Is KYC system integration killing your business?
Laura Barrowcliff
Head of Product Strategy
Businesses today face big challenges integrating and orchestrating an expanding list of advanced technologies at customer onboarding, according to the latest research.
Identity verification (IDV) involves multiple components—checking data, scanning and authenticating documents, face-matching and detecting identity fraud. All these apps must work seamlessly together and be integrated into customer onboarding workflows, which can be technically difficult and resource intensive.
These challenges matter because they can create friction for applicants, slow down customer conversion and increase operational costs and compliance risks for business. Without streamlined, reliable IDV, businesses struggle to scale securely while meeting regulatory and customer experience expectations.
Cut complexity and cost
Sure enough, when a rapidly expanding boutique FinTech business came to us earlier this year, they said,
“We need a simple way to complete more of the right identity checks and pass more customers fast, with fewer systems, fewer costs and less integration for our team to complete.”
This payments and savings app, which we will call ‘Vaulta’, operates in a growing number of international markets around the world. Vaulta was looking for an integrated customer onboarding solution to complete KYC and power enhanced customer due diligence where and when necessary — a system that could combine data, document and AML checks and ongoing customer monitoring.
We proposed our all-in-one IDV platform, GBG Go. Go evaluates each applicant, dynamically responding to location, demographic and identity risk attributes to deliver the right identity data or document checks for the right person in each regulatory jurisdiction. It’s a more intelligent and cost-effective identity solution than multi-component systems that require complex integration.
Vaulta, told us that as the business had grown, its IDV stack had become way too complex and costly with too many point solutions and points of integration; implementation cycles had stretched and limited its access to the breadth of identity services it now needed to manage growth in new markets.
After an extensive market review, Vaulta concluded that the catalogue of 80+ identity verification, risk assessment and fraud protection modules that GBG Go delivers, through a single API, could successfully complete over 90% of their customer onboarding journeys.
A key requirement was the combination of identity data and document checks on the same platform, with native SDKs for document image capture and a modular approach to document and biometric verification. Together, these features minimise development time and give Vaulta the freedom to flexibly manage their customer onboarding journey experience for security and speed.
Go the shortest route to customer conversion
Like any business, Vaulta wanted the best return on investment. For a customer onboarding solution, that means verifying customers quickly and cost-efficiently.
All identities are unique, presenting different levels of risk. Regulatory jurisdictions also require different degrees of scrutiny and customer onboarding journeys demand a different approach to identity security, routing for data or documents, depending on the strengths or weaknesses of national identity ecosystems.
GBG Go recognises these distinctions, with multiple journeys taking applicants on automated and adaptive onboarding journeys designed to find the shortest route to a customer pass (or fail) and minimise unnecessary calls on checks that are not needed to meet KYC or reduce risk. In many places, verifying an applicant’s details against separate and reliable data sources is enough to fast-track a trusted customer.
By taking Vaulta’s customer prospect on the shortest possible onboarding journey, GBG Go enhances her first experience of the brand and reduces compliance costs per customer acquisition as Vaulta continues to scale its business worldwide.
Go pass or fail fast
To pass or fail a new prospect as fast as possible was certainly top of mind for the small compliance team at Vaulta. With 200+ new applicants a day and a 15% identity flag rate, the two-man team lost several hours to manually reviewing decisions and struggled to stay on top of other daily tasks.
The good news for these two is that GBG Go is designed to pass or fail applicants fast, minimise manual reviews and automatically generate a detailed audit of each customer journey decision to comply with regulatory requirements.
For example, by placing the GBG Go Trust module at the top of each customer onboarding journey, Vaulta can calculate an identity confidence score at first contact with a new prospect. This score taps into a cross-industry customer intelligence network over 1,000 global brands and billions of identity insights which combine to shine a light on the reputation and risk of each applicant identity. Armed with this actionable score, the Vaulta team can configure customer journeys and risk thresholds to pass fast, fail fast or proceed to further identity checks, if it’s worth it.
Say hello to GBG
We’re proud to say that, following an extensive product comparison, the Vaulta team chose GBG Go over competitor solutions. Vaulta is now cutting complexity and cost from customer onboarding and scaling its business in 12 international markets.
Take your business beyond complex and costly point solutions and streamline your tech stack with GBG Go, the all-in-one identity platform that connects your business to over 80+ identity verification, risk assessment and fraud protection modules through a single API.
Go know your customer
Go beyond point solutions to the global, all-in-one identity platform.
