more users verified and onboarded
of users approved in seconds
The challenge
Previously, Bunq had to organize video calls to verify users. With results solely depending on the skills of their operators, this process crucially lacked consistency – especially when dealing with a variety of identity documents from around the world. Because it was too lengthy and ran into language barriers every time Bunq entered a new market, the onboarding process didn’t support the business need for scale either.
And to top it all off, the experience was uncomfortable for users who didn’t necessarily want to be on camera.
The solution
Bunq partnered with Onfido to help them rethink their entire onboarding process. So they could start verifying users remotely and at scale, while improving the user experience too.
Djoeri Timesen, Chief Product Office at bunq
The results
Bunq was able to integrate quickly and get up and running with Onfido. Thanks to our comprehensive document verification, they could verify a wider variety of IDs. And with our Liveness Technology, where users film themselves reading out numbers and performing randomized movements, they started to detect impersonation and onboard users without the need for a video call.
This new process significantly reduced the turnaround time – all users are now approved within five minutes. And Bunq was able to scale up faster than ever before. In fact, the whole process is now so efficient, Bunq is getting feedback that users are loving their new speedy and smooth onboarding experience too.
What next? Bunq is already planning on expanding to new markets. Onfido’s global coverage will keep supporting their business as they continue to scale up internationally.
About bunq
Bunq is the Bank of The Free. A European challenger bank that makes life easy.
