Case Study: TBI Bank

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  • 80% faster to onboard and verify new customers with a smarter approach to fulfilling KYC needs
  • 60% reduction in cost to acquire a new customer with a more efficient identity verification process

About TBI Bank

TBI Bank is a next-generation bank whose goal is to become the one-stop digital bank, offering a wide range of online and mobile solutions for both consumers and small and medium-sized businesses.

The challenge

TBI Bank is a next-generation bank with big goals. With over €500M in assets, and a rapidly growing customer base, they want to grow both their customer sign-ups, and their offering beyond banking. Most recently, TBI have expanded their services with TBI Pay, a buy-now pay-later service giving customers the option of checkout financing through the TBI platform.

The TBI team had to address the concern that any individual behind a mobile can claim to be anyone in the world. As a financial services provider, TBI were already performing KYC checks on customers, but as they expanded to checkout financing they had to have maximum confidence that they weren’t onboarding fraudulent users.

To address this, TBI reviewed each new customer with live video calls, where an agent would extract document information and assess it for fraud. This took on average six minutes per customer. Not only was it poor UX, but it didn’t scale. This created huge problems during growth spikes such as Black Friday shopping, where the team would need to hire more operators to manage demand.

The solution

TBI partnered with Onfido to help them onboard customers securely at scale with Document and Selfie verification. New and existing customer identities are verified by Onfido. This frees up the TBI team to focus only on reviewing suspicious customers only.

After extensive testing, TBI chose Onfido due to our ability to catch fraud faster and more accurately than alternative providers. And integrating Onfido was a breeze thanks to our comprehensive API documentation and user-friendly mobile SDKs.

The results

In their aims to grow their customer base, TBI Bank has three criteria: are they decreasing drop-off at registration, are they reducing internal costs, and above all else are they allowing customers onto their platform in a safe and secure manner? Onfido is giving them the confidence to answer “yes” to each of these.

Onfido’s hybrid approach, combining machine learning and human experts for fraud detection, enables TBI Bank to better satisfy their customers at scale. With Onfido verifying the bulk of customers, the TBI team need only review edge cases, giving them time to focus on customers who really need help. With this increase in efficiency, TBI has reduced their cost to acquire and KYC new customers by 66% with Onfido.

For customers, this means that they now register in under 2 minutes, 80% faster than before integrating with Onfido. Customers simply open the app, take a picture of their ID and their face, and are approved in moments.

This means that TBI Bank is set to grow in line with their ambition. For growth spikes, the team can grow their customer base without hiring additional in-house agents.

What next? TBI Bank will continue to expand their relationship with their business customers and consumers, moving beyond lending and payments, into new services and solutions built with the customer at the centre. It all starts with a trusted, real customer identity.

"At TBI Bank we’re building a business that grows with and around our customers. Onfido is an enabler of this experience, allowing us to increase our Sales while remaining secure and compliant. It gives us peace of mind, and our customers a very smooth checkout."

Armen Matevosyan, Chief Commercial Officer, TBI Bank

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