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Tuesday | March 9 | 2021

TBI Bank partners with Onfido to cut customer onboarding time by 67%

TBI Bank announces a partnership with Onfido, the global identity verification and authentication provider, to power secure and seamless customer onboarding.

As TBI Bank constantly rolls out new phygital products, knowing customers and verifying their identity is vital for regulatory compliance.

Before partnering with Onfido, this was achieved with live video calls with an agent, a process that was time consuming and sometimes inconvenient.

Since the collaboration between the two companies started, the following results were seen:

  • TBI Bank are now able to onboard and verify new customers 80% faster than before;
  • TBI Bank have reduced their cost to acquire a new customer by 66%.

By integrating Onfido’s AI-powered ID verification service, TBI’s customers can sign up by simply taking a photo of their government-issued identity document (ID) and taking a selfie.

Onfido first checks that the ID is genuine and then matches it to the user’s face. This ensures the person presenting the identity is its legitimate owner and is physically present.     

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