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”.