Jumio, CIMB Bank PH to offer digital onboarding solution to Filipinos

By Akshay Kedari  Date: 2020-02-03

Jumio, CIMB Bank PH to offer digital onboarding solution to Filipinos

Jumio, one of the leading providers of AI-based end-to-end authentication and verification solutions, has reportedly partnered with Thailand-based commercial bank, CIMB Bank PH to provide seamless, convenient, and hassle-free digital onboarding solution to people in the Philippines.
Reportedly, in its first year of operations, CIMB Bank PH signed in approximately 2 million Filipinos through its digital platform, around 30% of which being first-time bankers. This made CIMB the fastest-growing all-digital bank in the ASEAN and Philippines which reportedly won eight banking awards in the year 2019.
Driving financial inclusion, the bank offers savings interest rates of 4% with a minimum balance, zero transaction fees, and hassle-free personal loan & account opening applications.
Sources close to the partnership cite that CIMB’s mobile app integrates Jumio’s AI-powered identity verification technology to deliver a secure, safe, and fast digital onboarding experience. The procedure previously used to take around 15 minutes with a video KYC procedure, but now requires fewer than five minutes, resulting in a surge in conversions and happier consumers.
This partnership offers Filipinos with exceptional onboarding experience while meeting high standards of data privacy and local compliance requirements.
Jumio’s identity verification technology leverages AI, face-based biometrics, machine learning, and certified liveness detection to ensure a person’s authenticity by matching a consumer’s live selfie with the photo present on their government-issued ID.
Vijay Manoharan, CEO of CIMB Bank PH, said that their partnership with Jumio has been crucial in achieving milestones so far as an all-digital bank of the Philippines to offer secure and safe banking experience. The bank is grateful to partner with Jumio in bringing Filipinos closer to financial inclusion, said Manoharan.
Robert Prigge, CEO of Jumio, said that in the Philippines as well as across the greater APAC region, it is important for banks to deliver a streamlined digital onboarding experience. The company is extremely proud to be partnered with CIMB Bank PH to offer a seamless, secure digital baking experience to Filipinos. 
Source Credit - https://finance.yahoo.com/news/jumio-cimb-bank-ph-team-220000477.html
 

About Author

Akshay Kedari     aeresearch.net

Akshay Kedari

A qualified computer engineering graduate, Akshay Kedari takes pride in having his way with words. Following his passion for content creation, he writes insightful pieces on aeresearch.net and a few other portals. Also endorsed with a short-term experience in web deve...

Read More

More News By Akshay Kedari

Square to acquire installment payment firm Afterpay for USD 29 Bn

Square to acquire installment payment firm Afterpay for USD 29 Bn

By Akshay Kedari

With the increasing competition in the buy now pay later (BNPL) arena for U.S. consumers, digital payments firm Square Inc. recently announced its plans of acquiring BNPL company Afterpay Ltd. in an all-stock deal valued at USD 29 billion. The San F...

Hyundai Motor, LG Energy Solution to launch battery plant in Indonesia

Hyundai Motor, LG Energy Solution to launch battery plant in Indonesia

By Akshay Kedari

This new battery production plant will be built in the Karwang Regency. It will reportedly have a yearly output of around 10 gigawatt-hours of batteries. South Korean multinational conglomerates Hyundai Motor Company and LG Energy Solution Ltd. ...

Amazon’s ‘Key for Business’ raises security concerns for U.S apartments

Amazon’s ‘Key for Business’ raises security concerns for U.S apartments

By Akshay Kedari

American technology and e-commerce giant, Amazon.com Inc. has reportedly been using ‘Key for Business’- a system that enables the company’s delivery agents to gain access to apartment complexes without requiring to be buzzed in by r...

Volvo Cars might take full control of its Chinese stake ahead of IPO

Volvo Cars might take full control of its Chinese stake ahead of IPO

By Akshay Kedari

Swedish luxury automobile manufacturer Volvo Cars Corporation reportedly signed an agreement with Zhejiang Geely Holding Group to buy out from their decade-long joint ventures to gain complete ownership of its facilities in China. According to relia...

Lamborghini expects sale volumes to hit record highs in India this year

Lamborghini expects sale volumes to hit record highs in India this year

By Akshay Kedari

Italian luxury sports car manufacturer, Automobili Lamborghini S.p.A. is reportedly expecting substantial growth in sales volumes in India this year as the carmaker is experiencing a V-shaped upturn in demand after the easing out of COVID-19 pandemic...