Jumio Helps CIMB Bank Philippines Onboard New Mobile Banking Customers While Protecting Against Fraud and Meeting Strict Compliance Mandates
Jumio, the leading provider of AI-powered end-to-end identity verification and authentication solutions, has partnered with CIMB Bank Philippines’ all-digital bank to provide a simple, hassle-free and convenient digital onboarding solution to Filipinos.
In its first full year of formal operations, CIMB Bank Philippines signed in almost 2 million Filipinos via the CIMB Bank PH digital platform, 30% of which are first-time bankers, making CIMB Bank PH the fastest-growing all-digital bank in the Philippines and ASEAN, and a winner of eight banking awards in 2019.
Driving financial inclusion, the all-digital, mobile-first bank offers the best-in-market savings interest rates of 4% with zero transaction fees and minimum balance, and seamless account opening and personal loan applications.
CIMB Bank PH’s mobile app integrates Jumio’s AI-driven identity verification technology to provide a safe, secure and fast digital onboarding experience — what used to take 15 minutes with a video KYC process now takes less than five minutes, resulting in an increase in conversions and happier customers.
Jumio’s identity verification solution uses machine learning, AI, certified liveness detection and face-based biometrics to ensure the person behind a digital transaction is who they say they are by matching a user’s live selfie with the photo shown on their government-issued ID.
“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,” said Vijay Manoharan, CIMB Bank PH CEO. “We are very grateful to have them as an ally in bringing Filipinos closer to financial inclusion.”
The collaboration provides Filipinos with a safe and seamless onboarding experience, while still holding high standards of data privacy and meeting local compliance requirements.
“In the Philippines and across the greater APAC region it’s becoming increasingly important for banks to offer a streamlined digital onboarding process,” said Robert Prigge, Jumio CEO. “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.”