Onfido is the new identity standard for the internet. Its AI-based technology assesses whether a user's government-issued ID is genuine or fraudulent, and then compares it against their facial biometrics. That's how the organisation give companies like Revolut, Zipcar and Bitstamp the assurance they need to onboard customers remotely and securely.

Challenge

Bunq is the Bank of the Free or a European challenger bank that makes life easy. Previously it had to arrange video calls to verify users. As the results solely relied upon the skills of their operators, this process significantly lacked consistency while dealing with a variety of identity documents from around the world. Considering that it was too lengthy and encountered language barriers every time, Bunq entered a new market, the onboarding process didn't support the business need for scale either. Additionally, the experience was uncomfortable for users as well who didn't necessarily want to be on captured on camera.

Solution

Bunq allied with Onfido to help the company revamp its whole onboarding process in order to start verifying users remotely and at scale, while improving the user experience.

Results

The European bank was able to integrate rapidly and get up and running with Onfido. Using the Onfido's comprehensive document verification, the bank could verify a wider variety of IDs. Additionally, using its Liveness Technology Bunq started to detect impersonation and onboard users without the need for a video call. Notably, Liveness Technology is where users film themselves reading out numbers and performing randomized movements. This integration significantly reduced the turnaround time as almost all users are now approved within five minutes.

Also, Bunq was able to scale up faster than ever before while making whole process efficient. Now the European organisation is receiving feedbacks that users are loving their new speedy and smooth onboarding experience.

What Next?

Bunq is already planning on expanding to new markets as Onfido's global coverage will continue supporting their business. The European organisation can continue to scale up internationally.