Case Study: SwissBorg

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  • 10 minutes to onboard a new customer building a KYC process that converts at scale
  • 65% of customers verified without manual review for improved efficiency, driven by smart automation

About SwissBorg

Invest in crypto assets, the Swiss way. SwissBorg is a trusted and accessible wealth management ecosystem powered by blockchain technology— putting wealth back in your hands.

The challenge

SwissBorg’s mission is to become the world-leading wealth management ecosystem, powered by blockchain, by building a dedicated community of users while setting the standards for crypto projects across the industry. To achieve this, SwissBorg needs to balance strict regulatory needs with highly accessible service.

SwissBorg's Wealth app is a game-changer for crypto investment and trading. Its Smart Engine connects to the biggest crypto exchanges in milliseconds to find the best prices available; with AI-powered market analysis, support for 10 local currencies, the ability to stake SwissBorg’s own token (CHSB), and zero-free trading.

As a licensed financial entity, SwissBorg is required to perform KYC checks. At the same time, SwissBorg must ensure they prevent users with ill intent from accessing their platform. Failure to do appropriate checks would cause a huge risk to SwissBorg—both from a reputational and financial point of view. For a digital-first business in an emerging industry, balancing compliance needs with customer experience could be the difference between winning market share and driving customers away.

The solution

To help build a best-in-class onboarding flow that tackled their compliance and UX needs, SwissBorg partnered with Onfido to verify the IDs and Selfies of users registering for the Swissborg platform, as well as performing Watchlist checks.

Finding a service that SwissBorg could trust and seamlessly integrate with, and use to satisfy KYC needs, was essential. Onfido came out on top for both criteria owing to our extensive experience with leading challenger banks, as well as our lightweight and easy-to-integrate SDK.

The results

Partnering with Onfido has helped SwissBorg signal to the market that you can build both a trusted and a user-centric platform, allowing them to gain market share across a range of territories.

Operating in over 20 different countries within Europe, SwissBorg is now confident that it can satisfy customer verification needs across these territories. As they scale, Onfido’s comprehensive coverage—spanning over 4,600 document types in 195 countries—will be there to help.

From a compliance perspective, SwissBorg is seeing results. Over 60% of customers are now verified without the need for a manual agent to review, so SwissBorg’s in-house compliance team need only check a minority of cases themselves. This means they can focus on supporting the customers that really need their help, not on every single sign-up.

With Onfido, the SwissBorg team has tackled all of the above challenges while building a UX that converts. The team can now boast one of the faster onboarding journeys in the crypto sphere, with users going from 0 to approved in ten minutes. Plus, Onfido’s SDK event tracking allows the team to see exactly where the dropoff is, so they can react in real-time.

"As CCO at SwissBorg, I must wear two hats—one for compliance, and one for onboarding. This delicate balance of risk and user experience has been made easier to navigate with Onfido’s approach to verifying user identities at scale."

Christophe Diserens, Chief Compliance Officer, SwissBorg

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