QOOBISS developed efficient KYC solution for financial industry
The KYC solution developed by QOOBISS has very good results in the financial industry. An analysis performed by the company after implementing the software at Credius, a Romanian online lending company, reveal the fact that the necessary time to verify users’ identity was reduced from 5 minutes to 3-5 seconds.
The new verification flow, fully automated, allowed Credius to have over 50% organic increase in the number of new users. “Implementing the new operational flow, by taking a picture of the ID card and a self-portrait photo instead of a video recording, resulted in a significant reduction of the volume of data processed from 100-150 MB of recorded video content to only 10-15 MB of data. As a result, the time required to complete the application was significantly reduced from 2 minutes to 30 seconds, and the time spent by the client in this process decreased from a minimum of 5 minutes for video verification, to 3-5 seconds required to take the picture of the document“, said Alexandru Rizea, CTO at QOOBISS.
When a new account is created, the financial company verify the customer credentials by requiring a picture of the ID card. The QOOBISS’ software scans the document, extract the customer data, verify the identity and validate the document.
“We have noticed that, after implementing the QOOBISS solution, the user approval rate has increased by almost 70%, which demonstrates that the automated verification software and the advanced technology flow can significantly improve users’ experience and generate organic referrals among customers, with enhanced creditworthiness”, explained Andrei Buzgan, CEO at Credius.
A solution that enhance the user experience in a secure and efficient manner, increases customer’s confidence in a company’s services. Without a strong software for KYC in banking industry, users are often reluctant to continue using a service if the registration and identity verification process takes too long, is too complicated, or does not seem secure enough.