Jumio, an identity verification company, has recently launched a new verification solution based on video, for financial institutions & other regulated businesses.
In the wake of the ongoing COVID-19 pandemic, the new solution will be an essential tool for various businesses that are looking to change from branch-based onboarding to the omnichannel strategy. It has been designed for fintech, banks, digital wallets, cryptocurrency exchanges, and other regulated businesses.
By adopting Jumio Video Verification, several financial institutions can efficiently and securely onboard the remote customers with the 2-way video-based verification, at the same time ensuring the KYC/AML compliance via an audit trial & preservation of the recorded interviews.
There are 3 modes of Video Verification offered by Jumio, which are:
- Assisted: Identify customers via video assistance technology with shared or dedicated agents that interact through the mobile or browser in real-time.
- Unassisted: Without an online agent, customers will capture a video of identity documents, perform a liveness test, and take a selfie. This verification happens via a combination of expert reviews and AI.
- Platform Only: Identify and verify customers via video assistance technology staffed by their own agents.
As per the statement made by Jumio’s chief revenue officer, Dean Hickman-Smith, the new video-based KYC will aid businesses in reducing the operational costs by over 90%. This can be ensured through various undertakings such as eliminating the field agent travel, transmitting & archiving processes, and reducing paper costs, among others.
Consumers, especially Gen Z and millennials, are planning to make a switch in their financial service providers for an enhanced experience. Banks that require their customers to visit the branch offices and even print, download, fax, and sign documents are considerably declining its market share due to the presence of customer-centric competitors. Video Verification will help meet these challenges by delivering an intuitive experience, which also deters people from using fake documents and credentials to gain access to the digital financial system.