Online Identity Verification for Swiss Banks and Financial Institutions
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.
Online Verification versus Video Verification
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
Learn how Jumio’s identity solutions can bring FINMA compliance to your online customer identity verification process.REQUEST MORE INFORMATION