The new tool was created for banks, FinTechs, cryptocurrency exchanges, digital wallets and other regulated industries that want to shift to an omnichannel approach.
Jumio Video Verification gives financial institutions a secure method for digitally onboarding new customers using a two-way video-based verification. Know your customer (KYC) and anti-money laundering (AML) compliance is ensured with an audit trail and saved video archives.
Jumio has three tools that utilize biometric video facial verification — Assisted, Unassisted and Platform Only. In Assisted mode, agents help people in real time use the video verification technology. Unassisted is a self-service mode that takes a video of users’ documents and a photo of the person’s face. Platform Only enables people to use their own agents to assist with the video verification.
“Cybercriminals are innovative and trained to exploit loopholes. By using stolen real identities, purchased from the dark web, they’re often able to fool traditional forms of online identification,” said Dean Hickman-Smith, Jumio’s chief revenue officer. “With video-based KYC, businesses can reduce their cost of operations by as much as 90% by eliminating field agent travel, reducing paper costs and streamlining the recording, transmitting and archiving processes.”
According to Jumio, 40 percent of people exit the onboarding process if it’s too long or confusing. Banks that require people to visit a branch or print and sign documents will lose out to rivals with a better user experience.
“Jumio Video Verification facilitates our remote onboarding process in one of our core markets,” said Martin Ferreiro Subi, head of product strategy and transformation at Ebury, providers of foreign exchange, payment, lending and cash management solutions. “It allows us to verify the identity of our customers online by securely capturing pictures of an ID document and a selfie while recording the entire process. Our customers are delighted that it only takes a few minutes.”
Everything comprises consumer experience, including invisible functions like authentication.
This month’s PYMNTS Digital Identity Tracker(R), done in collaboration with Jumio, indicates that digital identity solution providers now look at the verification process as part of the consumer engagement process.
Jumio’s Global Trust and Safety Survey indicates that one in five U.S. adults using sharing services are concerned about security. The sharing economy is forecasted to be valued in excess of $300 billion by 2025.
In a recent chat with PYMNTS, Philipp Pointner, chief product officer at Jumio, said its recent acquisition of AML solutions platform Beam adds AML power and solidifies Jumio as an end-to-end compliance and identity platform.