Jumio, an established provider of artificial intelligence (AI)-enhanced end-to-end identity verification and authentication services, has teamed up with CIMB Bank Philippines’ all-digital bank to offer a convenient and user-friendly digital onboarding solution to Filipinos.
Having completed its first full year of business operations, CIMB Bank Philippines managed to onboard around 2 million Filipinos through the CIMB Bank PH digital platform. Approximately 30% of these users are first-time bankers, which notably makes CIMB Bank PH the fastest-growing all-digital bank in the country and the wider ASEAN region. CIMB Bank PH also received eight banking awards last year.
In order to promote greater financial inclusion, the all-digital, mobile-first bank provides competitive savings interest rates of 4% with zero fees on all transfers and no minimum balance requirement. The bank also offers easy account opening and flexible personal loan applications.
CIMB Bank PH’s mobile app is compatible with Jumio’s AI-powered identity verification tech, which offers a safe and secure digital onboarding experience. It used to take around 15 minutes to complete a video know-your-customer (KYC) check, but now it only takes about five minutes – which has led to a significant increase in the number of conversions and more satisfied clients.
Jumio’s identity verification platform leverages the latest advancements in machine learning (ML), AI, certified liveness detection and face-based biometrics, in order to ensure that the individual performing an online transaction is actually who they say they are by matching a user’s live selfie with the photo on their official ID card.
Vijay Manoharan, CEO at CIMB Bank PH, stated:
“Our partnership with Jumio has been integral in achieving our milestones so far as an all-digital bank in the Philippines to deliver a safe and secure banking experience. We are very grateful to have them as an ally in bringing Filipinos closer to financial inclusion.”
The partnership aims to offer Filipinos a safe and convenient digital onboarding experience while ensuring high standards of data privacy and satisfying domestic regulatory requirements.
Robert Prigge, CEO at Jumio, noted:
“In the Philippines and across the greater APAC region it’s becoming increasingly important for banks to offer a streamlined digital onboarding process. We are extremely proud to partner with CIMB Bank Philippines to help give more Filipinos access to digital banking in a secure, seamless and compliant manner.”