Jumio, an identity verification and authentication platform, will supply CIMB Bank Philippines with its technology to ease its onboarding process.
Launching in 2019, the all-digital bank CIMB managed to reach nearly two million customers within its first full year of operations, of which, 30% are first-time bankers.
As part of this new integration, CIMB’s mobile banking app will leverage Jumio’s AI-powered identity verification solution to ease onboarding.
Jumio enables a consumer to verify their identity by simply taking a video selfie of themselves and their ID, helping to accelerate verification times. The platform is backed by machine learning, face-based biometrics and liveness detection to ensure the person is who they claim to be.
Jumio CEO Robert Prigge said, “In the Philippines and across the greater APAC region it’s becoming increasingly important for banks to offer a streamlined digital onboarding process.
“We are extremely proud to partner with CIMB Bank Philippines to help give more Filipinos access to digital banking in a secure, seamless and compliant manner.”
The identity company has been making numerous partnerships within the market. Late last year, the RegTech startup formed a similar deal with TSB Bank to help ease onboarding processes when creating a bank account.
Despite the partnership, the bank conducted research which found 57% of customers over 55 have never used online banking, with 58% stating this was because of fraud fears.
Other recent partnerships from Jumio include one with non-bank remittance service I-Remit, Bahrain-based Bank ABC and digital bank Monzo.
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