PassFort boosts fintech client's pass rates by 4.6% with GBG
About
PassFort is a web-based compliance solution for onboarding customers in regulated markets
Company size
11 - 50 employees
Industry
Fintech
Location
EMEA
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The competitive nature of financial services puts a lot of pressure on businesses with clients in that sector.
PassFort had one such client that wanted to become a market leader within its first five years. PassFort was able to help its fintech client to onboard thousands more customers and save thousands of pounds in costs using GBG products.
The challenge
Big ambitions require big investment, and PassFort’s client already had a 50-strong Know Your Customer (KYC) team to serve the volume of customers it
was onboarding.
With plans to drive even more customers through its marketing and sales funnel, the fintech wanted to create efficiencies that would help them to control headcount and costs as they grew.
PassFort’s client was losing more than 7,000 customers per quarter because users were dropping off when referred for manual review, which involved them having to provide utility documents to prove their identities.
The business needed its digital workflow of compliance checks to be more efficient to mitigate the risk of rising abandonment rates caused by manual KYC checks.
In order to reduce the need for its KYC team to manually intervene and reduce abandonment, PassFort’s client would have to increase Straight Through Processing (STP). Doing so would help to control headcount while creating shorter, better customer experiences.
4.6%
The STP pass rate went up by 4.6% - meaning it was able to onboard an extra 115 new customers each month
The solution
PassFort reconfigured its client’s waterfall of KYC checks to make GBG the provider with whom its first set of data checks would be completed.
PassFort reconfigured its client’s waterfall of KYC checks to make GBG the provider with whom its first set of data checks would be completed.
Since GBG offered a greater number of data sources than its previous ‘first wash’ provider, the client was able to achieve a higher percentage of passes on the first attempt, without needing secondary checks with another provider or manual intervention with its KYC team.
The efficiencies meant a faster first decision for the client’s customers, which in turn meant less customer drop-off. Ultimately, GBG’s solution relieved the pressure on PassFort’s client’s KYC team and saved the company money.
The outcome
With a new primary provider for its waterfall of KYC checks, PassFort’s fintech client was able to support its ambitious plans for growth without having to increase the headcount of its KYC team and the associated costs.
The client’s STP pass rate went up by 4.6% - meaning it was able to onboard an extra 115 new customers each month at a time when a pending round of investment depended on the fintech increasing its customer base.
Without having to provide utility documents, the fintech’s customers also benefited from a faster, more seamless onboarding experience that fostered greater trust in the brand, giving it an allimportant edge in a fiercely competitive sector.in turn meant less customer dropoff. Ultimately, GBG’s solution relieved the pressure on PassFort’s client’s KYC team and saved the company money.
