Jumio, a leading provider of AI-powered end-to-end identity verification and eKYC solutions, has announced the launch of a new video-based verification solution for financial institutions and other regulated businesses. This solution is designed for banks, fintechs, cryptocurrency exchanges, digital wallets and other regulated businesses looking to pivot from branch-based onboarding to an omnichannel strategy in the wake of the COVID-19 pandemic.With Jumio Video Verification, financial institutions can safely and securely onboard remote customers online with two-way video-based verification while ensuring KYC/AML compliance through an audit trail and qualified preservation of all recorded interviews.Jumio offers three modes of Video Verification:Assisted: Customers are identified through video assistance technology with dedicated or shared agents that interact in real-time via browser or mobile. Dedicated agents are provided by Jumio and are exclusively focused on onboarding customers for a single financial institution. With shared agents, businesses have a scalable team ready to take or make your calls. These representatives are shared between multiple clients.Unassisted: Customers will independently capture a video of their identity documents, take a selfie and perform a liveness test without an online agent. Verification happens through a combination of AI and expert review.”Cybercriminals are innovative and trained to exploit loopholes. By using stolen real identities, purchased from the dark web, they're often able to fool traditional forms of online identification,” said Dean Hickman-Smith, Jumio's chief revenue officer. “With video-based KYC, businesses can reduce their cost of operations by as much as 90% by eliminating field agent travel, reducing paper costs and streamlining the recording, transmitting and archiving processes.”When establishing a new account, 40% of consumers will abandon the onboarding process if it is too lengthy or complex. Consumers, particularly millennials and Gen Zers, are willing to switch financial services providers to get a better experience. As a result, banks that require customers to visit a branch office or even download, print, sign and fax documents are losing market share to more consumer-centric competitors.”Jumio Video Verification facilitates our remote onboarding process in one of our core markets,” said Martin Ferreiro Subi, head of product strategy and transformation at Ebury, providers of foreign exchange, payment, lending and cash management solutions. “It allows us to verify the identity of our customers online by securely capturing pictures of an ID document and a selfie while recording the entire process. Our customers are delighted that it only takes a few minutes.”Increasingly, financial institutions are being asked to walk a fine line between regulatory compliance, fraud detection, digital security and the customer experience. Video Verification helps meet these challenges with an intuitive online identity verification experience that deters bad actors from using fake identity credentials and documents to gain access to a fintech's digital financial system.