The Selection Process
With earlier iterations of Nationwide’s online offerings, new members could start the application process online but still needed to visit a branch and present a government-issued ID in order to prove their identity.
“We wanted to enable customers who wanted to open their accounts with us via digital channels the ability to complete the account opening process entirely online, without having to visit a branch,” said Carlo Mascia, Nationwide delivery lead.
After an extensive vetting process, Nationwide chose Jumio in 2018 as its identity verification vendor.
“We underwent a robust selection covering technical and commercial criteria,” Mascia said. “Jumio scored the highest on a number of tests that we performed as part of the selection process. Jumio’s scale and experience with other financial services organizations were also key factors in our decision.”
How Jumio Helps
Jumio’s API uses a proprietary mix of artificial intelligence (AI), machine learning and other advanced technologies to determine if an identity document is authentic and belongs to the user. Jumio seamlessly integrates with Nationwide’s existing workflows to determine — through a simple API call — if applicants are who they say they are and allows Nationwide to make an informed decision about the applicant based on a variety of powerful fraud signals. Of additional importance, Jumio returns further information about why an ID was rejected (e.g., because the document was manipulated) or why a selfie was not accepted (e.g., because of a spoofing attempt). These extra details are crucial to improving conversion rates while preventing fraud.
Nationwide’s verification process can be done entirely online but is also offered on tablets at certain branches.
COVID-19 escalated Nationwide’s digital transformation efforts and severely curtailed in-branch activity. It also highlighted the need to offer bereavement services virtually. Prior to the pandemic, anyone needing to manage the financial affairs of a Nationwide member who died would have to visit a branch to report the death and start the process of dealing with the member’s estate. In the matter of just a couple weeks, Nationwide built an app to move this process online, using Jumio to verify the identity of the individual reporting the death.
“Jumio’s services have been critical in supporting our bereavement process during the pandemic,” Mascia said.
Nationwide also offers FlexOne current accounts to help UK residents ages 11-17 learn to manage their money and earn interest, and it relies on Jumio to verify the age of its youngest members. Jumio extracts personal information, such as date of birth, from a wide variety of government-issued IDs, which can be used to calculate the current age of the applicant before allowing them to open a youth account.
Since integrating Jumio into its workflow, Nationwide has experienced more streamlined and efficient KYC processes, resulting in higher conversion rates.
