Jumio, CIMB Bank PH to offer digital onboarding solution to Filipinos

Jumio, one of the leading providers of AI-based end-to-end authentication and verification solutions, has reportedly partnered with Thailand-based commercial bank, CIMB Bank PH to provide seamless, convenient, and hassle-free digital onboarding solution to people in the Philippines.

Reportedly, in its first year of operations, CIMB Bank PH signed in approximately 2 million Filipinos through its digital platform, around 30% of which being first-time bankers. This made CIMB the fastest-growing all-digital bank in the ASEAN and Philippines which reportedly won eight banking awards in the year 2019.

Driving financial inclusion, the bank offers savings interest rates of 4% with a minimum balance, zero transaction fees, and hassle-free personal loan & account opening applications.

Sources close to the partnership cite that CIMB’s mobile app integrates Jumio’s AI-powered identity verification technology to deliver a secure, safe, and fast digital onboarding experience. The procedure previously used to take around 15 minutes with a video KYC procedure, but now requires fewer than five minutes, resulting in a surge in conversions and happier consumers.

This partnership offers Filipinos with exceptional onboarding experience while meeting high standards of data privacy and local compliance requirements.

Jumio’s identity verification technology leverages AI, face-based biometrics, machine learning, and certified liveness detection to ensure a person’s authenticity by matching a consumer’s live selfie with the photo present on their government-issued ID.

Vijay Manoharan, CEO of CIMB Bank PH, said that their partnership with Jumio has been crucial in achieving milestones so far as an all-digital bank of the Philippines to offer secure and safe banking experience. The bank is grateful to partner with Jumio in bringing Filipinos closer to financial inclusion, said Manoharan.

Robert Prigge, CEO of Jumio, said that in the Philippines as well as across the greater APAC region, it is important for banks to deliver a streamlined digital onboarding experience. The company is extremely proud to be partnered with CIMB Bank PH to offer a seamless, secure digital baking experience to Filipinos. 

Source Credit - https://finance.yahoo.com/news/jumio-cimb-bank-ph-team-220000477.html