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.”
To learn more about Jumio’s end-to-end online identity verification and authentication solutions, visit jumio.com.
About Jumio
When identity matters, trust Jumio. Jumio’s mission is to make the internet a safer place by protecting the ecosystems of businesses through cutting-edge online identity verification and authentication services that quickly and accurately connect a person’s online and real-world identities. Jumio’s end-to-end identity verification solutions fight fraud, maintain compliance and onboard good customers faster.
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. Jumio has verified more than 200 million identities issued by over 200 countries and territories from real-time web and mobile transactions. Jumio’s solutions are used by leading companies in the financial services, sharing economy, digital currency, retail, travel and online gaming sectors. Based in Palo Alto, Jumio operates globally with offices in North America, Latin America, Europe and Asia Pacific and has been the recipient of numerous awards for innovation. For more information, please visit www.jumio.com.
About CIMB Bank PH
CIMB Bank PH is an all-digital mobile-first and multi-awarded bank who is able to sign-in almost 2,000,000 customers in their first year of operations last 2019; and who is able to secure 8 awards including Global Finance’s Best Digital Consumer Bank and Asian Banker’s Best Digital Bank, and International Finance’s Fastest Growing Digital Bank.
CIMB Bank PH offers competitive rates for its savings account, which is 4% per annum that requires no minimum maintaining balance under no promo duration. With CIMB BANK PH’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 is part of the CIMB Group, one of ASEAN’s leading banks and is present in over 16 global markets. With the establishment of CIMB Bank Philippines, CIMB is able to extend its reach and transform the Filipino banking experience. To learn more, visit us at www.cimbbank.com.ph or like us on Facebook and follow us on Instagram @CIMBBankPH. Download CIMB Bank PH app in Apple & Google Play stores today.
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