Jumio’s Netverify Highlighted as New Trend in Mobile Account Opening

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Mercator Advisory Group Provides Insights on How Financial Institutions Adjust to New Normal

Jumio, Inc., the fast growing online and mobile credentials authentication company, announced Jumio’s Netverify feature in Mercator Advisory Group recent research report, “Mobile Account Opening: Adjusting to a New Normal.” The report, written by analyst Alex Johnson, discusses new trends in mobile account opening transactions within the financial industry.

“Financial institutions are increasingly looking for more efficient but secure ways to adapt to today’s on-the-go consumers who are heavily reliant on mobile devices,” said Stephen Stuut, CEO, Jumio. “Jumio’s technology is solving this critical need for the banking sector to quickly authenticate consumers’ identifies for a variety of transactional processes, a growing space that is acknowledged by Mercator in its recent report.”

Jumio has become the ID authentication standard in industries such as financial services, travel, e-gaming, retail and the sharing economy. Utilizing proprietary computer vision technology, the company helps businesses meet KYC (know your customer), ID verification requirements and fraud reduction goals by authenticating and extracting data from driver licenses, passports or other government issued IDs. Jumio’s products improve the consumer experience by providing an in-app, real-time authentication process for transactions such as international mobile boarding pass issuance, new bank account opening, money transfer and more.

An excerpt of the report follows. To purchase the full report, please visit: https://www.mercatoradvisorygroup.com/Reports/Mobile-Account-Opening--Adjusting-to-a-New-Normal/

“Jumio is a global provider of ID scanning and authentication solutions to large companies in industries ranging from financial services to online gaming. The company’s Netverify product enables the capture of an identity document (it currently supports documents issued by over 130 countries), prefilling of the application, and authentication of the ID. The company’s Fastfill product provides only prefilling. Jumio’s approach to authentication is to combine an automated analysis of the data on the ID (looking for inconsistencies between the printed data and the data encoded in the bar code) along with other document elements and a manual evaluation by a Jumio document examiner. Authentications may be rejected solely based on the automated evaluation, but every approved ID also receives a manual check to ensure the highest level of quality. The turnaround time for the full authentication process ranges between 90 and 120 seconds although in most use cases, the customer continues the process while the authentication runs in the background.

Jumio also provides the option to capture an image of the applicant’s face and match it against the picture on the ID to ensure that the individual presenting the ID is the person featured on it. This selfie capability is certainly future looking (and well aligned with Millennials’ current habits) although it is not relied upon as a primary driver of the authentication decision by most banks today. Netverify can be deployed through an SDK in native mobile apps or through desktop and mobile Web browsers. The product also supports the ability to capture trailing documents like utility bills or bank statements, which may be needed for other steps in the account opening process.” Source: Mercator Advisory Group, Inc., “Mobile Account Opening: Adjusting to a New Normal”, January, 2016.

“Today, the mobile channel contributes a small trickle of new accounts for most banks. Within a few years, it will be a flood,” comments Alex Johnson, Director, Credit Advisory Service at Mercator Advisory Group and the author of the research report. “Changing consumer behaviors suggest an important role for mobile account opening moving forward, the question is when and how financial institutions should respond.”

About Jumio
Jumio is a leading identity management and credentials company that helps businesses reduce fraud and increase revenue while providing a fast, seamless customer experience. The company utilizes proprietary computer vision technology to reduce customer sign-up and checkout friction and verify credentials issued from over 120 countries in real-time web and mobile transactions. Jumio’s products are leveraged by a wide range of clients; from the leading internet companies to start-ups, Fortune 500 and FTSE 350 organizations in the financial services, sharing economy, retail, travel and online gaming sectors. Jumio is backed by top tier investors including Andreessen Horowitz, Citi Ventures and Facebook Co-Founder Eduardo Saverin. Headquartered in Palo Alto, California, Jumio operates globally, with offices in the US and Europe, and has been the recipient of numerous awards for innovation from leading industry associations. For more information, visit http://www.jumio.com/

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Nikki Neumann
Dotted Line Communications
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