Onfido and Bux logos blog image

of customers verified in under three minutes

powered by Onfido’s hybrid approach of AI and human experts

of customer verifications automated end-to-end

requiring fewer manual interventions as BUX scale customer onboarding

The challenge

BUX are making it easy and affordable for Europeans to do more with their money through their flagship platform, BUX Zero. BUX take an educational approach to investing, making commission-free investing accessible, intuitive, and affordable for both first-time and existing investors.

To deliver on this mission, BUX needed to make it fast and scalable for customers to sign up, by creating a 100% digital flow that took no more than 5-10 minutes for customers to complete.

BUX are already innovating in the onboarding space by allowing customers to access the app in ‘guest mode’, where they can view stocks and pricing. But as a regulated financial services business, BUX have to verify customer identities for KYC and AML before allowing them to deposit funds or place trades. And this created several challenges.

If the verification process was slow or overly cumbersome, BUX would risk losing customers to drop off, and customer acquisition would become more expensive. Ultimately, they’d fall short of their value prop: to make 0% commission investing accessible to all.

BUX needed an identity verification solution that delivered fast responses, helped them meet KYC requirements, and that scaled across multiple geos. Additionally, it had to be cost-effective. Here, BUX turned to Onfido.

The solution

BUX assessed several identity verification providers when building their onboarding flow for BUX Zero. They chose to partner with Onfido because of our results in four key areas.

BUX wanted a partner that could help them create seamless experiences, with fast check turnaround times so customers didn’t have to wait to start investing. BUX also looked for a solution that’s easy to integrate, so that they weren’t forced to spend huge engineering resources. And finally, BUX wanted broad document coverage, to help their global expansion.

Onfido has allowed BUX to deliver on our value proposition — a simple, low-cost way to enter the world of investing. By making it quick and easy for customers to sign up for an account, in a scalable and cost-effective way for us, we’re able to deliver a product that’s in line with our customer goals.

Aditya Pasumarty, Chief Product Officer, BUX

The results

Since 2018, Onfido has supported the ‘first impression’ in the BUX Zero app. To start investing, customers need to go through a verification flow, which includes Onfido’s proof of ID check — where the customer takes a picture of their passport — and Selfie check, where the customer takes a selfie which Onfido then matches to the photo on the ID.

Today, Onfido is helping BUX to make a market-leading ‘first impression’ for customers, without compromising on compliance.

Partnering with Onfido has allowed BUX to accomplish their mission to provide a quick and easy investment solution for their clients. With Onfido, 90% of customers are verified in under three minutes, so that customers can start investing with BUX sooner.

BUX are also able to easily expand into new markets with minimal effort for the BUX team. Onfido already supports a range of identity documents from different markets, so it’s as simple as just a flick of a button to start verifying identities in a new country.

And finally, Onfido's solution is supporting BUX's business model, with, 70% of customer verifications being automated end-to-end. As Forrester highlighted in their 2021 Total Economic Impact study with Onfido, automation rates as low as 30% yielded huge gains for financial services. For BUX, this means that fewer manual interventions are required, reducing their cost-per-acquisition.

So what’s next for BUX? They’re continuing with their mission to become the number one destination for Europeans to invest and build future wealth. They’re bringing BUX Zero to new markets, not only geographically, but also by supporting and educating first-time investors. Onfido will be with them every step of the way.

About BUX

BUX are Europe's fastest-growing neo-broker. Founded in 2014, they now serve 500,000 clients across the Netherlands, Germany, Austria, France, Belgium and Ireland. BUX Zero, the company’s flagship platform, offers customers an accessible, commission-free way to invest in shares and ETFs.