New Account Onboarding

Traditional and Challenger Banks Need to Rethink Onboarding

For established banks and up-and-coming digital banks, it’s become a business imperative to streamline the digital onboarding experience.
  • Increase new account conversions
  • Dramatically faster verification
  • Bank-grade security
Jumio Screening Explainer V2
of all financial services applications in Europe are abandoned despite massive investment in digital transformation by institutions.
Millennials are
2.5 times
more likely than Baby Boomers and 1.5 times more likely than Gen Xers to switch banks.

4 Ways to Streamline the Onboarding Process

Increased Conversions

Nearly 40% of potential new accounts are sacrificed during the onboarding process because of time-consuming, clunky processes.
  • More ID Types

    Support more than 3,000 ID subtypes around the globe including driver’s licenses, passports and ID cards.

  • More Channels

    Onboard customers via mobile SDK, webcam and API to cast a wider net, across a range of demographics.

  • More Chances

    Deliver specific reason codes for why a given ID or selfie was rejected so users can course-correct and continue with their application.

Dramatically Faster Verification

Today’s banking customers expect an Uberlike experience with the ability to create online accounts in minutes, not days — anytime, anywhere.
  • Less Verification Time

    Reduce onboarding time from hours to less than a minute.

  • Less Manual Review

    Leverage a proprietary mix of cutting-edge technologies to deliver a definitive yes/no decision — lessening the need for time-consuming in-house manual reviews.

  • Less Fraud

    Better protect your ecosystem against fraud and account takeovers than traditional methods of identity verification and authentication.

Bank-Grade Security

Given the type of information being captured during the identity verification process and the compliance fines associated with mishandling customer data, bank-grade security is a must-have.
  • Secure Standards

    Sleep easier knowing that Jumio’s been audited by industry leaders such as Deloitte, KPMG and EY in addition to numerous Tier 1 global banks and third-party regulators.

  • Secure Encryption

    Encrypt all personal data in transit via TLS encryption using strong cipher suites and at rest with military-grade 256-bit AES encryption.

  • Secure Compliance

    Comply with GDPR, CCPA and Payment Card Industry Data Security Standard (PCI DSS) by meeting their rigorous standards for security and data privacy.

Compliance Simplified

Financial institutions spend $60 million, on average, every year to meet regulatory requirements under Know Your Customer and customer due diligence (source: Thompson Reuters, 2016). But, unfortunately, long wait times are still the norm.
  • Complete Checks

    Replace slow, ineffective and manual KYC processes with more automated solutions that can be embedded within the online account setup and onboarding experience.

  • Complete Compliance

    Rapid online identity verification helps your organization manage and ensure compliance including AML, KYC, GDPR and CCPA.

  • Complete Coverage

    Compliantly verify customers across the globe, in more than 200 countries and territories and in a multitude of languages, with over 3,000 ID document types.

How Jumio Benefits the Banking Industry

Jumio’s suite of identity and authentication solutions is specifically designed for the banking industry.

Identity Verification

Establish the genuine identity of new users by verifying their government-issued IDs and requiring a selfie — comparing the picture in the selfie to the picture on the ID to ensure the user is who they claim to be in real time.

Fraud Deterrence

Identity theft and account takeovers are on the rise. Just by requiring a valid government-issued ID and a corroborating selfie, Jumio’s solution deters fraudsters who generally prefer not to share their own photo with the bank they’re looking to defraud.

Liveness Detection

Given the rise of spoofing (the act of using a photo, video or a different substitute for an authorized person’s face), Jumio employs state-of-the-art 3D liveness detection to ensure that a new customer creating an online account is physically present when creating their online account.

Ongoing Authentication

After legitimate customers have verified themselves online, biometric-based Jumio Authentication ensures all future logins and transactions are being made by the original account owner.

Trusted by Leading Financial Institutions Worldwide

“As Monzo continues to grow and pursue new markets, we know that Jumio will scale with our business and continue to provide an essential service — helping Monzo create the best-possible experience for our banking customers while fighting financial crime.”

Natasha Vernier, Head of Financial Crime, Monzo

“We’re proud to be the first bank in the Middle East to leverage face-based biometrics to streamline the KYC and identity-proofing processes. ... it’s critical for Bank ABC to deliver a simple, fast and intuitive onboarding experience that takes minutes, not hours or days.”

Yousif Almas, Group Chief Digital Officer, BANK ABC

“We have had a fast, friction-free onboarding process since Day 1 thanks to Jumio. Even though some users have tried to trick our onboarding process, with Jumio we are able to identify them before they can cause us any harm.”

Rogerio Karp, Head of B2C and Products, BTG Pactual digital

Jumio and Monzo Bank recently won two Gold awards at the UK Digital Experience Awards 2018. The teams were awarded the prizes in the “Financial Services: Best User Experience” and “Best Online User Experience B2C – Best Digital Customer Journey” categories.

Recommended Solutions

Jumio ID Verification

Determine if an ID is authentic and belongs to the user.

  • jumio Error-proof image capture
  • jumio Simple user experience
  • jumio Catch fake IDs

Jumio Identity Verification

Ensure that the person behind a transaction is who they say they are.

  • jumio Government-issued ID + selfie
  • jumio Liveness detection
  • jumio Compare ID photo to selfie

Jumio Authentication

Replace outdated KBA with the simplicity and security of a selfie.

  • jumio Verify enrolled users
  • jumio Unlock access to passwords, accounts and other enrolled services
  • jumio Fast, secure and reliable

Get Started

Let a Jumio expert show you how easy it can be to integrate our suite of verification solutions to your website or mobile experience. Start by requesting more information and we’ll be in touch shortly.