Case Studies

Moneyfarm Case Study

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Moneyfarm partnered with Onfido to build a smoother verification experience for their customers. Onfido were Moneyfarm's preferred choice for several reasons. Not only were we recognised as the market leader, but Onfido also met the regulatory requirements in the Italian market, as well as offering easy integration and extensive support services. Moneyfarm are using Onfido's Document and Biometric checks as part of a tiered-based system. Their aim is to auto-verify around 70% of customers through Onfido, while an internal Operations team reviews the other 30%. The solution Moneyfarm are a digital wealth manager offering a unique combination of simple investment advice and discretionary management. With their online platform and app, Moneyfarm combines human empathy and financial expertise with the efficiency of technology, to deliver cost-effective advice and investment solutions to every user. Moneyfarm are one of the largest digital wealth management companies in Europe, regulated by the FCA, and also authorised by CONSOB to provide investment services in Italy. As a regulated entity, all Moneyfarm customers must complete AML and KYC checks before opening an account. But restrictions with the Italian banking system meant customers had to wait around 3-10 days for the required verification and regulatory checks to complete. So the full process, from when customers opened an account to when they could start investing, took up to 4 weeks to complete. Moneyfarm wanted to change this. They weren't satisfied that the status quo was for customers to wait a minimum of 10 days to start trading. Investing money is an emotional process, and Moneyfarm knew it was key to maintain trust at the moment when customers are ready to invest. For many customers, this meant the option to self serve their investment journey with as few bottlenecks as possible. To help with this, Moneyfarm turned to Onfido. The challenge Moneyfarm are a digital wealth management company, born in 2012 in Italy and launched in 2016 in the UK. Their platform combines smart tech with the expertise of investment experts, offering customers the opportunity to grow their wealth with top- performing portfolios, a dedicated consultant and a smart app. which was previously spent on manual reviews saved by Moneyfarm's Operations team per day from 6.5 days to just 6 minutes on average reduction in time to verify a customer's identity 99.94% 2 hours case study

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