Bank ABC digital onboarding is live, a first in Bahrain. The bank partners with US-based identity verification vendors Jumio to launch digital onboarding.
Consequently, Bank ABC customers can open new accounts remotely without the need to visit a branch.
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In addition, Bahrain-headquartered Bank ABC is set to launch one of the region’s first mobile-only banks. It has invested in establishing digitised operations including a fully digital KYC capability. Simplifying and streamlining the onboarding process is central to these efforts.
“Bank ABC is committed to leveraging the benefits of AI technologies to create seamless customer journeys for accessing banking services securely.
“Across the region, banks and other financial institutions are facing enormous disruption from technology. But change should be embraced, not feared. Technology will revolutionise the way we do business. More importantly, it will empower people across the region. And it is a force for true financial inclusion,” says Sael Al Waary, Bank ABC deputy group CEO.
Bank ABC digital onboarding: regional first
Yousif Almas, Group CIO at Bank ABC adds: “We’re proud to be the first bank in the Middle East to leverage face recognition-based biometrics and machine learning to enhance the KYC and identity-proofing processes.
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By GlobalData“It’s critical for Bank ABC to deliver a simple, fast and intuitive onboarding experience in minutes, not hours or days.”
Bank ABC is integrating Jumio’s Identity Verification solution. This enables the bank to verify online customers by having them first capture a picture of their ID card with a smartphone. Specifically, customers then take a selfie, with certified liveness detection functionality. This process ensures that the user is who they claim to be and is present during the transaction.
At the same time, Bank ABC aims to expand its digital operations globally and in the MENA region. And Jumio will support such growth with its ability to verify IDs digitally across geographies.
Robert Prigge, Jumio president adds: “Jumio is excited to partner with Bank ABC and help revolutionise digital banking in MENA.”
