Nationwide Building Society has enlisted the services of biometric verification firm Jumio, to streamline its digital onboarding processes
The partnership between Nationwide and Jumio will provide much needed flexibility to open and manage accounts online without the use of a physical bank branch, creating a faster online application process for customers.
Jumio’s API combines AI, machine learning and other advanced technologies to determine authenticity of users’ identity documents, and integrates with Nationwide’s existing workflows.
From here, Nationwide can make an informed decision about the applicant based on a array of fraud signals.
Additionally, Jumio can verify the age of Nationwide’s youngest members by extracting personal information, such as date of birth, from a wide variety of government-issued IDs.
Since integrating Jumio into its workflow, Nationwide has experienced more streamlined and efficient KYC processes, resulting in higher conversion rates.
With fraud cases rising in financial services, AI and machine learning have proved key in catching and mitigating the constantly evolving methods of threat actors.
As an organisation that dates back to the 19th century, Nationwide has realised the need to continuously adapt its practices to meet the needs of the communities it serves.
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“With Jumio, we’re able to provide an end-to-end digital process for the majority of our customers,” said Carlo Mascia, Nationwide delivery lead.
“The time it takes to open an account has been dramatically reduced, but the customer experience is the greatest win.”
Mark Reeves, vice-president of EMEA at Jumio, commented: “We are proud to partner with Nationwide as they help more than 15 million members save and prosper.
“By using Jumio’s AI-powered solutions, Nationwide is able to provide a seamless digital onboarding experience to customers of all ages.”