MANAMA: Bank ABC’s new mobile-only bank will be able to onboard customers using US-based Jumio’s biometric-based identity verification technology, under a new partnership agreement.
The bank said in a statement that with this it has become the first in the Middle East to employ biometric-based digital know your customer (KYC) functionality.
Headquartered in Bahrain and serving customers across five continents, Bank ABC is launching one of the region’s first mobile-only banks.
It has invested in establishing digitised operations including fully-digital KYC capability, and simplifying and streamlining the onboarding process is central to these efforts.
“Bank ABC is committed to leveraging the benefits of AI technologies to create seamless customer journeys for accessing banking services securely,” said deputy group chief executive Sael Al Waary.
The group’s chief innovation officer Yousif Almas said it was matter of pride to be “the first bank in the Middle East to leverage face recognition-based biometrics and machine learning to enhance the KYC and identity-proofing processes”.
“As more and more customers move online and transact via their mobile devices, it’s critical for Bank ABC to deliver a simple, fast and intuitive onboarding experience that takes minutes, not hours or days,” he added.
Integration of Jumio’s identity verification enables the bank to verify online customers by having them first capture a picture of their ID card with a smartphone and then take a selfie, with certified liveness detection functionality.
This process ensures that the user is who they claim to be and is present during the transaction.
As Bank ABC expands digital operations globally and in the Mena region, Jumio will support such growth with its ability to verify IDs digitally across geographies.
“Leveraging advanced technology including augmented intelligence, AI, biometrics, machine learning, certified 3D liveness detection and human review, Jumio helps organisations meet regulatory compliance including KYC, AML and GDPR and definitively establish the digital identity of their customers,” said the company’s president Robert Prigge.
Jumio has verified more than 170 million identities issued by over 200 countries and territories from real-time web and mobile transactions.
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