Nationwide partners ID fintech Jumio for customer onboarding upgrade

UK building society Nationwide has partnered with identity verification (IDV) platform Jumio to bolster its online account opening processes.

Jumio claims more than 500m verifications across 200 countries

Leveraging AI, biometrics, machine learning, liveness detection and automation, Jumio’s API provides end-to-end identity proofing, know your customer (KYC) and anti-money laundering (AML) solutions.

Its tools have been assisting Nationwide in verifying the identity and age of new customers as part of the financial institutions’ digital customer onboarding process.

As a result of the integration, Nationwide claims these KYC processes have resulted in higher conversion rates.

Nationwide delivery lead Carlo Mascia says: “The time it takes to open an account has been dramatically reduced, but the customer experience is the greatest win.”

Jumio’s technologies integrate with Nationwide’s existing workflows and can determine if an identity document is authentic and belongs to the user.

Palo Alto-based Jumio also verifies the age of Nationwide’s youngest members by extracting personal information, such as date of birth, from a wide variety of government-issued IDs, which can be used to calculate the current age of an applicant before allowing them to open a youth account.

The world’s largest mutual building society says the end-to-end digital process helps it answer the 21st century need to open and manage accounts online without the use of a physical bank branch.