Case Study: Oval

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  • 89% decrease in time from registration to activation meaning that customers onboard and start using their Oval wallet faster
  • 79% reduction in customers placed under “fraud lock” for a better UX for good users, and more confidence for Oval

About Oval

Oval puts your financial future in your hands. Track your spending, save, and invest automatically — all in one place. With Oval, you have your finances at your fingertips.

The challenge

Oval is changing the way consumers manage their money, connecting their entire financial world into one app. Over 450,000 users across Europe have chosen Oval to manage their financial future.

Oval’s aim is to become a customer’s primary financial hub, creating a one-stop shop for customers to identify themselves with Oval and using this to access additional services. To achieve this, the team needs to delicately balance user experience and risk—making it simple and frictionless to register with Oval initially, while preventing bad actors from entering the Oval platform, in line with KYC obligations.

To onboard customers, Oval outsourced the approval process to an external vendor to review applicants manually. This approach gave the team little visibility over the reasons for approval or rejection, and they could not use this information to automate their processes.

For customers, verification was too slow, costing Oval new business. Oval also saw issues with their core Italian market; Italian paper IDs pose a high fraud risk if fakes go undetected. It was clear. Connecting a customer’s financial world starts with knowing the customer.

The solution

Oval teamed up with Onfido to verify the real identities of customers registering for the Oval app. Whenever a new customer signs up with their smartphone, they’re asked to take a photo of their ID and provide a short Video recording to verify that they’re a genuine person.

Oval chose to partner with Onfido over competing solutions due to our coverage, including both UK IDs and Italian documents, as well as our technical implementation. Integrating Onfido’s results into Oval’s internal processes was seamless and production-ready in no time. 

The results

Building a brand as a customer’s one-stop shop for all their financial needs, Oval had to ensure that they were building a trusted customer profile from sign-up. With Onfido, that’s where the magic happens.

For customers, the Oval registration flow is as simple as a photo of an ID and a video of their face. Because Onfido quickly and accurately reviews the application behind the scenes, customers are able to breeze through the Oval registration 89% faster than before. This means more happy customers, which opens new revenue opportunities.

And because Onfido returns granular results to Oval, the team is able to prevent fraud and automate internal processes. Onfido delivers over 40 sub-breakdowns for why an applicant was approved or rejected near instantly, giving Oval more to work with. It’s how they’ve reduced the daily number of registered users identified as fraudsters by 79%, enabling more “good” users to start using the product right away.

For Benedetta, Co-founder and CEO at Oval, knowing the real identity of a customer opens up huge opportunities for the future. “Our aim is that a user only needs to do KYC once. They can then use their Oval-approved identity to access external services such as investing and credit with the tap of a button.”

Oval is available in the UK and Italy. Learn more at ovalmoney.com.

"At Oval, we want to be the hub for our customers’ financial worlds. Establishing the real identity of that customer unlocks access to a suite of services built around them. Onfido is helping us to do this with a smart and seamless approach to verifying a customer at onboarding." 

Benedetta Arese Lucini, Co-founder and CEO, Oval

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