Jumio is providing secure identity verification and onboarding services for CIMB Bank Philippines. The all-digital bank will specifically be deploying Jumio’s portfolio of selfie-based authentication solutions, which will significantly reduce the amount of time mobile customers need to open new accounts.
To that end, CIMB noted that it is the fastest-growing digital bank in the ASEAN region, thanks largely to its efforts to bring new people into the banking system. A full 30 percent of CIMB customers are opening a bank account for the first time, and a streamlined onboarding process is only expected to increase the conversion rate for new users.
“Our partnership with Jumio has been integral in achieving our milestones to deliver a safe and secure banking experience,” said CIMB CEO Vijay Manoharan. “We are grateful to have them as an ally in bringing Filipinos closer to financial inclusion.”
Jumio’s authentication solution uses facial recognition to compare a selfie to the photo on an official government ID. The entire process can be completed in less than five minutes on a standard smartphone, while the platform itself offers liveness detection and meets the latest Know-Your-Customer regulations.
“It’s increasingly important to offer a streamlined digital onboarding process,” said Jumio CEO Robert Prigge. “We are proud to partner with CIMB to help give Filipinos access to digital banking in a secure and compliant manner.”
Of course, CIMB is not the first digital bank to take advantage of Jumio’s secure authentication services. Jumio recently renewed its partnership with Monzo in the UK, and provided identity verification technology for a new mobile banking service from Bank ABC in Bahrain. BTG Patual has also adopted Jumio’s biometric onboarding technology.
The Philippines market, meanwhile, has displayed a similar enthusiasm for mobile financial services. Daon provided biometric authentication tech for a mobile app from Union Bank, while Jumio is being used to safeguard I-Remit’s IREMITX digital money transfer platform.