Jumio, Inc., the fast growing online and mobile credentials management company has announced details of a partnership with Loot, a prepaid card and smart-money management app for students.
Loot is a new student banking service being launched at Freshers’ Fairs across the UK right now which solves two key problems for students - how to easily access banking facilities and how to manage their money responsibly.
As is common for innovative fintech technology, Loot has an online only presence. This means they need to deliver a branchless account creation experience and authenticate customers to meet Know-Your-Customer (KYC) requirements. Taking a cue from leading banks, airlines and FTSE 350 companies who utilize Jumio to authenticate their customers’ credentials in mobile and desktop transactions, Loot determined that that solution would be a good fit for them, as well.
Now, with Jumio’s Netverify™, Loot can on-board students from over 130 different countries simply by having them scan their government-issued ID, such as passports and driving licenses, using the camera on their mobile devices. Jumio’s computer vision technology and ID experts seamlessly authenticate the customer ID document in the background determining that it is a bonafide, un-manipulated and legitimate government issued ID.
Ollie Purdue, the 22 year old CEO of Loot said, “One of our biggest challenges was how to get students quickly signed up while still being Know-Your-Customer compliant. Jumio’s approach to KYC is also good for the demographic of our target market that does not yet have a broad credit reference agency footprint.”
“We know that for foreign students especially, gaining access to banking facilities can be a challenge. Foreign students need letters from their university confirming residence and must stand in lengthy bank queues just to open a current account. Not the most inspiring welcome to the UK. But, with Jumio’s technology, we can get customers on-boarded in a matter of minutes just by using their mobile device.
David Pope, Marketing Director EMEA at Jumio said, “Jumio’s ID document verification technology solves a genuine problem for financial services firms originating accounts for students and young people. Traditional KYC technology often fails this demographic and asking potential customers to hike into their branch to show ID documentation is not something that creates brand resonance with millennials.”
Backed by an advisory board of some of the biggest names in payments, Loot offers students a pre-paid card and a money management app for their smartphone. Students will be able to automatically track and record spending on their Loot card, helping them learn the crucial money management skills they will need. The new service is being promoted at leading universities such as UEA, Bath, Buckinghamshire, London City and LSE.