Case Study
How UST helped SignD accelerate customer onboarding by 50% and reduce fraud by 80% with an automated KYC verification integration
OUR CLIENT
Founded in Vienna, Austria, SignD offers a white-label solution for financial services companies to rapidly and easily integrate fully compliant customer-onboarding/Know Your Customer solutions. SignD’s framework orchestrates the leading providers of biometric identification, forensic analysis, the European Union’s revised payment services directive (PSD2), database services, and open-source intelligence.
THE CHALLENGE
Streamlining customer experiences in onboarding
SignD understood the pain point financial institutions face with complex, time-consuming customer onboarding processes, particularly with evolving Know Your Customer (KYC) regulations, fragmented identity verification and payment services, fraud risks, and data security concerns. The IT start-up wanted to design a seamless, secure technology solution with automated onboarding processes that complied with stringent KYC and anti-money laundering regulations. To mitigate fraud risks, the solution needed to seamlessly handle facial and document verifications, digital signatures, and data analysis.
THE TRANSFORMATION
Delivering a frictionless customer onboarding integration
UST designed and developed a streamlined, white-label, smart identity application integration that financial institutions can deploy within their IT environment. The solution includes:
- Identity verification services—with multi-tiered processes that comply with KYC regulations, enhancing security and customer privacy
- Rapid data analysis—using automated forensic techniques to assess fraud risks and identify potential money-laundering issues
- Enhanced customer engagement processes—by offering a QR code display that intuitively walks customers through the onboarding workflow to set up biometric identification, digital signatures, payment processing, a dynamic idScan feature to render documents, and multi-language translations
- Ongoing DevOps support—to ensure seamless software release cycles and maintenance
THE IMPACT
Eliminating customer irritation—50% faster onboarding
Now, SignD helps financial services companies replace legacy onboarding processes with a new, cohesive integration that automates customer onboarding processes in a secure, compliant environment. The solution delivered these impressive results for SignD customers:
- 50% faster onboarding—from an average of two weeks to just one week, significantly accelerating customer acquisition and boosting revenue recognition
- 80% decrease in fraud—from the automated identity verification and anti-money laundering data analysis
- 30% increase in customer conversions—thanks to the streamlined onboarding experience that enhances customer satisfaction