Magazine article American Banker

Jumio Aims to Modernize Mobile Commerce with Camera Tech

Magazine article American Banker

Jumio Aims to Modernize Mobile Commerce with Camera Tech

Article excerpt

Byline: Karen Epper Hoffman

Shopping and banking on a mobile device has always been clunky, as processes designed for a full screen and keyboard have often been crushed inelegantly to fit a smartphone's much smaller screen.

Jumio is working to use a smartphone's hardware to overcome these limitations. Its Fastfill service, launched this week, allows consumers to use a smartphone's or tablet's camera to fill in identifying details by scanning them from a driver's license, national ID card or passport.

"Mobile commerce applications have leapt forward in terms of their utility and functionality, [but] their processes are still stuck in yesteryear," says Marc Barach, Jumio's chief marketing officer.

Jumio offers similar camera-based technology that lets consumers scan their credit and debit cards to provide payment information for online and mobile shopping and scan ID cards as an authentication measure.

Fastfill adapts this technology to help consumers provide information when opening an account with a merchant. "We're using the camera to make business processes more efficient and more secure," Barach says.

The news comes at a time when some banks are testing ways to simplify mobile checkouts. U.S. Bancorp, for example, plans to pitch companies on software that's designed to quicken purchases through a mobile app.

The Fastfill service, meanwhile, is also meant to prevent mobile shoppers from walking away from a transaction before it is completed, Barach says. Forty-five percent of adults in the United Kingdom claim to have abandoned online transactions from account opening to making a purchase due to the length of time and complexity to enter their information and confirm their identity, according to research from Experian.

A full 37% of internet users in a dozen European countries are already using mobile banking services, according to the Financial Empowerment in a Digital Age report released by ING last summer. …

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