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MACH Case Study

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To build a trusted identity, MACH teamed up with Onfido to verify customers creating their MACH account. All customers need to create an account is their smartphone, their ID, and their face. Evaluating and integrating with Onfido was seamless, too. MACH saw that Onfido out-performed their existing solutions when it came to catching fraud quickly and accurately. The solution MACH is making finance connected and accessible, enabling a new generation of 'underbanked' and unsatisfied customers to bank from their smartphone. Today they offer a peer-to-peer payments service, virtual and physical Visa cards, cell phone top-ups and bill payments. As a digital-first business, MACH has one goal: grow their active customer base. But as a digital-first bank, MACH must ensure that they are growing without compromising on fraud and compliance. As customers flocked to MACH's service, the team took a number of different approaches to onboarding customers, such as manually reviewing customers' IDs, and implementing "microcharge" transactions to prevent fraud. These approaches caused customer drop-off, and cost the team revenue from missed frauds and manual operational processes. And by not establishing confidence in their customers' identities early, this led to issues in account recovery situations. Customers would routinely need to answer easy-to-forget knowledge-based questions, or go through a manual review to regain access to their account. To supercharge customer growth, MACH had to tackle the challenges of UX and compliance. This starts with a trusted identity. The challenge Based in Chile, MACH is simplifying the financial lives of more than 2,700,000 customers. They design human-centered products that everyone can use, from sending and receiving money, to spending with the MACH virtual Visa card. 93% compared with less sophisticated microcharge verification reduction in fraudulent accounts with an image capture experience built to delight customers increase in customer conversion 48% case study

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