Recognizing the susceptibility to delays and human errors associated with manual verification methods, Mano Bank wanted a new KYC provider who could deliver dependable and efficient services.
Harnessing the strengths of both AI-powered software and human expertise in identity verification, Mano Bank wanted to take customer experience to the next level. This required a new Know Your Customer (KYC) software to ensure a smoother and more secure ID verification process that would focus on maintaining both compliance and an efficient KYC workflow.
Continue reading to learn more about Mano Bank’s and iDenfy’s success story.
The Challenges
Mano Bank combines technology with a cost-efficient strategy to help its clients save time and effort. The bank is exceptional in providing a smooth and personalized experience, working closely with its business partners to enable quick financing decisions and flexible solutions.
With AI advancements and increased fraud risks, distinguishing between genuine customers and bad actors is crucial, helping financial institutions avoid regulatory risks or reputational damage. As a financial service provider, Mano Bank must also comply with KYC requirements to identify and verify customers before allowing them to use their services.
To achieve this goal, prior to the partnership with iDenfy, Mano Bank employed video calls to onboard their customers remotely.
However, the expanding customer base revealed that the video call process was not very convenient:
- Mano Bank’s team had to arrange the time for the call in advance.
- The calls with clients could only take place during office hours.
Mano Bank’s onboarding process wasn’t optimized to accommodate the company’s growing customer base. As a result, there was an increasing amount of pressure on its internal team, who had to review each client manually, which drained their capacity.
This onboarding process was too much of a hassle for the Mano Bank since it involved a significant amount of staff time that could be better utilized if the process had been automated.
The potential to enhance customer onboarding prompted the search for automated KYC solutions. Like many fintech players, Mano Bank was heavily influenced to switch to digital identity verification solutions during the global COVID-19 pandemic due to the inability to conduct in-person verification because of the lockdown restrictions.
“iDenfy’s solution became highly relevant for us during the pandemic, as customers were no longer able to visit physical branches and complete the required paperwork on-site with assistance from staff,” commented Giedrė Blazgienė, CEO of Mano Bank.
The Solution
Mano Bank recognized the importance of enhancing the efficiency and accuracy of its onboarding process while also improving the overall experience for its customers. Additionally, the financial service provider had to ensure that they improved the speed of their onboarding process without compromising on the verification approval rates.
Mano Bank was seeking a partner that could assist them in building frictionless experiences with fast ID verification checks for their customers, ensuring that they could be onboarded without any delays.
That’s why Mano Bank looked for an easily integrated solution, minimizing the need for extensive engineering resources. So instead of relying on in-house specialists to manually compare identity documents with the data gathered during the video call to confirm that they match, Mano Bank implemented iDenfy’s identity verification.
iDenfy’s software uses machine learning algorithms to automatically analyze both the ID document and the live image of the system user. This was a crucial aspect for Mano Bank when choosing the identity verification provider, as the company’s goal was to prevent human errors and inaccuracies.
The Results
By partnering with iDenfy, Mano Bank sped up and optimized its KYC process. iDenfy is currently helping Mano Bank to maintain a market-leading customer experience with quick and seamless onboarding.
Before implementing iDenfy, Mano Bank’s internal team had to manually review each ID document in the register of invalid documents. This process is now performed automatically, which means that the financial service provider was able to switch to a fully automated KYC workflow.
By integrating iDenfy’s solution, Mano Bank minimized the need for manual KYC operations, ultimately reducing their cost-per-acquisition.
The automation of Mano Bank’s customer onboarding process directly translated into improved customer value:
- With 85% of new clients being approved in an average of 2 minutes, Mano Bank can now provide a great first impression and a seamless customer onboarding journey.
- The enhanced KYC process helped Mano Bank increase trust, ensuring that the business maintains its best-in-class financial services without needing to meet customers physically.
Finally, with iDenfy, the Bank is able to verify customers from a wider range of countries, increasing its reach and global expansion efforts. The broad ID document coverage range from iDenfy assists Mano Bank in faster scaling without requiring any in-house KYC specialists to be hired.
“To provide services to the fintech industry, we often work with local companies that have foreign UBOs. Without iDenfy, our ability to serve such customers would be limited, as their solution has played a critical role in our ability to rapidly and accurately verify the identities of our clients,” added Giedrė Blazgienė, CEO of Mano Bank.
🟣 About Mano Bank
Mano Bank is a boutique bank based in Lithuania that is currently in its growth stage, with a mission to become the preferred power bank for businesses:
- Mano Bank’s digital banking journey started in 2019 when it was granted the first EU-specialized banking license. Since then, Mano Bank has focused on providing expert business loans and payment services.
- It is committed to developing a unique brand of business banking that is fast, efficient, and tailored to drive success.
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