Maximising pass rates in KYC for a frictionless onboarding experience
The customer
Westpac is Australia’s first bank and oldest company, providing a broad range of consumer, business and institutional banking and wealth management services through a portfolio of financial services brands and businesses. Innovation is at the heart of Westpac’s purpose to help Australians and New Zealanders succeed and central to their aim to deliver an industry-leading customer experience while maintaining strong protections for customers and their assets in the digital age.
The challenge
- Trusted compliance partner for BaaS platform
- Low pass rates
- Unified solution for frictionless digital onboarding compliance
Westpac was the first large Australian bank to introduce digital onboarding in 2014 that did not require physically attending a retail branch. While digital onboarding is now available across most of their product lines, Westpac was relying on a separate, legacy systems that posed challenges to continued digital transformation. In addition to the need for a unified solution, Westpac wanted to increase pass rates as many customers who did not automatically pass often abandoned the process midway due to additional requirements, such as attending a branch.
In 2021, Westpac also launched its Banking-as-a-Service (“BaaS”) platform which offers white-labelled banking products for third party customers, including Afterpay and SocietyOne. As part of this service, Westpac needed robust compliance infrastructure that ensures their platform customers remain compliant while maintaining speed-to-market that is a central part of the BaaS value proposition.
“This implementation was fast and painless, and we experienced a substantial uplift in pass rates from April 2020 when we first went live, so we have continued to deploy FrankieOne across the broader Westpac group. The ease of integration, and FrankieOne’s dedicated support team when rolling out to new business units, has been incredible.”
The FrankieOne solution
With FrankieOne’s, flexible, future-proof solution, Westpac benefits from:
- Single commercial arrangement for BaaS platform
- Increased pass rates
- Improved customer experience and reduced customer abandonment
FrankieOne’s solution was initially selected by Westpac for its BaaS platform to support their platform customers with KYC. Unique among KYC solutions, FrankieOne’s solution offers multiple vendors through a single commercial arrangement and a single API, making both the commercial and technology aspects of the solution straightforward.
With a swift and simple implementation, Westpac experienced a substantial uplift in pass rates following the go-live in April 2020 and catalysed the decision to roll out FrankieOne’s product across other products offered by Westpac and seeing uplift to pass rates attributed to FrankieOne’s cascading data sources and calibration of data source matches.
With increasing competition from digital-only financial institutions, Westpac has sought to differentiate itself by building customer loyalty through high quality service and digital customer experiences. FrankieOne’s product, which is focused on robust compliance without sacrificing customer experience, has been an important pillar in Westpac’s efforts to reduce customer pain points while maintaining strong protections against bad actors. FrankieOne remains an important partner in Westpac’s mission to remain an industry leader in a rapidly changing industry as it seeks to “fix, simplify and perform”.
