Jumio, the leading provider of AI-powered end-to-end identity verification and eKYC solutions, today announced its inclusion in the 2021 AIFinTech100 list. This annual list showcases the world’s most innovative solution providers developing artificial intelligence (AI) and machine learning technologies to solve challenges or improve efficiency in the financial services sector.

Jumio uses a unique hybrid approach of AI, machine learning and biometrics to thwart fraud, simplify compliance and determine if users are who they claim to be. Jumio pioneered the ID + selfie approach and leverages hundreds of millions of domain-specific data points to inform its AI models. Utilising real-world production data instead of academic datasets helps eliminate some of the bias built into off-the-shelf data sets that other solution providers use to develop their AI modeling. This real data results in better, more informed, bias-free AI, which in turn leads to faster, more accurate verifications.

“AI is built into the core of what we do,” said Labhesh Patel, Jumio CTO and chief scientist. “Being included in the AIFinTech100 list validates our efforts to provide secure, AI-powered solutions for financial services providers to safely onboard customers, confirm user identity and stop fraud in its tracks.”

The standout companies were chosen by a panel of industry experts and analysts who reviewed a study of over 1,000 fintech companies undertaken by FinTech Global, a data and research firm. The solution providers making the final list were recognised for their innovative use of technology to solve a significant industry problem, or to generate cost savings or efficiency improvements across the financial services value chain.