Are your banking customers who they say they are? How can you know for sure?
Today, I’m excited to share a “better together” story with you about how Jumio and Okta are working together to provide strong online identity proofing for users all around the world.
Ready to dive into the world of identity and security?
I sat down with Sushan Shetty from Jumio and Marcus Guan from Okta to learn about our Jumio + Okta partnership and how together we keep fraudsters out and provide a seamless, user-friendly customer experience.
Most of us already know that Okta provides an amazing cloud-based authentication platform. But what I wanted to understand is how Jumio works with Okta and what that means for businesses – specifically for banks and fintech companies.
How does Jumio + Okta work?
Together, Jumio and Okta allow businesses to validate the digital identities of their customers online in just seconds. With user self-verification powered by Jumio, you can confidently grant the access you need to make your bank or fintech run efficiently.
When Okta-enabled businesses incorporate Jumio’s solutions into their workflows, they receive an additional layer of security as new and existing users are quickly verified online. Organizations can easily build workflows that capture pictures of end users’ government-issued IDs and match them to their selfies to establish their digital identities.
Bottom line – Jumio + Okta provides a frictionless customer journey while providing top-notch security at the same time.
What is our Better Together Story?
Sushan shared that so much is done remotely nowadays – whether it’s opening a credit card, a new bank account or an insurance policy. If that process isn’t smooth and efficient, you may lose customers. Jumio + Okta provides a streamlined and guided onboarding experience and allows organizations to maintain trust and security to ensure their customer is still who they say they are.
The good news for fintech companies is that Jumio + Okta empowers businesses to drive better revenue, better experiences, and better business practices.
Next, I was looking forward to learning about common use cases to understand how customers benefit from the Jumio + Okta solution.
What are some common use cases for Jumio + Okta?
Marcus highlighted two key use cases:
- Online identity proofing through self-verification – Jumio and Okta come together to provide a complete solution when some form of identity proofing is required – whether you need to access banking statements, trade or transfer money or create a new account using your laptop, phone or webcam.
- Authentication and higher access privileges – Jumio + Okta facilitates a seamless process when you need to authenticate end users that require a special level of access while maintaining an extra layer of security. For example, after establishing the identity of a user by capturing their identification documents and a selfie to match to ensure their presence, the user is provided the right Role Based Access Control by Okta to ensure they are granted appropriate access privileges into systems and services.
What does this mean for banks?
As Marcus said, security is crucial for banks and fintech companies. They need to be able to quickly and securely validate users, prove their identity and streamline the process so it’s user-friendly.
Jumio + Okta supports banks both locally and globally by empowering them to validate the digital identities of their online customers, detect and deter fraud and maintain compliance with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations.
Why do global banks choose Jumio + Okta?
Sushan shared that Jumio + Okta users receive global coverage. Global banks have clients all over the world, so you’ll be pleased to know that Jumio supports over 4,500 ID document types in over 200 countries and territories. Both solutions are also highly scalable, growing with your business and providing visibility and security in the workflow. As more and more businesses move online and to the cloud, they need processes in place that enable them to scale as they grow and maintain visibility of the entire workflow so teams and businesses can stay aligned.
Why would a smaller or local bank choose Jumio + Okta?
In addition to supporting documents from countries around the world, Jumio provides coverage of multiple document types within each locale. For example, in Spain we support the majority of driver’s licenses including older ID cards.
Sushan said we have a huge data set that helps our machine learning. To back this up, we also have human verification experts who manually check country-specific documents for an added layer of security.
Finally, we treat our clients as partners. As our clients have more needs, we work with them to ensure additional documents are added to the Jumio database. We can also accommodate customers like local banks who may need to integrate with a specific database. One example is a local bank in the Netherlands we integrated with many databases.
Let’s fight fraud and financial crime together!
We know that digital identity is complex, especially for banks and fintech companies. If you’re looking to deter fraudsters and assess the risk of new customers in real time, Jumio’s identity proofing solutions are here to help.
Ready to take a look at how you can fight fraud and financial crime and onboard real customers faster with Jumio’s identity proofing solutions? Jumio helps you know, then trust, your customers online throughout the entire customer lifecycle with frictionless identity proofing. Plus, you can go beyond logins and passwords with Okta’s identity management platform.
Want to learn more?
To learn more about key trends in identity proofing for fintech, and to understand more about what this means for banking, be sure to check out our recent webinar – Jumio + Okta: Keeping fraudsters out of the bank.