Expedited Corporate Onboarding for Digital Banking Solution
Hong Kong App-Based Banking Service
The company: Our client is Hong Kong’s first digital-only bank account provider. Their mission is to help Asia’s underbanked open a current account in just ten minutes and they are committed to delivering a seamless customer experience to all their users.
Problem: The company recently added a new business offering to their app-based, digital-only banking solution for retail customers. This new business current account is specifically targeted at foreign companies looking to open a bank account in Hong Kong. The success of the new product required our client to quickly find a trusted tech partner to automate the onboarding of new corporate clients. As a company that made smooth customer experience one of their core features, the client was also looking for a solution that would ensure the same ease of use for their business account customers.
Action: Through a short series of dedicated workshops, we identified the client’s specific technical and regulatory requirements. In particular, the client was looking to integrate the application process on their website with our platform through rest APIs. This allowed the client to have Know Your Customer’s engine work in the background to expedite the collection of official documents from the Hong Kong’s company registry and the necessary AML screenings, while retaining full control over the final customer experience.
Result: By integrating their existing onboarding process with Know Your Customer’s technology through APIs, the client exponentially increased the number of new business customers they are able to process in a day, without the need for additional resources in their compliance team. Our solution now allows the client to carry all necessary AML and KYC checks for corporate entities much faster and much more cost-effectively, while delivering an extremely smooth customer experience.