Open Banking platform TrueLayer has announced the launch of an automated onboarding solution that uses Open Banking APIs looking to transform customer onboarding in the UK. Entitled Signup+, the product combines account creation with making a payment to improve the signup process.

Capabilities of the automated onboarding solution As per details provided in the press release, the solution leverages bank-sourced data to verify a customer’s name, address, and date of birth in a matter of seconds to expedite KYC-compliant (know your customer) onboarding, all done through a quick deposit from a customer’s online bank. Funds are then instantly available in the customer’s account so that they are enabled to get stated using a service right away, be that adding funds to a wealth management app or trading cryptocurrency. The Signup+ product aims to be TrueLayer’s solution to the inefficient account signup and registration processes which ‘plague’ businesses with required verification for onboarding new customers and are known to cause high drop off rates.

The announcement also highlights that businesses of the likes of Tiger Brokers, PayItMonthly, and StakeMate have already signed up to use the product. Context of the solution As per press release information, a multitude of businesses in regulated industries have complex and lengthy processes which new customers struggle to complete. A YouGov research commissioned by TrueLayer showcases that 4 in 10 people begin the process of creating an online account for a service, but end up never completing the signup.

Furthermore, 46% of individuals drop off when they are required to submit information in response to a verification request, and three quarter of customers are willing to spend no more than 10 minutes on signup before giving up. Created with this knowledge at its basis, Signup+ aims to offer a secure, reliable, and quick method for onboarding new customers, looking to avoid this attrition. It helps reduce the threat of payment and identity fraud with bank authentication built into every payment and real-time identity checks.

Furthermore, it helps businesses reduce operational costs that are associated with manual verification checks, and helps save on transaction costs in comparison with cards and manual bank transfers. When commenting on the opportunity to leverage the product, Remitise officials advised that traditionally, onboarding processes oftentimes involve manual time-consuming tasks of the likes of gathering and verifying personal information, conducting identity checks, and establishing proof of address. The company believes that by obtaining customer data sourced from their bank, Signup+ will help improve the onboarding process and save time and resources both for them and their customers.

Furthermore, the solution is believed to help improve the overall customer experience and increase new customer conversion, by having the need for them to manually input their personal data eliminated. TrueLayer representatives added that in financial services and not only, signup processes that are clunky and inefficient can lead to as much as 40% of potential revenues being lost. As it leverages Open Banking technology in conjunction with real-time identity data, the Signup+ product helps automate the onboarding process in an innovative manner, with the solution thought to represent a new generation of use cases for Open Banking.

Research  methodology Based on information provided in the press release, the findings from the research were made in a YouGov survey of 1,274 adults in the UK in September 2022. The figures have been weighted and are representative of all UK adults. For more information about TrueLayer, please check out their detailed profile in our dedicated, industry-specific Company Database.

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