of internal verification processes automated

massively reducing the cost to verify a customer
6 mins

for a customer to open a new Savings account

underpinned by fast and accurate customer verification

The partnership

How do we build a bank that’s 100% online, but that feels like an in-person experience for our customers? That’s the question that LeasePlan Bank has set out to answer. They’re a branchless bank, operating solely through their LeasePlan Bank website and Savings app.

By reducing internal costs associated with branches, they can offer their customers attractive savings interest. As part of their approach, LeasePlan Bank is pursuing the best-in-class in technology and UX. It’s a mission shared by Onfido and LeasePlan Bank’s core technology partner, Iquality. We’ve teamed up to power onboarding for LeasePlan Bank’s online Savings experience.

The challenge

Founded in 2010, LeasePlan Bank is building an online banking experience that competes with and exceeds the status quo set by branches. With their new approach to banking, LeasePlan Bank has to balance needs from user experience, through to regulation, through to making it all technically possible.

Fundamentally, LeasePlan Bank is measured on growth of their customer base. They need a seamless registration that can compete with emerging digital challenger banks, where ease of use is as important as interest rates.

Equally, LeasePlan Bank must remain compliant with local regulation. With AML and KYC coming under the microscope as financial services move online, the team knows they must onboard new users in a compliant way. Competing banks would routinely approach this with a journey to a physical bank branch. As a licensed entity under the European Central Bank, LeasePlan Bank wants to let the right customers in remotely, going above and beyond today’s regulation.

So how does an emerging online bank tackle technology, regulation, and UX to cut through the market? That’s where Iquality and Onfido come in.

The solution

LeasePlan Bank turned to Onfido for our best-in-class online Document Verification, and to Iquality for their best-in-class technical expertise and implementation within LeasePlan’s architecture.

Before integrating, LeasePlan Bank and Iquality assessed potential partners on fraud accuracy, UX, ease of integration, security, and brand, selecting Onfido as their preferred provider. Throughout the integration, Iquality and Onfido’s Professional Services team worked side-by-side to deliver a seamless onboarding experience, going from kick-off to a production-ready experience in just two months.

Joining forces with Onfido and Iquality has enabled huge improvements for LeasePlan Bank; we have revolutionised the customer onboarding process, keeping in mind both user experience and compliance. This partnership shows what you can achieve working as a team.

Sander Frons, Director at LeasePlan Bank

The results

For LeasePlan Bank, their goal comes down to two things: creating an online compliant banking experience, while fuelling business growth.

The Iquality team built an experience that puts the customer in control. During onboarding, customers get a checklist of everything they need to create a savings account. For the Document Verification part, powered by Onfido, they simply take a photo of their ID using their smartphone.

Driven by a Document-first approach to verifying customer identities, LeasePlan Bank is confident in their AML and KYC processes. With Onfido, they’re automating over 50% of their onboarding process, translating to better interest rates for customers. Document-first onboarding also enables LeasePlan Bank to better manage their own systems. With Onfido, LeasePlan Bank can extract data from IDs and populate their internal banking records with cleaner, more accurate data.

All of this translates to a better customer experience. LeasePlan Bank can now approve customers online with in-branch confidence in 6 minutes. In the future, Iquality and Onfido will continue working together to evolve LeasePlan Bank’s onboarding to improve on UX and compliance.

About LeasePlan Bank

LeasePlan Bank is a branchless, digital savings bank founded in 2010 in the Netherlands. Available on website and mobile-only, they’re creating a new way to save that’s fair and transparent.