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First Bank Case Study

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FirstBank partnered with Onfido to power their digital customer onboarding, using our Document and Video identity verification. After assessing alternative vendors, FirstBank selected Onfido as their preferred partner for our easy-to-implement developer experience, and our sophisticated fraud detection. FirstBank observed that while other vendors assessed fraud by comparing data such as MRZ with what's on the ID, Onfido's hybrid approach of AI and human experts looks at the document at a pixel level, highlighting the most subtle inaccuracies. The solution Headquartered in Romania, FirstBank is building a bank that is simple and fair for its customers. They set themselves apart from local competition by moving away from traditional brick and mortar interactions to an online, always-on experience for customers. But as the first licensed bank of their kind in Romania, FirstBank had to juggle two problems: banking regulation and customer experience. As a regulated entity, FirstBank must ensure that they perform KYC and AML checks on customers—failure to do so would expose FirstBank to fraud and regulatory penalties. This problem is made worse by the fact that in the digital world, risk management has certain nuances that are not often encountered in offline interactions. To verify customers online, FirstBank was organizing video calls using live agents. Although cheaper than maintaining a branch, customers would need to wait up to two days to be manually verified. This approach also left room for human error in the verification process. For FirstBank to truly transition from in-branch to digital, they had to find a better solution to verifying and trusting the identities of their customers in a way that gave the business confidence, and created a seamless experience for customers. That's where Onfido came in. The challenge Digital with a human touch. First Bank's mission is to serve as a trusted partner to its clients by responsibly providing financial products and services that make banking safe, simple, and convenient. 80% with an automated AI-driven approach to identity verification faster to onboard new customers with Onfido's comprehensive developer experience for a market-ready integration 1 week case study

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