As part of the agreement, CIMB Bank PH’s mobile app integrates Jumio’s AI-driven identity verification tech to provide a safe, secure, and fast digital onboarding experience. As such, what used to take 15 minutes with a video KYC process, now takes less than five minutes, resulting in an increase in conversions and happier customers, Yahoo Finance reports.
CIMB Bank Philippines signed in almost 2 million Filipinos via the CIMB Bank PH digital platform, 30% of which are first-time bankers. Moreover, driving financial inclusion, the all-digital, mobile-first bank offers savings interest rates of 4% with zero transaction fees and minimum balance, as well as account opening and personal loan applications. At the same time, Jumio’s identity verification solution uses ML, AI, certified liveness detection and face-based biometrics in a bid to ensure the person behind a digital transaction is who they say they are.
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