Seedrs KYC journey
KYC – Know Your Customer – is a regulation required identity verification process that financial institutions need to run on their customers as part of their Anti Money Laundering processes.
Fitting such a complex flow in the onboarding journey of the product is always challenging, as users will give up more easily if the journey is too complex.
Fitting such a complex flow in the onboarding journey of the product is always challenging, as users will give up more easily if the journey is too complex.
At Seedrs, KYC was already done before this new journey was designed, but it required a lot of manual verification of users' documents, since the very basic automatic database checks done at the time were very prone to failing or being inconclusive.
On this initiative, the goal was not only to make the journey simpler for the end user but also to ease the burden of the internal team in charge of reviewing KYC. For this purpose, we used a third-party service, Onfido, that helped us make the document, database and liveness checks faster, more robust and easier to monitor by the internal teams.
The new journey is easier and faster for users to complete, allowing for automatic verification that also clears their processes faster. This means more users are verified successfully, with less back and forth with the internal teams. Onfido allows for photo and video checks, which make the experience lighter and less boring for the user, but also increases accuracy in the checks.
The implementation of the new journey also resulted in a cost reduction of around 25% in KYC related costs.
The implementation of the new journey also resulted in a cost reduction of around 25% in KYC related costs.
