Digital ID verification company Jumio has brought facial recognition to its Netverify platform. It’s a move aimed at establishing even greater certainty for clients’ Know Your Customer processes, with Netverify allowing end users to confirm their identity credentials using their own smartphones or computers.
Underlining the solution’s appeal in financial services applications, Jumio also released new findings from a recent survey of about 700 millennials indicating that better mobile banking services could bring more of this demographic to banks. The survey found that 93 percent of respondents reported abandoning a mobile banking transaction at least once, with most attributing that to forgotten passwords. Over 80 percent of respondents also reported having tried to open bank accounts on mobile devices, and 94 percent indicated they’d like banks to allow users to scan driver licences and passports for identity verification. That all makes a strong case for the facial recognition technology now being used in Jumio’s Netverify platform.
The company’s credibility is also helped along by its recent report of 47 percent year-over-year growth in annual recurring revenue, based on Jumio’s latest Q3 report. In a statement announcing the growth, Jumio CEO Stephen Stuut attributed much of the growth to a “surge in mobile usage,” which is “fuelling the demand for IT verification solutions that provide a better and more secure customer experience.”
(Originally posted on FindBiometrics)