Case Studies

Oval - Case Study

Issue link: https://onfido.com/resources/i/1293040

Contents of this Issue

Navigation

Page 0 of 1

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 solution 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 challenge 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. 79 % for a better UX for good users, and more confidence for Oval reduction in customers placed under "fraud lock" meaning that customers onboard and start using their Oval wallet faster decrease in time from registration to activation 89 % case study

Articles in this issue

view archives of Case Studies - Oval - Case Study