How they describe themselves: Jumio is a fast-growing credentials management company that utilises proprietary computer vision technology to authenticate customer ID credentials in real time web and mobile transactions.
Jumio helps financial services firms reduce abandonment during digital account opening. Jumio is already working with a range of financial services providers to ensure that their customers have a fast and positive experience when opening an account on their mobile device, while enabling financial services providers to meet KYC and AML compliance requirements.
Jumio’s products are designed to enable quicker and more intuitive mobile experiences whilst increasing revenue, reducing fraud, and increasing customer satisfaction.
How they describe their product/innovation: Jumio’s Netverify turns your customer’s mobile device into an ID document scanning terminal that instantly sees, scans, and extracts name and date of birth, and if present, address data too. The data is instantly and neatly populated into the account opening fields, making it quicker and easier for customers to complete applications.
Jumio also authenticates the ID document by determining that it is a bonafide, un-manipulated, and legitimate government issued ID.
Account opening can be completed instantly so that customer signup momentum is not broken when a customer is asked to provide physical copies of ID documents.
Product distribution strategy: Direct to Business (B2B), through other fintech companies and platforms