Phillip Futures provides customers with a seamless digital onboarding experience with AI-powered identity verification technology
Monday, 14 September 2020, Singapore – Phillip Futures announces a new breakthrough in its customer onboarding experience with the use of Jumio’s AI powered identity verification solutions. Integrating this into its online account opening process, Phillip Futures aims to provide customers with a fast and securedigital onboarding experience while adhering to data privacy standards and meeting compliance obligations.
The online identity verification tool conducts an identity proof check for authentication and validity, a similarity check (where the applicant’s face has to match his identify proof), and a liveness check (where the applicant moves physically in accordance with onscreen instructions), before giving a definitive answer on whether the applicant is who he says he is, in under five minutes.
Phillip Futures CEO Teyu Che Chern says the strategic investment in technology and innovation is to deliver a fully digital customer experience. “Today, businesses are facing more constraints in delivering in-person services and customers are increasing their reliance and expectations of digital services. The challenge for us is not only to avoid compromising, but to improve customer experience. With identity verification taking less than five minutes, we expect more account applications and more satisfied customers.”
Phillip Futures started offering online account opening in April 2018. MyInfo was made available in February 2019 to Singaporeans with SingPass, shortening the online account opening process to minutes. By June 2020, 70% of customers used MyInfo to open a Phillip Futures account online. While the new Jumio identity verification technology will most significantly benefit non-Singaporean customers who do not have SingPass and MyInfo, Singapore customers can look forward to other digital services Phillip Futures has lined up including ChatBot and a customer support ticketing system. There will also be a wider variety of online payment methods for customers to deposit and withdraw funds securely and conveniently.
For media queries, please contact:
Marketing Communication Manager, Phillip Futures
+65 6531 1523 (DID) / +65 6538 0500 (Main)