Growing FinTech Suits Me has announced a partnership with Jumio, the leading provider of automated, end-to-end identity verification, risk assessment and compliance solutions, to allow customers without traditional banking required documents to apply for an account in minutes.
Suits Me®, which is establishing itself as an increasingly popular alternative banking solution, is the first in the UK to enable those without Photo ID or a verified proof of address to open an account as quickly as those who have both.
This is being hailed as a major breakthrough for the 8 million people in the UK* and 78,768 Asylum Seekers** who have previously been prevented from applying for a bank account online as they do not own photo ID, such as a passport, driving licence or verified proof of address documentation.
“Our partnership with Jumio has enabled the business to help even more of those who are described as ‘underbanked’. These people who have struggled with documentation or simply don’t want to incur the travel costs to visit a branch can now apply in three minutes with Suits Me. Technology for us is an enabler for all. not just some of the UK population in the fintech space,” said John Oakley, Operations Director at Suits Me®.
Jumio uses the power of AI, biometrics, machine learning and state-of-the-art liveness detection to help the rapid conversion of more customers, the prevention of fraudsters from infiltrating online ecosystems and compliance with KYC (Know Your Customer) and AML (Anti-Money Laundering) requirements.
Mr Oakley added: “Suits Me® are here to eliminate the hassle of opening an account and to simplify the process with a range of accounts to suit our customers. The time to open an account for those without photo ID is less than two minutes with a selfie upload and an image of one proof of identification, such as a Benefits or HMRC letter, or others that are accepted. We offer all the features that you would expect to find in a traditional bank account, as well as cashback on everyday spending and a personal account manager available in over 19 languages. We are a forward thinking Fintech with traditional customer service values and invite anyone living in the UK to open an account in three minutes with no credit checks”.
Suits Me® are advocates of financial inclusion and provide accounts to anyone living in the UK who pass their validation checks. They are the first brand to actively promote a product and customer experience focused on the financially underserved and most vulnerable members of society. They also provide a multi-lingual, easy-to-use inclusive account to support those who are financially underserved or need a second account option.