Onfido is now providing secure onboarding services for customers signing up for TBI Bank’s various physical and digital products. TBI Bank operates primarily in Southeastern Europe, and had previously welcomed new customers with an identity verification process that asked them to jump on a live video call with a TBI agent.
The problem, of course, is that live calls are time-consuming and inconvenient, for both the consumer and the bank itself. Onfido’s automated technology dramatically reduces the amount of time needed to onboard a new user, to the point that TBI’s identification process is now 80 percent faster than it was before partnering with Onfido. The biometric solution also lowers conversion costs, with TBI indicating that the amount of money it is spending to acquire each new customer is down by as much as 66 percent.
Onfido’s solution enables remote identity verification through the use of face and document recognition technology. New users are first asked to take a picture of an official government ID, and Onfido’s technology will make sure the ID is legitimate before comparing the image on that ID to a selfie of the person holding it to make sure the two are a match.
“With more and more people embracing digitalization, now is the right time to switch all our onboarding channels to self-service,” said TBI Bank CEO Petr Baron. “Our partnership with Onfido enables that, serving our clients through a one-stop banking platform starting with a self-service registration that requires zero interaction with service agents.”
“Users increasingly expect a user-friendly experience where they can easily prove their real identity while knowing it is secure,” added Onfido Regional Director Reuben Sagar. “Romania and Bulgaria are seeing fast acceleration of the digitisation of financial service offerings, and we’re very happy to be partnering with TBI Bank in the Southeast Europe region.”
According to Onfido, COVID-19 lockdowns have generated much more interest in digital onboarding options, prompting the company to argue that physical banks will need to offer better digital services to attract new customers moving forward. MANGOPAY and FundOf are some of the other financial services providers that have switched to Onfido in recent months.
February 16, 2021 – by Eric Weiss
[CORRECTION 02/19/01: An earlier version of this article mistakenly referred to TBI Bank as “TDI Bank”.]