­vices providers still rely on out­dated cus­tomer ver­i­fi­ca­tion methods by asking cus­tomers to email, fax or phys­i­cally drop off copies of ID doc­u­ments at a branch office, when they wish to orig­i­nate an account rela­tion­ship or exe­cute cer­tain trans­ac­tions. This is not only incon­ve­nient for your cus­tomer; it also breaks the trans­ac­tion momentum which results in sig­nif­i­cant drop-off and cus­tomer dissatisfaction.

Jumio’s approach is dif­ferent – it has been specif­i­cally devel­oped to meet the chal­lenge of how to verify iden­tity in a connected-device envi­ron­ment. We use com­puter vision tech­nology to val­i­date, extract and auto-populate cus­tomer data from ID doc­u­ments to deliver fast and easy account orig­i­na­tion or other trans­ac­tions. It’s a real-time process; doc­u­ment authen­ti­ca­tion takes place seam­lessly in the back­ground so that cus­tomers are not incon­ve­nienced and the momentum of the remote trans­ac­tion is maintained.

Here’s how we’re applying this tech­nology to banks, money remit­tance busi­nesses, pre­paid card issuers, short term lenders and other finan­cial services:

Reduce drop-offs in Remote Account Opening (RAO): Finan­cial ser­vices firms wishing to improve account orig­i­na­tion through dig­ital chan­nels are turning to Jumio to decrease drop-off rates by up to 40%. Making it fast and easy for cus­tomer to pro­vide their ID doc­u­ments is the key to increasing trans­ac­tion com­ple­tion rates. Learn more…
Pre­vent orig­i­na­tions fraud: Crim­i­nals are increas­ingly turning to orig­i­na­tions fraud and account takeover to mon­e­tize stolen iden­ti­ties and Jumio is rapidly becoming the doc­u­ment authen­ti­ca­tion provider of choice to keep crim­i­nals out of the finan­cial system. Learn more…
Authen­ti­cate ID cre­den­tials issued by over 120 coun­tries: Jumio has become the provider of choice for cus­tomer cre­den­tials ver­i­fi­ca­tion in online and mobile envi­ron­ments. We val­i­date, extract and auto-populate data from driver licenses, pass­ports and government-issued IDs. This is par­tic­u­larly valu­able with cus­tomer seg­ments or geo­gra­phies where ID data­base and KBA checks are expen­sive, unre­li­able or simply unavailable.

Learn more about Jumio solutions:

The com­bi­na­tion of Jumio’s ID doc­u­ment authen­ti­ca­tion and facial com­par­ison sup­ports speedy account opening for our cus­tomers, and make for a better and faster cus­tomer expe­ri­ence with WorldRemit.”


Here’s how Jumio supports leading money transfer company WorldRemit

Jumio supports leading money transfer company WorldRemit

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