Onboarding some 1bn people in Asia with no access to formal financial services is a gargantuan task, but help is at the fingertip.

Driving financial inclusion is part of what makes digital banking special and this drive has surged over the past few years. CIMB Bank Philippines was one of the earliest players on the scene in 2019 with all-digital solutions. In just one year, it has signed over two million Filipinos (30% of whom are first-time bank users), earning the bank a reputation for being the fastest-growing all-digital bank in the region. 

Driving financial inclusion, the all-digital, mobile-first bank offers the best-in-market savings interest rates of 4% with zero transaction fees and minimum balance, and seamless account opening and personal loan applications. Its mobile app integrates an AI-driven identity verification technology to provide a safe, secure and fast digital onboarding experience. 

What used to take 15 minutes with a video Know Your Customer process now takes less than five minutes, resulting in an increase in conversions and happier customers. The identity verification solution by Jumio utilizes machine learning, AI, certified liveness detection and face-based biometrics to ensure the persons behind a digital transaction are who they say they are, just via analyzing a single selfie.  

The collaboration will provide users with a safe, seamless and speedy banking experience while ensuring that high standards of data privacy and compliance are met. 

Said Vijay Manoharan, CIMB Bank PH’s CEO: “Our partnership with Jumio has been integral in achieving our milestones so far as an all-digital bank in the Philippines to deliver a safe and secure banking experience We are very grateful to have them as an ally in bringing Filipinos closer to financial inclusion.” 

The collaboration provides Filipinos with a safe and seamless onboarding experience, while still holding high standards of data privacy and meeting local compliance requirements. 

Said Robert Prigge, Jumio’s CEO: “In the Philippines and across the greater APAC region it’s becoming increasingly important for banks to offer a streamlined digital onboarding process. We are extremely proud to partner with CIMB Bank Philippines to help give more Filipinos access to digital banking in a secure, seamless and compliant manner.”