CIMB Bank Philippines’ all-digital bank has partnered Jumio, a provider of AI-powered end-to-end identity verification and authentication solutions to provide a simple, hassle-free and convenient digital onboarding solution to Filipinos.
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. We are very grateful to have them as an ally in bringing Filipinos closer to financial inclusion, said Vijay Manoharan, CIMB Bank PH CEO in a statement on Tuesday.
In its first full year of formal operations, CIMB Bank Philippines (CIMB Bank PH) signed in almost 2 million Filipinos via the CIMB Bank PH digital platform, 30 percent of which are first-time customers to a bank. CIMB Bank PH is part of the CIMB Group, which has a presence in over 16 global markets.
The all-digital bank offers one of the most attractive savings interest rates of 4 percent, with zero transaction fees and minimum balance. With the bank’s digital proposition, it takes only 10 minutes to open a safe and secured account and 10-minute approval response for personal loans up to Php 1 million.
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. «In the Philippines and across the greater APAC region it’s becoming increasingly important for banks to offer a streamlined digital onboarding process,» said Jumio CEO Robert Prigge.
Leveraging advanced technology including augmented intelligence, AI, biometrics, machine learning, certified 3D liveness detection, and human review, Jumio helps organizations meet regulatory compliance including KYC, AML, and GDPR and definitively establish the digital identity of their customers.
Based in Palo Alto, Jumio has verified more than 200 million identities issued by over 200 countries and territories from the real-time web and mobile transactions. Jumio’s solutions are used by companies in the financial services, sharing economy, digital currency, retail, travel, and online gaming sectors.