Leading UK Digital Bank Leverages Jumio’s Online Identity Verification to Compliantly Streamline and Simplify the Customer Onboarding Experience

Jumio announced a new multi-year agreement with Monzo, further strengthening a long-standing partnership of hypergrowth between the leading AI-powered trusted identity as a service provider and one of the UK’s top digital banks.

“Best Online User Experience B2C – Best Digital Customer Journey”

Jumio has been Monzo’s primary identity verification solution provider since 2017, and the two companies have worked since day one to offer an easy-to-use, intuitive mobile onboarding experience for Monzo’s customers — a user base that is nearing 2 million. This customer-centric focus resulted in a double-gold win for Jumio and Monzo at the UK Digital Awards 2018 in the “Financial Services: Best User Experience” and “Best Online User Experience B2C – Best Digital Customer Journey” categories.

Jumio helps Monzo meet strict Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance mandates, all while minimising the need for time-consuming manual review.

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Monzo decided to strengthen its relationship with Jumio after considering and testing various KYC vendors at scale using a range of ID types and identity scenarios. They continued with Jumio based on a number of decision criteria, which included meeting the established service level agreement (SLA), overall verification accuracy and the supporting user data that informed the final verification decision.

This criteria, together with the overall customer onboarding experience and strong working relationship, reinforced the decision to build the partnership further.

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“Digital transformation is imperative for emerging banks and fintechs seeking to keep up with the needs of consumers, which is why it’s so important to adopt an automated KYC process,” said Simon Winchester, Jumio’s vice president of EMEA sales. “We’re thrilled that Monzo continues to partner with us and trusts Jumio to execute this essential step while also creating a streamlined onboarding experience for their ever-growing number of new users.”

“As Monzo continues to grow and pursue new markets, we know that Jumio will scale with our business and continue to provide an essential service — helping Monzo create the best-possible experience for our banking customers while fighting financial crime,” said Natasha Vernier, Monzo’s head of financial crime.

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