Fighting fraud in 2021 is still an uphill battle for banks and other financial institutions who have a compliance mandate to verify the identity of their clients throughout the entire customer lifecycle.
Nowadays, digital identification is completely transforming the financial sector. Banks and financial institutions have understood the needs of today’s customers, transforming their processes to offer them an experience that they find comfortable and accessible, without friction and difficulty when registering to obtain products. Times have been optimized and costs reduced. Whether banks onboard in person or digitally, the need to comply with KYC (Know Your Customer) regulations is an essential component to designing the onboarding journey. Identity verification technology and smart eKYC processes can help banks and financial institutions gain their clients’ trust with the highest level of accuracy, but without miring them in a tedious sign-up process.
Identity proofing solutions like Mobiquity’s partner Jumio offers, are a unique combination of informed AI, computer vision and Machine Learning, enabling banking and financial services firms to reliably and securely verify remote users while streamlining the onboarding process.
Jumio scans images of the user’s government-issued ID (i.e., passport, driving license) to make sure it has not been digitally manipulated, then verifies that the customer is a real person and that their facial biometric information matches that of the photo on the ID.
With Jumio, identity verification only takes 4 simple steps:
1. ID Proofing Check
Customers scan their ID document with their mobile phone or webcam. Jumio uses cutting-edge technologies to get the best possible image quality and determines if the ID document is authentic and valid.
2. Similarity Check
Customer takes a selfie to prove they are the same person shown in the ID photo.
3. Liveness Check
Jumio’s face-based biometrics and certified liveness detection determine if the person holding the ID is physically present during the transaction.
4. Definitive Answer
Jumio Identity Verification delivers a definitive yes or no answer in seconds.
Around the world, technology savvy banks like Monzo have leveraged Jumio’s technology to design the best possible onboarding experience.
Similarly, Bank of the Philippine Islands (BPI) worked with Jumio, Mobiquity and Backbase to create the seamless digital banking experience the bank wanted for its customers, with an AI- based identity verification solution that leverages biometric technology to verify customer identity during onboarding and throughout the entire customer journey.
To discover more on how to build a better digital banking experience while meeting your KYC and AML requirements, we recommend this Jumio guide: The "X" Factor: Why KYC Isn't
Ready to explore more about Mobiquity and Jumio partnership? Let’s talk.
* * *
Give us your information below to start the conversation.
