Bofin’s vision is to offer a single globalized marketplace where consumers can apply for and manage all their business and personal financial products, all through one easy-to-use mobile app. By getting banks and financial service providers to compete for business through its platform, Bofin gives the consumer a voice and drives innovation within the banking sector, resulting in increased transparency, lower costs and better services for its customers.
This vision rested on the ability to provide a single sign-on process that was quick and simple, yet still comprehensive enough to satisfy both regulatory and legacy banking requirements. Bofin needed an automated solution that could verify and authenticate customer identities in a matter of seconds while meeting strict Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance mandates.
Why KYC Isn’t Enough
A Guide to Fighting Fraud and Financial Crime from Onboarding to Ongoing Monitoring
After putting more than a dozen vendors through extensive testing, Bofin chose Jumio for identity verification and ongoing authentication. Jumio’s mobile SDK outperformed all other vendors in fraud prevention and user experience.
“Jumio has pioneered KYC on behalf of many financial institutions and is a highly reputed partner used and trusted by countless financial institutions,” said Mohamed Dafea, Bofin’s founder and chairman. “It goes without saying then that we wanted Jumio as our preferred partner.”
Jumio’s solutions leverage the power of biometrics, AI and the latest technologies to quickly and automatically verify the digital identities of new customers and existing users, helping Bofin strike the right balance between customer experience and security.
During onboarding, new Bofin customers take a picture of their government-issued ID (e.g., driver’s license, passport) and a corroborating selfie, from which a biometric template is created. Jumio determines if the ID is authentic and that the person pictured in the selfie matches the picture on the ID.
Whenever a Bofin customer wants to send funds to another account through the app, Jumio Authentication captures a fresh selfie, generates a new biometric template and compares it to the original template created during onboarding to unlock the customer’s digital identity in seconds.
The Bofin customer experience — for new users and existing customers alike — has benefited from the Jumio integration. Speed and accuracy were key factors in Bofin’s decision. With other providers, Bofin encountered up to 70% error rates requiring manual review when testing other providers.
“Jumio has reduced the administrative burden on our staff due to the high level of accuracy and resultant decrease in manual reviews required from our team,” said Dafea.
Read the entire case study here.