Maximising pass rates in KYC for a frictionless onboarding experience
The customer
With rapid growth in the Buy Now Pay Later (“BNPL”) market in recent years, the customer experience has become an important differentiator as customer acquisition has become more competitive. In an effort to maximise customer engagement and conversion, the onboarding experience should be swift and frictionless while complying with regulatory requirements.
The challenge
- Single point of failure
- Low pass rates
- Extra friction in onboarding for some customers
- Increased customer abandonment
In 2020, our customer, a leading BNPL provider in NZ, was using a single KYC provider and straight-through pass rates were low. Many of their customers required manual validation with a second ID document, introducing an additional friction point and increasing abandonment.
Customers, particularly younger customers who are drawn to the BNPL model, now expect frictionless and swift digital onboarding from financial service providers. FrankieOne supports growing demand for better customer experience without sacrificing the robust compliance that financial services require.
The FrankieOne solution
Our flexible, future-proof solution offers
- Single integration with multiple providers and automated failover
- Significant uplift in KYC match rates
- Improved customer experience with cascade feature
Through FrankieOne, the NZ BNPL was able to quickly integrate with multiple KYC providers using FrankieOne’s unique cascade feature. Customers who ‘failed’ KYC on the first pass could be automatically re-checked against other sources without manual intervention. This customer experience improvement reduced abandonment, operational costs and resulted in customer acquisition cost savings for customers who might have otherwise abandoned the onboarding process.
Customers, particularly younger customers who are drawn to the BNPL model, now expect frictionless and swift digital onboarding from financial service providers. FrankieOne supports growing demand for better customer experience without sacrificing the robust compliance that financial services require.
