Streamline the digital onboarding experience without compromising on security.
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
How Jumio Benefits the Banking Industry
Identity Verification
Establish the genuine identity of new users by verifying their government-issued IDs and requiring a corroborating 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.
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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 liveness detection to ensure that a new customer creating an online account is physically present.
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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 financial institution they’re looking to defraud.
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Ongoing Authentication
After legitimate customers have verified themselves online, biometric-based Jumio Authentication ensures all future logins and transactions are being performed by the original account owner.
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4 Ways to Streamline the Onboarding Process
Increased Conversions
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 5,000 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
Leverages informed AI and a proprietary mix of 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 KYC, AML, GDPR, CCPA and PCI-DSS by meeting their rigorous standards for security and data privacy.
Compliance Simplified
North American financial institutions spent US$3.4 billion in 2019 on technology for AML-KYC compliance (Celent). But, unfortunately, onerous user experiences and 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 5,000 ID document types.
Ready to see how Jumio can improve your onboarding?
Trusted by leading brands worldwide.
Jumio opened a totally new stream for customer acquisitions. A process that used to take up to five days now takes only five minutes and is easy for customers to complete whenever and wherever they want.”
Waleed AlJasmi, Head of Digital Channels, Ahli United Bank
