Phillip Futures is launching a new customer onboarding experience with the use of Jumio’s AI-powered identity verification solutions. 

By integrating this into its online account opening process, Phillip Futures will be able to provide customers with a fast and secure digital onboarding experience while sticking to data privacy standards while meeting compliance obligations.

“Today, businesses are facing more constraints in delivering in-person services and customers are increasing their reliance and expectations of digital services,” says
Phillip Futures CEO Teyu Che Chern.

“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,” he adds.

According to Phillip Futures, the Jumio identity verification technology will most benefit non-Singaporean customers who do not have SingPass and MyInfo, two existing and common digital ID verification platforms.

There are plans to launch ChatBot and a customer support ticketing system, as well as a wider variety of online payment methods for customers to deposit and withdraw funds securely and conveniently.