increase in conversion
reduction in the amount of time taken to verify clients
The challenge
Genome is offering its customers an easier way to pay online and get paid. With their fully online solution, they’re making old banking services accessible and secure for everyday users. They aim to become the all-in-one solution for users' financial services, from expense management through to accepting payments and salaries.
As an international company, Genome works with clients and companies from over 40 countries. But onboarding users from such a range of countries poses a challenge. Genome receives various types of identity documents from all over the world, and every country has different regulations and KYC requirements.
Before Onfido, Genome was performing all these checks manually. Not only did it require a lot of human time and effort internally, but it also wasn’t a good experience for Genome’s end users either, which caused drop off. Nobody wants to spend days waiting just to be registered into an app. Genome wanted a partner who could satisfy their compliance requirements. But they also wanted their verification process to be secure and accurate, as well as fast, simple and to happen completely online. So they turned to Onfido.
The solution
Genome partnered with Onfido to help them quickly and accurately verify their users online. They chose Onfido because of several reasons. Onfido processes a higher number of documents from different countries, 196 countries to be exact, supporting more identity documents than local competitors within Europe. This means Onfido can support Genome’s strict compliance requirements across all the countries they operate in.
Daumantas Barauskas, COO at Genome
The results
Genome was able to integrate Onfido into their verification process with no technical issues. Using Onfido’s API domain verification for their risk system logic, they’ve created a fully-automated verification process for users.
They’re currently using Onfido’s Document and Biometric Verifications at the last stage in their registration flow. They’ve found it’s much easier for users to snap a selfie video on their smartphones than upload pictures via a computer.
This has helped Genome achieve impressive results that align with their business goals. Since they started using Onfido, their sign-up conversion has doubled, and the verification time was reduced by half, which led to rapid user growth of the fintech product.
Finally, partnering with Onfido has enabled Genome to achieve an essential business priority — to remain compliant with AML and KYC regulations. Genome’s Compliance Officers can now perform verifications more accurately. And the extra time can be used on developing additional security measures.
Looking ahead, Genome plans to launch their own debit cards for businesses and individuals very soon. KYC processes are still a vital step when issuing these cards, so Onfido will continue to be one of the tools that ensure Genome's reliability and security across their current and future services.
About Genome
Genome is a new generation all-in-one finance ecosystem based in Lithuania. Through the Genome platform, users can perform all financial operations from SEPA transfers to the merchant account opening, without going to the bank.
