2020 Market Guide for Identity Proofing and Affirmation
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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


Watch the 2-Minute Explanation ic
38%
of all financial services applications in Europe are abandoned despite massive investment in digital transformation by institutions.
SIGNICAT, JUNE 2019
Millennials are
2.5 times
more likely than Baby Boomers and 1.5 times more likely than Gen Xers to switch banks.
GALLUP POLL

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 3,500 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 3,500 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 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.

Certified 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.

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.

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.

Trusted by Leading Financial Institutions Worldwide

Monzo

"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

Bank ABC

“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

BTG Pactual

“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

Jumio and Monzo Bank 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 Identity Verification

Ensure the person behind a transaction is who they say they are.
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Jumio Document Verification

Automatically determine proof of address from pictures of utility bills, credit card and bank statements.
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Jumio Authentication

Replace outdated knowledge-based authentication and SMS-based 2FA with the simplicity and security of a selfie.
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Get Started

Let a Jumio expert show you how easy it can be to integrate our automated verification solutions into your onboarding process, whether it be within your app or on your website. Request more information here and we’ll be in touch shortly.
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