of all financial services applications in Europe are abandoned despite massive investment in digital transformation by institutions.
SIGNICAT, JUNE 2019
more likely than Baby Boomers and 1.5 times more likely than Gen Xers to switch banks.
4 Ways to Streamline the Onboarding Process
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.
Onboard customers via mobile SDK, webcam and API to cast a wider net, across a range of demographics.
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.
Better protect your ecosystem against fraud and account takeovers than traditional methods of identity verification and authentication.
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.
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.
Encrypt all personal data in transit via TLS encryption using strong cipher suites and at rest with military-grade 256-bit AES encryption.
Comply with KYC, AML, GDPR, CCPA and PCI-DSS by meeting their rigorous standards for security and data privacy.
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.
Replace slow, ineffective and manual KYC processes with more automated solutions that can be embedded within the online account setup and onboarding experience.
Rapid online identity verification helps your organization manage and ensure compliance including AML, KYC, GDPR and CCPA.
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.
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.
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.
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.
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."
Head of 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.”
Group Chief Digital Officer
“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.”
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.
Jumio Identity Verification
Ensure the person behind a transaction is who they say they are.
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.