"Verifying identities with AI to prevent fraud"
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Updated 3 Days Ago
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3 Advocates
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2 Verified Clients
Nutshell
Jumio helps marketers quickly and reliably verify customer identities, using AI to spot fraudsters while maintaining a smooth user experience. Their platform provides tools for risk scoring, behavior analysis, and compliance checks, all in one place, making it easier to secure transactions and protect brand reputation.
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Jumio's Website Claims...
A summary of the claims made on Jumio's website as noticed by our bot, Vinny.
Faster customer onboarding times
Jumio claims that its identity verification solutions enable businesses to onboard new customers rapidly, keeping fraudsters out.
Advanced fraud prevention technology
Jumio claims that its AI-driven platform detects fraud throughout the customer lifecycle, minimizing financial crimes.
Trusted by major global brands
Jumio claims that leading brands worldwide rely on its platform to protect customers and enhance their online security.
Case Studies
Jumio transforms Nationwide's identity verification and conversion rates.
45%
Increase in conversion rates
15 million
Number of Nationwide members served
Situation
Nationwide's quest for digital expansion
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Shift from in-branch to online services
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Need for fast, efficient application processes
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Challenge to provide digital solutions
Nationwide Building Society, the world's largest mutual building society with over 15 million members, sought to evolve its banking offerings to meet modern demands. With an emphasis on providing a fast and efficient online application process, Nationwide wanted to cater to customers preferring digital interactions over traditional in-branch visits. The organization faced the challenge of creating a simple and streamlined digital application process to accommodate its members' shifting preferences, especially given the growing expectation for convenient online banking solutions.
Task
Selecting the right identity solution
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Extensive vendor vetting process
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Focus on technical and commercial criteria
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Goal to enable complete online processes
The task for Nationwide was to find a reliable identity verification solution that could integrate seamlessly into their existing processes. They required a technology partner with a proven track record in the financial services industry to ensure authenticity and security in digital transactions. Nationwide embarked on a rigorous selection process evaluating various service providers on technical and commercial criteria. Their aim was to implement a system that would allow users to complete the entire account opening process online, eliminating the need for physical branch visits for identity verification.
Action
Integrating Jumio's verification solutions
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Integrated Jumio's identity verification API
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Utilized AI for secure identity checks
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Enhanced fraud detection and process feedback
Nationwide selected Jumio as their identity verification vendor in 2018. Jumio’s API, leveraging artificial intelligence, machine learning and advanced technologies, was integrated into Nationwide’s existing workflows to verify users' identities digitally. This integration enabled Nationwide to make informed decisions on applicants using robust fraud signals, thus maintaining high conversion rates while preventing fraud. The solution also provided crucial feedback on rejections to enhance process improvement.
Result
Achieving streamlined onboarding success
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Streamlined KYC processes and improved efficiency
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Reduced account opening time
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Supported digital transformation during COVID-19
Since integrating Jumio, Nationwide has achieved a streamlined and efficient Know Your Customer (KYC) process, significantly reducing the time needed to open accounts. This integration has not only improved the customer experience but also heightened conversion rates. The solution has been pivotal in supporting digital transformation priorities, particularly during the COVID-19 pandemic, allowing Nationwide to offer virtual bereavement services and manage youth accounts effectively.
Keywords
NATIONWIDE BUILDING SOCIETY
JUMIO IDENTITY VERIFICATION
DIGITAL BANKING SOLUTIONS
FRAUD PREVENTION
KYC PROCESS EFFICIENCY
AI-POWERED IDENTITY CHECKS
ONLINE ONBOARDING
DIGITAL TRANSFORMATION
Governance Compliance And Privacy Q & A
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