Traditional and Challenger Banks Need to Rethink Onboarding
- Increase new account conversions
- Dramatically faster verification
- Bank-grade security
4 Ways to Streamline the Onboarding Process
- 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
- 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.
- 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.
- 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
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.
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.
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.
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.”
“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.”
“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.”
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.
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.REQUEST MORE INFORMATION