The all-digital bank of CIMB Bank Philippines has selected Jumio for digital client onboarding solution.
Under the partnership, the mobile app of CIMB Bank PH will be integrated with Jumio’s AI-driven identity verification technology.
The integration, according to the technology vendor, will enable the bank to sign-in new customers while protecting against fraud and complying with strict compliance mandates.
Earlier, a video KYC process used to take 15 minutes. It will now consume less than five minutes.
Jumio added that its identity verification platform leverages machine learning, AI, certified liveness detection and face-based biometrics to establish the identity of the person.
It matches the user’s live selfie with the photo shown on their government-issued ID.
CIMB Bank PH CEO Vijay Manoharan said: “Our partnership with Jumio has been integral in achieving our milestones so far as an all-digital bank in the Philippines to deliver a safe and secure banking experience.
“We are very grateful to have them as an ally in bringing Filipinos closer to financial inclusion.”
The digital bank, CIMB Bank PH, said to have onboarded nearly two million customers in its first full year of formal operations. Almost one-thirds (30%) of them are said to be first-time bankers.
The all-digital bank, designed to boost financial inclusion in the Philippines, offers savings interest rates of 4% with zero transaction fees and minimum balance.
Jumio CEO Robert Prigge said: “In the Philippines and across the greater APAC region it’s becoming increasingly important for banks to offer a streamlined digital onboarding process.
“We are extremely proud to partner with CIMB Bank Philippines to help give more Filipinos access to digital banking in a secure, seamless and compliant manner.”