Jumio and Mobiquity are teaming up to provide better onboarding solutions for banks, retailers, and other large enterprises. Mobiquity is a consultancy that designs digital products for major brands, and regularly partners with technology companies that offer solutions that can enhance those products.
With that in mind, the partnership with Jumio will allow Mobiquity to integrate Jumio’s identity verification technology into its own branded offerings. Jumio’s solution streamlines the customer onboarding process with face and document recognition technology that compares a selfie to a photo ID to confirm the identity of a new user.
The two companies are hoping that the joint solution will reduce customer abandonment rates, especially in highly regulated industries like banking. As it stands, more than 40 percent of customers drop out before completing their account. Jumio’s technology speeds up onboarding while still meeting strict Know Your Customer and Anti-Money Laundering requirements.
“Our partnership with Jumio furthers our ability to deliver digital solutions for our banking clients while also providing beneficial offerings that extend into all of the industries we serve,” said Mobiquity CEO John Castleman. “As customers increasingly seek out digital access to the companies they do business with, it is important that businesses focus on efficient digital onboarding processes and avoid losing customers to competitors.”
“The onboarding process for most modern enterprises is painful and time-consuming,” added Jumio CEO Robert Prigge. “Our partnership with Mobiquity puts end users at the epicenter and delivers a fast, simple, and compliant sign-up process designed to optimize conversions.”
Jumio recently formed a similar partnership with Playtech to raise its profile in the gaming industry. The company already has numerous clients in the financial industry, including Monzo, BTG Pactual, and CIMB Bank Philippines. Jumio has also released the results of a survey that suggests that age-restricted UK websites may be using inadequate age verification technology.
(Originally posted on FindBiometrics)