GUGU enhances new user expansion with automated identity verification

GUGU, a leading platform in financial services specializing in investment and asset management, is simplifying access to US stock markets for the next generation of investors. By promoting US stocks education and lowering investment barriers, GUGU aims to serve users in 150+ countries, particularly focusing on Southeast Asian markets. 

The challenge: 

Positioned as the top choice investment platform for the next generation, GUGU was looking to ensure compliance with US regulations for user identity verification while catering to a global user base. With each country having distinct identification document styles, languages, and cultural environments, developing a self-sufficient automatic identity verification system posed a considerable hurdle. Before partnering with Onfido, GUGU relied on manual document review processes, leading to inefficiencies, high development costs, and delays in product launches. 

The solution:

After exploring a number of alternative solutions, Onfido emerged as the ideal partner for GUGU, offering a powerful identity verification system with a global reach. By integrating Onfido's services, GUGU streamlined the account opening process, enabling users to submit identity documents effortlessly. Using Onfido's automated identity verification solution, GUGU has reduced manual intervention and accelerated onboarding for new users worldwide. Onfido offered local support in Asia, adherence to international standards of KYC and operations, industry leadership, and ease of integration.

The results:

With Onfido, GUGU has seen substantial results, including:

• Efficiency gain: By automating identity verification checks, Onfido streamlined the account opening process, leading to faster user onboarding and improved operational efficiency. With up to 87% of applications no longer requiring manual document verification, GUGU's account team is now using that time to focus on strategic initiatives rather than repetitive administrative tasks. 

• Workload reduction: The implementation of Onfido's identity verification solution led to a notable decrease in the account team's workload, with a 25% reduction in manual intervention required for document review. This optimized resource utilization and enhanced team productivity, enabling them to allocate their time and expertise more effectively. As a result, GUGU's operations became more agile and responsive, facilitating smoother scalability as the platform expands into new markets.

• Facilitated global expansion: By instilling trust through secure identity verification, Onfido played a pivotal role in supporting GUGU's ambitious goal of serving users in 150 countries. The seamless integration of Onfido's services enabled GUGU to offer a consistent and reliable user experience across diverse global markets. With faster account opening processes and enhanced security measures in place, GUGU strengthened its position as the preferred investment platform for the next generation of investors worldwide.

Moving forward, GUGU aims to leverage Onfido's services to further drive growth and profitability. GUGU looks to continue to expand its global footprint, catering to the investment needs of users across diverse markets. The partnership with Onfido remains integral to GUGU's strategy for achieving its long-term objectives.