How Can Onfido Stir Your Business Scalability?

Onfido: How Can It Boost Your Business Development?

Is trust a big deal these days? Definitely! According to Fintech Times, today’s consumers are greatly bothered by their data usage on the part of third parties, the security of the collected information, and the abundance of questions asked during the registration and KYC procedures. These reasons can turn the potential customers away from the service/product, and that’s why 4 of 10 newbies interrupt their account creation in the middle of the process. So, what’s the cure then?

Compared to the long signing up forms, the smart document and biometrics verification appears a good solution not to flush the new users out. In fact, 80% of customers show confidence in businesses that rely on document and biometric checks, and the post-pandemic remote world will probably reinforce this pattern. One of a few companies doing it well is Onfido, which provides the quick identity review through the combination of ML and human expertise (approving/declining/bringing to the caution status for expiring documents). As a result, the tiny part of the job is placed on users, while the bigger part of the verification burden goes from the company’s internal team to the external provider.

Founded in 2012, Onfido has got enormous attention in 2020 due to the high demand for digital identity checks among US businesses. Namely, in Q2, the firm has increased revenue by 40% as a contrast to the previous year’s gains. Now Onfido serves as the ID + face user verification tool for 1,500 companies all over the world. And as many of them are currently meeting their customers online, without being face to face, the trend is going to climb further on. Get yourself equipped with the best customer onboarding journey and scale your business fast with Onfido!

Onfido’s Mission and Values: Look Under the Hood!

In plain terms, Onfido’s mission is to help global companies with automated, AI-based user identity verification and make their services available solely to real customers. As a part of the strategy, Onfido cares much about the remote users' onboarding, believing it to be the core of the UX.

All you need to do is to scan the selected ID type, mention the country’s belonging, and make the immediate selfie. The system will proceed with the speedy online comparison of provided data with your selfie image based on a number of biometric points. In a moment, the final verification results are sent to you, and that’s all you’re responsible for on the customer’s side! Isn’t it a miracle?

But that would never happen if Onido hadn’t been guided by the values it lives by. What are they? The major 3 ones are embodied as a lion, a penguin, and a finch. The first stands for being an ambassador and delivering great results. The second symbolizes effective troubleshooting that includes fixing things that are broken and making new ones that work even better. And the latter refers to the act of sharing ideas, joining efforts, and properly giving feedback. Let’s add here the team diversity, which is naturally done through the internationalization of Onfido’s service. Its offices are presently located in London, San Francisco, Paris, New York, Lisbon, Berlin, Mumbai, Singapore, and other big world cities. One of the recently created is in Amsterdam, the heart of Benelux, and that’s already the sixth international office in the country that manifests the promising identity verification potential coming with the fintech boost.

But still why Onfido is so popular today? In short, it ethically implements AI, which means the following:

  1. It relies on algorithmic advances for particular tasks where the human manual checks qualitatively lose in terms of speed and accuracy.
  2. It avoids algorithmic bias, such as giving preference to one category of users over others, through the constant ‘training’ of the ML models.
  3. It follows the equal standard for every user brought on the identity check, no matter their racial belonging is.
  4. It applies the zero-trust policy to any suspicious access attempts, considering them as fraudulent actions.
  5. It does its best to protect the users' data through the SILO approach, which presupposes gathering, structuring, and keeping the user-related findings in isolation.

All these steps are done for leveraging the up-to-date AI technologies with the care of customers' and businesses' security. And now let’s plunge into the discussion of its effects in more detail!

What Are Onfido’s Main Services?

#1. Document verification

With hindsight, the user verification was held based on accessing such factors, as a phone number, a device IP, and a credit history. Nowadays, the traditional security check is replaced with the scanning of the user’s ID and face, and that’s enough to draw a precise conclusion on the document’s authenticity. Ultimately, instead of putting extra caution measures on treating suspicious-looking accounts, companies can direct their efforts on delivering the best UX to their clients. That’s what Onfido suggests — filter the customer base from the very beginning and continue the onboarding of genuine users.

Onfido can boast of its document verification achievements — 98.7% of ID fraud attempts are nipped in the bud. That explains why businesses all over the world are so eagerly lured to the platform to protect both their customers and themselves.

#2. Biometric customer authentication

Onfido confirms that the live metrics, like a selfie or a short video, work well for the user’s authentication. Based on the facial recognition and biometric comparison features, the company’s technology succeeds in detecting fake users and sorting them out from genuine ones. In case the identity is proved real, the clients are automatically transferred to the partners' services they can now access and enjoy.

However, the reuse identity check can occur in high-risk cases, such as high-value transactions or account recovery. Nevertheless, one needs to spare 15 secs to have it done, so no worries on that matter are valid.

#3. Anti-fraud protection

Considering the tangible increase of the digital crime alerts in 2021, the manual mode of checking the user’s identity is evidently out-of-date. In most cases, the site’s administration would mainly deal with the examination of users' complaints who noticed the traces of the suspicious activity themselves. In addition, many organizations resort to the automated security check that allows identifying the potential threats and blocking shady users. However, this kind of procedure usually takes place from to time, and consequently, blows chunks.

In contrast, Onfido has chosen the middle ground in detecting fraudulent danger. Being the expert in AI technologies, the company still leaves some space for human expertise. Finally, by combining these two opposites, Onfido delivers top-quality anti-fraud assistance for businesses interested in remote onboarding of clients and security of interaction. Biometrics analysis, convenient mobile SDK, and live support are the things that add much to the successful realization of this task.

#4. Customer onboarding

That’s the final outcome of working in junction with Onfido! As the nucleus of its revenue strategy lays in the smart personalization of the customer identity check service, the company will tie the users to your product by lowering risks and raising their expectations. For example, the experience of Revolut testifies a 12% boost in onboarding through the cooperation with Unfido and 38 secs faster user verification, compared to the other tested services. Another example is brought by Getaround (former Drivy) who has grown its user base by 39% for 8 months.

What’s the explanation behind it? First, Onfido’s service is characterized by a fast response rate, which keeps the customers' interest alive before the question is addressed. Second, Onfido provides live feedback for strengthening the UX and reducing the drop-offs statistics during the primary acquaintance with the product. Finally, the cross-device flow and the well-thought SDK also complement the first positive user’s impression about the service.

Partnership with Onfido: Who’s to Profit from It?

While you’ve got the full picture of what Onfido is doing, it’s necessary to realize the spheres of its business intersection. Though the AI identity check provider also applies its technology to healthcare, retail, and eCommerce, we’d better cover the key industries Onfido is much helpful in strengthening the business growth. Let’s go!

Financial services

As the financial industry is currently operated online, you might be interested in KYC and AML checks to sustain your business. If so, Onfido will help you to preclude the users' getting away with the sign-up and speeding all the processes instead. Revolut, Moneyfarm, FinFrog, Bunq, First Bank, TBI Bank, and many other financial institutions have already tested user verification with Onfido and remain the devoted partners of the service.

Meanwhile, we’d like to draw your separate attention to Remitly, which story of success can only astonish. In brief, Remitly’s business aim is to execute the cross-border money transfers from the US and the UK to the developing countries, and Onfido helps to do it quickly and safely, cutting the expenses on manual customer’s review and automating the user background check. Presently, thanks to Onfido, Remitly can complete $6bn money transfers per year.

Marketplaces and communities

That’s another realm where Onfido can positively show up and stir your business scalability. The prominent case here is Couchsurfing that, together with Onfido, becomes a much more securer travelers' space. Relying on the speedy user verification and KYC checks, Couchsurfing turns into a trustworthy platform where the community’s members can trust one another as they’re those whom they claim to be.

In particular, thanks to Onfido, the social network website has verified 30,000+ new users in less than 3 months and expanded its scope of impact to 200 000 cities all around the globe. The high level of responsiveness to customers' requests is the key there, and that’s where Onfido proves itself.

Gaming

In case your product comes from the gaming industry, Onfido will be of service too. The recent examples are Small Screen Casinos and Soft2Bet. To be exact, the former has got a 30% raise in onboarding and succeeded in attracting the new type of players to its improved, intuitive check-up during the registration. At the same time, the latter has moved forward in anti-fraud protection and faster start of using the platform on the part of gamers. So, isn’t that a vital tool for giving your customers what they want from the gaming experience?

Transport

Onfido manifests the steady popularity growth among the car-, scooter-, or RV-sharing companies. We’ve already mentioned Getaround, whereas the other partners of this business type include BlaBlaCar, EasyCar, SnappCar, Zoomcar, RV, Turo, etc. Usually, the transport hiring companies operate on the P2P business model, and this calls for the rental protection issue. To prevent cases of damage and vehicle stealing, they address Onfido to help with the automated driver’s license and biometrics checks. Besides, the smooth registration UI is a perk given to customers. For instance, Snappcar now serves the needs of 400,000 users in 4 European states, and that won’t ever happen without Onfido.

Telecommunications

The last but not least sphere of Onfido’s influence is telecommunication. Specifically, powered by digital UX and AI technology, the user identity provider streamlines the subscription services for Yallo. Spent 100 days on production, Onfido has seriously shaken the UX of Yallo’s customers. The core change here is speed as now the user verification requires from 30 secs to 3 min, which is nothing while thinking of years of waiting from legacy systems. Another one is the strictness of ID audit, which speaks about the increased safety standards. The reduction of registration forms also matters much for positive UX, that’s why the example was somehow repeated by Orange S.A. (former France Télécom S.A) — the new user can be activated in 2 min, and now the company has 100,000+ verified customers under its umbrella.

Future Vision of Onfido’s Service

No doubt, today Onfido shines because of its exquisite ID check approach, a mixture of human and AI expertise, but would it last for long? According to the fresh prognosis, real identity will remain the powerful enabler of change for a number of industries and obtain the $16.7bn revenue by 2026. Looking at Q2 2021, with its 100% gains increase, that high aim looks doable, if not more. Plus, being widespread among the US companies in the first place, Onfido is believed to evoke the UK startups' interest in the years to come. Considering the UK’s fintech expertise and overall businesses diversity, Onfido is almost likely to thrive further!

Would you like to strengthen your business growth with it too? Dashdevs will consult you with this, so hurry up to get timely assistance before it’s too late!

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