Nationwide is using AI technology to streamline its digital onboarding process by verifying the identity and age of its new members.
The UK building society teamed up with Jumio, which provides AI-powered, end-to-end identity orchestration, eKYC, and AML solutions, to enable new customers to open and manage accounts online without the use of a physical bank branch.
Jumio uses a mix of AI, machine learning, and other technologies to identify whether an identity document is authentic and belongs to the user.
The technology has been integrated with Nationwide’s existing workflows to determine, via an API call, if applicants are who they say they are.
It can also verify the age of Nationwide’s youngest members by extracting personal information, such as date of birth, from government-issued IDs, which can be used to calculate the current age of an applicant before allowing them to open a youth account.
“With Jumio we’re able to provide an end-to-end digital process for the majority of our customers,” said Carlo Mascia, Nationwide delivery lead. “The time it takes to open an account has been dramatically reduced, but the customer experience is the greatest win.”
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