Bank ABC first bank to employ Biometric-Based Digital KYC

Manama, June 24 (BNA): Bank ABC, MENA’s international Bank announces partnership with Jumio, the leading end-to-end AI-powered identity verification and authentication provider. The partnership enables Bank ABC’s new mobile-only bank to compliantly onboard new individual customers using Jumio’s award-winning biometric-based identity verification technology. Bank ABC is set to launch one of the region’s first mobile-only banks. It has invested in establishing digitized operations including a 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 Sael Al Waary, Bank ABC’s Deputy CEO. “Across the region, banks and other financial institutions are facing enormous disruption from technology. But change should be embraced, not feared. Technology will revolutionize the way we do business. More importantly, it will empower people across the region, and be a force for true financial inclusion,” he added. “We’re proud 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,” said Yousif Almas, Group Chief Innovation Officer at Bank ABC. “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.” Bank ABC’s 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. “Jumio is excited to partner with Bank ABC and help the company revolutionize digital banking in the Middle East,” said Robert Prigge, Jumio’s president. “We’re happy to contribute to their mission of delivering a level of service that matches, or exceeds, the market practice internationally by providing the leading-edge identity verification services that vet the digital identities of new customers — quickly, securely and compliantly.”