What's New? Our investment in AI is delivering big results for our customers. Get Details

FINMA Regulations

Online Identity Verification for Swiss Banks and Financial Institutions

Back in 2016, the Swiss Financial Market Supervisory Authority (FINMA) started allowing Swiss-based financial institutions to use online identity verification to fulfill Swiss Anti-Money Laundering Act due diligence requirements. This means customers could be verified remotely and no longer needed to visit a local branch in order to open an account.

Unfortunately, only a handful of top Swiss banks offer any sort of digital onboarding for new customers, and in most cases this is done through a cumbersome video chat process.

Video-based verification is problematic for a number of reasons:

  • Customers can only be onboarded during business hours.
  • Verification process typically takes about four minutes to complete, but that’s only after a potential customer waits to speak with an agent.
  • Because a physical agent is involved, the customer experience is uneven and a significant number of users are unhappy with the agent and their professionalism.
  • The cost per verification is significantly higher than modern identity proofing techniques because of the manual nature of the process.
  • Abandonment rates are comparatively high because of hold times and customer frustration.
A more secure and streamlined alternative is available thanks to online identity verification.

Online Verification versus Video Verification

Video
Online
Requires appointment
Video
yes
yes
Online
no
no
Requires waiting for live representative
Video
yes
yes
Online
no
no
Available 24/7
Video
no
no
Online
yes
yes
Typical completion time
Video
4 minutes
4 minutes
Online
1 minute or less
1 minute or less
User conversion
Video
★★★
★★★
Online
★★★★★
★★★★★
cost
Video
$$$$$
$$$$$
Online
$$
$$
Fraud detection
Video
★★★
★★★
Online
★★★★
★★★★

How Jumio Can Help

Jumio’s identity verification solutions use AI, machine learning, face-based biometrics and certified liveness detection to ensure the person behind a transaction is present and who they say are. Identity verification goes well beyond traditional authentication methods to deliver a significantly higher level of assurance and establish a trusted digital identity.

Updated FINMA regulations, which take effect in January 2020, include more stringent requirements aimed at making online identity verification even more secure. Jumio’s state-of-the-art identity verification technologies support all FINMA regulations while also helping Swiss banks and financial institutions dramatically increase conversions and lower abandonment rates.

  • High-quality image capture
  • ID document security features
  • Selfie matching
  • Data extraction
  • Certified liveness detection

Get Started

Learn how Jumio’s identity solutions can bring FINMA compliance to your online customer identity verification process.

REQUEST MORE INFORMATION

Jumio