Identity is the gateway for accessing services—from opening a bank account to activating credit cards to making purchases online using payment cards in today’s decentralized, mobility-driven, online world. To facilitate this, financial institutions have devised KYC procedures, which are often complex and time-consuming—partly due to the steps involved in mapping the digital identity of the customer to their real-world identity. These legacy customer verification methods such as email, fax, knowledge-based authentication or even the physical presence have been a tinderbox of unfavorable customer experiences and lost business opportunities. "We believe that customer verification processes should do more than just meet the letter of the law. In fact, the method by which you verify the identity of your customer can and should be an important differentiator between you and your competitors," says Stuut.
Keeping consumer experience as ‘supreme,' the objective at Jumio is to enable businesses achieve higher profitability through swift and simplified identity verification of the users. The company takes a hybrid approach that combines ID experts, machine learning, and the high-end engineering technology for verifying IDs, physical identity of the consumer, and the supporting documents to solve the challenges of KYC in the digital space.
"The method by which you verify the identity of your customer can and should be an important differentiator between you and your competitors"
The Hybrid Approach
Companies in the identity space often come from the flatbed scanner world whose performance hinges on controlled lighting and negligible vibration. The ground reality, however, is different in the on-line world. Most people use webcams that capture images with subpar quality that makes it hard to decipher the identity.
Our liveness detection can differentiate between a real person and a fraudster using high-resolution printouts or even a pre-recorded video
Technology Assurance for Digital Identity
The real magic of Netverify happens at the backend in just three steps. NetVerify technology has the power to verify credentials issued by over 200 countries including the government IDs issued outside the U.S., even in Chinese language. Once ID scanning step is complete, Netverify uses a biometric facial recognition and unique liveness detection technique to compare the user’s selfie against the picture on the ID supplied. Jumio’s liveness detection technique has the capability to differentiate between a real person and a fraudster using high-resolution printouts or even a pre-recorded video. “This is a significant step toward tackling the identity concerns and fraudulent behavior in the online space,” adds Stuut.
Finally, NetVerify document verification checks the invoices, bank statements, and credit card statements, and completes the identity verification circle for its clients. “Even if the documents are crumbled, the user can unfold it and capture the image using their phone and we can extract all the information out of it,” notes Stuut. Once the user clears the authentication process, both the client and their customer will receive the feedback in less than a minute. This saves time and cost involved in the manual documentation for verification. With the ability to check more than 150,000 IDs a day, Jumio’s Identity as a service empowers CIOs to secure cost and save time while reducing 40 percent of the missed business opportunities— thus driving revenue. Additionally, all the data transmitted through the systems is secured using 256-bit encryption and supported by 24/7 monitoring.
“Higher accuracy in finding the fraudulent behavior in the online space is the hallmark of Jumio,” says Stuut. With this, the company has strengthened online conversion rates for many businesses from across many industry verticals, including those from the shared economy—helping them fast pace identity verification and widen their customer base. At one instance, Coinbase, a digital asset exchange company wanted to simplify the process of exchanging digital currency for traditional currency. A consistent growth of the customer base and concomitant size of transactions were posing significant challenges for the client around completing ID verifications and complying with regulatory requirements. They engaged with Jumio to streamline customer onboarding while eschewing fraud and delivering enhanced customer experience. Through Jumio’s Netverify solution, Coinbase now verifies user IDs and authenticates the ID holder through biometrics technology. With the ability to detect even the slightest facial movement, Netverify ensures that the user is the real person—not a photo. Soups Ranjan, Director Of Data Science, Coinbase says, “Jumio is the best way for us to verify physical IDs and give our customers a frictionless experience to access and scale with our services, while ensuring we prevent ID-theft driven fraud, as well as meet regulatory requirements and KYC for safe and secure transactions.” Along the same lines, one of Jumio's large customers from the financial industry has been using the technology for two years, verifying its customers’ identity with 100 percent accuracy.
Frictionless Customer Conversion
Jumio’s intuitive identity verification technology is the recourse for businesses that require authenticating customers staying on foreign soil. Jumio allows users to hold their phone in front of their passport, and it reads the biometric chip automatically. The company then checks the databases to verify the details and then reads the Machine Readable Zone (MRZ) on the passport to verify the image. The entire procedure gets completed in around 20 seconds. “This technology is paramount for the companies due to the fact that even passport printing machines are being stolen in countries riddled with internecine strife,” explains Stuut. By providing their identity verification technology, Jumio allows businesses in the U.S. to transact with people from different countries and improve their revenue.
Catering to the global customer base and addressing the regulations and guidelines of most of the countries, it is a constant sustained effort of Jumio to improve their solution for the greater good of the entire world. "It’s wonderful to play a pivotal role in forging trust in the nefarious online world,” says Stuut. Along the journey, the company has also fostered a great team of experts who uphold integrity, accountability, and innovation as key ingredients for success. Jumio is now expanding its operations across Asia while focusing on continued innovation of all platforms, forging stronger relationships between its clients and their customers. With its unique approach, it won't be long, before we hear Jumio as the de-facto standard for identity verification services for businesses across the globe.