Open banking, identity verification standalone, and Connect

Published 30 March 2021

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The whole team has focused on developing the most efficient solutions to optimize the signup and KYC experience. The way we work is always prioritizing product improvements based on what would bring immediate value for our partners.

This update is about a few major product areas we’ve been working on the framework. The main focus has been on user verification - utilizing open banking technology as the most efficient way of user verification and enabling verifications as a standalone module to be used separately after the sign-up. Furthermore as always reaching a high impact on conversion rates by localization efforts in Japan and Norway.

Open banking

Open banking is a growing trend allowing us to deliver great customer experiences without compromising security and compliance.

This technology is used as a part of the framework when it comes to user verification and data enrichment. A few of the obvious benefits of open banking technology are:

  • instant response which allows to verify customers in a matter of seconds
  • full automation in comparison to the other verification methods
  • less friction when it comes to the user experience
  • a high-security level where data is being transferred from the bank connection

Below are two great examples of how to utilize this technology in different markets.

Using bank logins as a part of user verification in Germany

The solution we have integrated allows validating the account holder’s information in real-time. Which then in combination with the match from the official data records gives a fully compliant verification result.

We always strive to integrate the best and most user-centric suppliers under our framework. The most important factors are the customization options that allow for constant improvements and optimization, and technically it’s crucial that the bank login part is implemented into the flow without any redirects and works seamlessly for the users. Both factors make a tremendous difference conversion-wise.

When the bank login is successful you can also receive additional data containing all the necessary bank account details including IBAN and BIC in a standardized format for the supported German banks.

Swift “one-click” sign-up in the Netherlands

In various markets, bank logins are perceived differently by users. The Netherlands is a great case when authentication via bank actually adds a lot in confidence for the users and user tests indicate a super high trust level in solutions such as IDin.

Considering the fact that it’s so wide-spread and convenient for the users the variations of the sign-up flows where bank logins are used as a starting point of the journey show highly positive results.

This method also can be used as a data enrichment allowing to smartly combine account holder information with other data sources. Removing a large part of the friction with collecting user data allows reaching for a “one-click sign up” experience, giving users the ability to simply confirm the details they share in order to create an account.

Identity verification standalone

Some multiple verticals and markets require user data verification for compliance reasons in order to create an account. Typically this happens either during the sign-up process or later within a specific timeframe. To verify customers even in the later stages of the onboarding when the sign-up is already completed, we have worked on creating a verification as a separate product.

Verification standalone vision is to provide all the identity verification and data enrichment services you need under one product and single integration. Effectively, based on which markets you operate, you can have full support when it comes to verification purposes.

Our focus has been on creating a unified structure considering multiple suppliers and requirements. Possibility to trigger verification standalone whenever you need to follow your own logic and get direct value from best performing practices that guarantee the highest conversion and verification rates per market without the need to spend time and resources to integrate them separately.

Trigger your signup anywhere with Connect

Connect from live results show a 22% increase in conversion rate compared to the redirect. When enabled it allows users to sign up to your brands directly on trusted third-party websites by triggering the registration flow on top of that website and in turn increase your conversion rate.

We have slimmed down the product drastically to make sure it loads almost instantly. It also now so much easier for you to set up, achieved by removing friction, redirects and unnecessary clicks.

What’s in a name? As noticed we renamed Remote to Connect - works better with the key objective of the product i.e. bringing the user closer to your brand and your brand closer to the user, be it a third party website, you own or a lead generation company you work with.

Data accuracy

Connecting users to services in the most efficient way not only means a frictionless and enjoyable experience for the end-users, but also how accurate is the data collected during the sign-up. Conversion brings value if the user data is correct and can be verified.

Therefore we constantly implement new features that can help get the most valid information from the users.

Deutsche post address data enrichment can be one of the very efficient ways to normalize the data that users have entered. Automatically auto-correct such values as Street name or remove duplicates in the House numbers, edit spelling mistakes in the City name and fulfill missing Postcodes.

Another very common pattern that we can identify and improve is recovering the failed verifications while doing the official records match. Not all the customer data is correct, which is the point of running the verification check in the first place. However, targeting the cases when the reason for failure could be a simple typo or just outdated value shows great results.

The way it works is instead of closing the flow or throwing an error - the users are given several attempts to edit their personal details. The system displays the recovery modules dynamically based on what is wrong or likely to appear incorrectly and presents the way to edit the values. Users interact with the new edit components without switching the context and can spot, fix the information and re-submit.

Localization - address data

Our framework is how we like to call it “globally localized”. In order to guarantee the highest possible conversion rate, the sign-up experience must be adapted to the end-users. And each country still has a lot of specific details to consider. We perform dozens of user interviews every month to learn first-hand what are the most common patterns in different countries and apply those learnings to the modules.

Several markets got new data sources for the address data implemented recently:

  • Japan addresses are now prefilled with the address enrichment data in Japanese from the Postcode - Prefecture, City/Village/Ward, Subarea and instead of House number the combination of Subarea number, Block number, and Building number are required to enter
  • Norway address is now connected to the local lookup data source which for each Postcode returns the information about the City, Street names but also existing House numbers for each street

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