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  • Banking Digitization

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    Elie Wardan
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    Millennials and younger generations are much more likely to switch banks than older generations, demanding a streamlined digital onboarding experience from banks. Traditional and challenger banks alike need to rethink their account opening processes to provide a fast, simple, secure digital experience to attract and retain younger customers. Jumio's identity verification solutions can help banks convert more applicants by supporting over 5,000 ID types across mobile and web, displaying reasons for rejection to allow users to correct issues, and reducing verification time to under a minute while maintaining bank-grade security.

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    Millennials and younger generations are much more likely to switch banks than older generations, demanding a streamlined digital onboarding experience from banks. Traditional and challenger banks alike need to rethink their account opening processes to provide a fast, simple, secure digital experience to attract and retain younger customers. Jumio's identity verification solutions can help banks convert more applicants by supporting over 5,000 ID types across mobile and web, displaying reasons for rejection to allow users to correct issues, and reducing verification time to under a minute while maintaining bank-grade security.

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    © All Rights Reserved
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    2 views2 pages

    Banking Digitization

    Uploaded by

    Elie Wardan
    Millennials and younger generations are much more likely to switch banks than older generations, demanding a streamlined digital onboarding experience from banks. Traditional and challenger banks alike need to rethink their account opening processes to provide a fast, simple, secure digital experience to attract and retain younger customers. Jumio's identity verification solutions can help banks convert more applicants by supporting over 5,000 ID types across mobile and web, displaying reasons for rejection to allow users to correct issues, and reducing verification time to under a minute while maintaining bank-grade security.

    Copyright:

    © All Rights Reserved
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    of 2

    Transform the Account

    Opening Process

    Banks Need to Rethink


    Onboarding
    For traditional banks and challenger banks alike,
    new business trends and demographic shifts demand
    a streamlined digital onboarding experience.

    Millennials are

    68%
    of all financial services
    2.5 times
    more likely than Baby Boomers
    applications in Europe and 1.5 times more likely than
    are abandoned despite Gen Xers to switch banks.
    massive investment in digital
    transformation by institutions. Gallup Poll

    Signicat, 2022

    How Jumio Can Help

    More ID Types
    Jumio supports over 5,000 ID subtypes around
    the globe including driver’s licenses, passports
    and ID cards.
    Increased Conversions
    More Channels
    Onboard customers via mobile SDK, web app
    Jumio’s banking customers have realized and API to cast a wider net, across a range of
    conversion improvements up to 50% by demographics.
    integrating Jumio’s identity verification
    solutions into the customer journey. More Chances
    Jumio displays precise reasons for why a given
    ID or selfie was rejected so your online users
    can course-correct and continue with their
    application, instead of being rejected outright.
    Less Verification Time
    Jumio’s ID and identity verification solutions reduce
    onboarding time from hours to less than a minute.

    Less Manual Review


    Jumio leverages a proprietary mix of informed AI,
    Dramatically Faster Verification computer vision, biometrics and human review to
    deliver a definitive yes/no decision and lessen the
    need for time-consuming in-house manual reviews.
    Today’s banking customers expect an
    Uber-like experience where they can Less Fraud
    create online accounts in minutes, Jumio’s biometric-based approach provides
    not days — anytime, anywhere. a much stronger defense against fraud and
    account takeovers than traditional methods of
    identity verification and authentication, including
    knowledge-based authentication, credit bureau
    lookups and SMS-based two-factor authentication.

    Secure Standards
    Jumio has been rigorously audited by industry
    leaders such as Deloitte, KPMG and EY in addition
    to numerous Tier 1 global banks and third-party
    regulators.

    Bank-grade Security Secure Encryption


    All personal data is encrypted in transit via TLS
    encryption using strong cipher suites and at rest
    Given the type of information with military-grade 256-bit AES encryption.
    being captured during the identity
    verification process and the Secure Compliance
    compliance fines associated with Jumio has achieved ISO/IEC 27001:2013, PCI DSS
    mishandling customer data, bank- and SOC2 Type 2 certifications.
    grade security is a must-have.

    Jumio is trusted by leading financial


    institutions worldwide.

    Jumio + Monzo Bank


    Best User Experience in Financial Services
    Best Digital Customer Journey in B2C

    Learn more at jumio.com

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