The process ensures that the user is who they claim to be and is present during the transaction.
Monday 24, June 2019 BY KUDAKWASHE MUZORIWA
Bahrain’s Bank ABC has partnered with Jumio, a collaboration that will allow the lender’s new mobile-only bank to conduct onboard of new individual customers using biometric-based identity verification solution.
Sael Al Waary, Bank ABC’s Deputy Group Chief Executive Officer, said, “Bank ABC is committed to leveraging the benefits of AI technologies to create seamless customer journeys for accessing banking services securely.”
The use of biometric based know your customer (KYC) is expected to simplify and streamline the onboarding process which traditionally takes consumers one to two weeks to create a new account and requires them to visit a local branch in person to complete the account set-up process.
“We’re proud to be the first bank in the Middle East to leverage face-based biometrics to streamline the KYC and identity-proofing processes,” said Yousif Almas, the Group Chief Digital Officer at Bank ABC.
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 government-issued ID with a smartphone and then take a selfie, with certified liveness detection functionality.
The lender stated that the process ensures that the user is who they claim to be and physically present during the transaction.