Jumio is highlighting the utility of its platform in a new case study with one of its financial clients. The study explains how Bofin (the client in question) evaluated more than a dozen identity vendors before ultimately opting for Jumio’s onboarding and authentication services.
Bofin cited Jumio’s accuracy as a key factor in its decision. The company found that other solutions had error rates as high as 70 percent, and therefore required much more manual review when processing various interactions.
Jumio, on the other hand, offered a truly automated solution that could eliminate most of those administrative costs and deliver a better user experience. To use it, new customers are first asked to take a photo of an official government ID, and then take a selfie. Jumio’s tech will confirm the authenticity of the document, before using the selfie to generate a biometric template that will be compared to the image on that ID to make sure the two are a match.
Once registered, Bofin users can send money through the app by taking another selfie to authorize the transaction. That second selfie will be used to create a second biometric template, which will be compared to the original.
Bofin’s platform consolidates multiple business and financial products into a single centralized marketplace to make it easier for consumers to manage their accounts. The partnership with Jumio allows Bofin to do so while complying with all of the necessary Know Your Customer and Anti-Money Laundering regulations, as well as any legacy banking requirements.
“Jumio has pioneered KYC on behalf of many financial institutions and is a highly reputed partner used and trusted by countless financial institutions,” said Bofin Founder and Chairman Mohamed Dafea. “It goes without saying then that we wanted Jumio as our preferred partner.”
Jumio has provided onboarding services for multiple financial institutions, including Al Baraka Islamic Bank, Lanistar, and CIMB Bank Philippines. The company has also published an innovation e-book to help traditional banks keep pace with modern technology.
April 5, 2021 – by Eric Weiss