The KYC technology built by Qoobiss reduces user identity verification time from 5 min. to 3 sec., improving the approval rate by 70%
The fully automated Know-Your-Customer (KYC) solution developed by Qoobiss reduces the time necessary to verify users’ identity from 5 minutes to only 3 seconds, allowing an increase in the number of users by over 50% and a 70% increase in the approval rate, according to the latest analysis performed by the company.
Digital identity verification startup Qoobiss has created the first fully automated KYC solution for Romanian IDs and is presenting the results of its clients adoption of the technology for user registration and validation. According to the recorded results, Qoobiss allows companies to verify the identity of their customers in a much more secure and efficient way, which results in a 52% organic increase in the number of users after applying the advanced identification technology, without additional marketing or promotions.
These results were obtained after the Qoobsiss service was used for 6 consecutive months by online lending company Credius, which replaced the video call-based KYC verification flow with the fully automated flow provided by Qoobiss.
“With the introduction of the new flow for Credius, the number of necessary fields to be filled in manually by the client was reduced from 17 fields to only 2. Thus, the implementation of the new operational flow, consisting in taking a picture of the ID card and a self-portrait photo instead of a video recording, resulted in a significant reduction of the volume of data processed from 100-150 MB of recorded video content to only 10-15 MB of data. As a result, the time required to complete the application was significantly reduced from 2 minutes to 30 seconds, and the time spent by the client in this process decreased from a minimum of 5 minutes for video verification, to 3-5 seconds required to take the picture of the document. The biometric analysis of the data has considerably improved the experience of going through the registration process, and the safety of the verification procedure has been greatly optimized,” explained Alexandru Rizea, CTO at Qoobiss.
With Qoobiss, companies can automatically verify their customers’ credentials by simply requiring a picture of the ID card when a new online account is created. The software scans the document, extracts the customer data, performs an instant verification of the user’s identity and validates the identity document, maintaining the complete confidentiality of the data.
“After implementing the Qoobiss technology, we have noticed that the user approval rate has increased by almost 70%, which demonstrates that the automated verification software and the advanced technology flow can significantly improve users’ experience and generate organic referrals among customers, with enhanced creditworthiness,” added Buzgan Andrei, CEO at Credius.
Experts at Qoobiss and Credius warn that users are often reluctant to continue using a financial service if the registration and identity verification process takes too long, is too complicated, or does not seem secure enough to share sensitive personal data. Any user experience optimization implemented by financial services companies, in a secure and efficient manner, increases client’s confidence in the respective solution.