Jumio Provides Mobile Onboarding Technology for Al Baraka Islamic Bank

Bahrain’s Al Baraka Islamic Bank is partnering with Jumio to launch its first digital banking app. The financial institution will specifically be using Jumio’s biometric identity verification technology to enable mobile onboarding while complying with the latest international Know Your Customer (KYC) regulations.

Jumio’s solution utilizes face and document recognition to match each user to the image on an official photo ID. To use it, customers must first take a photo of their identity document, and then take a selfie. The solution then compares the selfie to the identity document. Jumio will also verify the authenticity of the document, and uses liveness detection to make sure that the right user is present when the selfie is taken.

The technology will allow Al Baraka’s prospective retail customers to open new accounts on a mobile device. As a result, they will no longer need to make the trip to a physical branch.

“We are committed to providing the best banking services and products to our customers, while ensuring the utmost security and safety at all times,” said Hamad Abdulla Al Oqab, Al Baraka Islamic Bank CEO. “With this in mind, we are pleased to announce our partnership with Jumio to launch our first digital platform aimed to simplify and provide banking transactions for individuals in the comfort of their homes.”

“Nowadays financial institutions don’t want to rely on physical KYC verification with face-to-face interactions and physical documents,” said Jumio CRO Dean Hickman-Smith. “We’re delighted to be partnering with Al Baraka to streamline their eKYC and demonstrate how online identity verification offers a safe and convenient way to open new accounts remotely.”

Al Baraka is not the first Bahraini bank to take advantage of Jumio’s secure onboarding technology. The company outfitted Bank ABC with similar onboarding technology back in 2019.

The UK’s Lanistar and CIMB Bank Philippines are some of the other financial institutions that have adopted Jumio’s technology. Jumio has also published a new e-book to show traditional banks how they can use new technology to keep pace with modern challengers.

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February 24, 2021 – by Eric Weiss