A rapidly growing UK digital banking platform was struggling with a lengthy customer onboarding process that was causing high abandonment rates. At the same time, they needed to maintain strict compliance with FCA regulations. By implementing Flowmap's comprehensive KYC platform, they achieved a 78% reduction in onboarding time, a 34% increase in conversion rates, and automated 92% of their verification processes—all while strengthening their compliance posture.
The client, one of the UK's fastest-growing digital banks, was facing several critical challenges with their identity verification process:
After evaluating several vendors, the client selected Flowmap's KYC Platform for its comprehensive capabilities, flexible API-first approach, and proven track record in the financial sector. The implementation included:
We deployed our advanced document verification technology with OCR and forgery detection capabilities. The system could authenticate over 4,500 ID document types from 190+ countries, with real-time feedback to guide users through the capture process. This reduced document rejection rates by 76% compared to their previous solution.
Our facial recognition and liveness detection technology was integrated to match selfies against ID documents and ensure the person was physically present during onboarding. This eliminated the possibility of presentation attacks using photos or pre-recorded videos.
We implemented a configurable risk engine that applied different levels of verification based on transaction amounts, customer risk profiles, and behavioral patterns. This allowed the bank to streamline the process for low-risk customers while applying enhanced due diligence for higher-risk scenarios.
Our solution provided real-time screening against global sanctions lists, PEP databases, and adverse media sources. The intelligent matching algorithms reduced false positives by 82% compared to their previous system, while maintaining comprehensive coverage.
Beyond initial onboarding, we implemented continuous monitoring capabilities that automatically re-screened customers against watchlists and detected unusual transaction patterns that might indicate money laundering or fraud.
The entire solution was integrated using our RESTful APIs and mobile SDKs, allowing for a native experience within the bank's existing apps. The implementation was completed in just 6 weeks, with minimal disruption to existing systems.
The implementation of Flowmap's KYC Platform delivered transformative results for the client:
"Flowmap's KYC platform has transformed our onboarding process. We've dramatically reduced the time it takes for customers to open accounts while actually strengthening our compliance posture. The automation has allowed our team to focus on complex cases that truly require human judgment, and the seamless integration preserved our carefully designed user experience. Most importantly, we've seen a significant increase in conversion rates that directly impacts our bottom line."
This case study demonstrates how Flowmap's comprehensive KYC platform can help financial institutions balance the competing demands of regulatory compliance, operational efficiency, and customer experience. By implementing an intelligent, risk-based approach to verification with advanced automation capabilities, the client was able to transform their onboarding process from a business bottleneck into a competitive advantage.
The success of this implementation has led to an expanded relationship, with the client now in the process of deploying our Decentralized Data Vault to further enhance their data security and GDPR compliance capabilities.