Bahraini lender Bank ABC has tapped Jumio to digitally onboard new customers using biometric authentication technology.
The move is part of the bank’s plan to launch a digital bank with fully digital KYC function.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThe existing process of vising bank branches to open new accounts is said to take one to two weeks.
The latest partnership will remove this requirement, the vendor said.
The lender will leverage the vendor’s biometric identity verification solution.
Using this solution, the bank can authenticate customers by having them take their government-issued ID’s picture and a selfie, with certified liveness detection functionality.
The process is said to ensure the authenticity of the user.
Commenting on the partnership, Bank ABC group chief digital officer Yousif Almas said: “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.
“As more and more customers move online and transact via their mobile devices, it’s critical for Bank ABC to deliver a simple, fast and intuitive onboarding experience that takes minutes, not hours or days.”
Bank ABC offers retail banking, trade finance, project and structured finance, syndications, and Islamic banking services.
The bank caters to clients in the Middle East, North Africa, Europe, Americas and Asia.
