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Many financial services providers still rely on outdated customer verification methods by asking customers to email, fax or physically drop off copies of ID documents at a branch office, when they wish to originate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:
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“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.”