Maximising onboarding rates with flexible, future-proof solution
The customer
With the rise of alternatives to credit cards and traditional lending products, there is increasing competition for customers seeking buy-now-pay-later and pay-on-demand products. With many different providers now offering similar products and growing customer acquisition costs, there is an increased focus on making sure interested customers complete the onboarding process and begin using their products.
The challenge
- Single KYC provider
- ~83% match rates
- Increased manual onboarding and delays
- Increased customer abandonment
In 2020, Beforepay was using a single KYC provider and achieving low match rates, leaving a high percentage of customers who were disrupted mid-onboarding journey and required manual onboarding. This increased the strain on Beforepay’s customer service team as Beforepay grew, as well as increased rates of customer abandonment from delays that reduced the quality of the customer experience.
“The FrankieOne single API has allowed us to get up and running fast, and effortlessly add new vendors and data sources as required. The entire FrankieOne team have been great to work with, extremely flexible and supportive, and we could not recommend them highly enough.”
The FrankieOne solution
With FrankieOne’s, flexible, future-proof solution, Beforepay benefits from:
- Increased match rates
- Less manual intervention
- Reduced abandonment
Tarek Ayoub chose FrankieOne to “provide us the most efficient onboarding experience for our customers, with minimal manual intervention for our team.” To improve Beforepay’s pass rates, we introduced our unique cascade feature, which helped achieve a ~10% uplift that resulted in hundreds of customers onboarded automatically every month. Our unique cascade feature allows automatic rechecks of any initially ‘failed’ customers without manual intervention, improving the experience for customers who can be verified automatically. Ultimately this feature helps reduce abandonment rates and supports customer acquisition cost savings from customers who abandon during onboarding.
Tarek credits FrankieOne with achieving pass rates “double digits higher than we were achieving with our existing vendor, hence beyond all expectations. The FrankieOne single API has allowed us to get up and running fast, and effortlessly add new vendors and data sources as required.
