Al Baraka Islamic Bank (AIB) has announced a partnership with Jumio, a provider of AI-powered identity verification and eKYC solutions, to launch the bank’s first digital banking platform.
Deploying Jumio’s biometric-based identity verification technology, the platform enables new retail customers to register bank accounts by uploading copies of their ID card and taking a ‘selfie’ using their smartphone, without the need to visit a branch. The technology uses certified liveness detection functionality to ensure that the user is physically present and prevent unauthorised usage.
AIB chief executive Hamad Al Oqab said: “We are very pleased to announce our partnership with Jumio, a specialised provider of AI-powered identity verification and eKYC solutions, to launch our first digital platform aimed to simplify and provide banking transactions for individuals in the comfort of their homes.”
According to Jumio chief revenue officer Dean Hickman-Smith, nowadays financial institutions don’t want to rely on physical KYC verification with face-to-face interactions and physical documents being the basis for client on-boarding.
“We’re delighted to be partnering with Al Baraka Islamic Bank to streamline their eKYC and help demonstrate how online identity verification offers a safe, reliable and more convenient way to open new accounts remotely.”
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