See how Tot.money enhances onboarding and client security

Background:

Tot is an innovative Italian banking and financial management platform tailored for small and medium-sized enterprises. The company provides a comprehensive suite of integrated products, including business bank accounts, invoice management tools, and business payment cards. Operating entirely online, Tot combines the flexibility and efficiency of fintech with robust financial services to support the dynamic needs of Italian enterprises. Since its launch in 2022, Tot has achieved a steady 10% monthly growth rate, maintaining over 70% of daily active users.

The challenge:

From the onset, Tot.money prioritized delivering an exceptional user experience, recognizing that speed and efficiency are critical to users. One significant challenge was the high drop-off rates during the initial online onboarding process, primarily due to cumbersome identity verification checks. Tot needed a solution that could streamline this process while ensuring robust security and fraud detection. The company had explored other solutions but required a partner that could deliver a more seamless integration and a proven track record in identity verification.

The solution:

Tot switched to Onfido and implemented the Verification Suite solution for its identity verification during onboarding. The integration was “plug-and-play”, requiring no changes to Tot’s existing platform, while enabling full capabilities, such as its fully digital and secure Know Your Customer (KYC) process. The products Tot implemented from Onfido’s Verification Suite include:

• Document verification: To ensure that identification documents provided by users are authentic.
• Biometric verification: To match user’s faces with their document photos.
• Data verification: To cross-check user information against trusted data sources.

Tot chose Onfido due to their proven expertise in the banking and financial services industries and confidence in Onfido's capabilities. Onfido's solution perfectly met Tot's needs, offering a smooth onboarding process, reducing customer support requests, and enhancing user experience.

The Results:

With Onfido's expertise, Tot was able to concentrate on achieving business results that align with its core objectives, including:

• Increased efficiency: The integration of Onfido’s Verification Suite has streamlined the onboarding process, with 70% of users completing identification checks in less than 5 minutes. This efficiency has led to fewer support requests and a more positive user experience.
• Enhanced user experience: Onfido’s detailed error descriptions help users rectify issues quickly, significantly reducing the drop-off rate during the onboarding process.
• Improved security: By leveraging artificial intelligence, Onfido minimizes human errors in fraud detection, enhancing overall security. The integration helps reduce the risk of fraud and protects Tot’s business interests.

Going forward:

Tot aims to continue its growth trajectory, with Onfido playing a crucial role in simplifying and accelerating the onboarding phase. This will further improve user experience and reduce the need for support team intervention, allowing Tot to focus on expanding its service offerings and market reach.