This week NatWest took the covers off their new current account opening process that they have launched in conjunction with HooYu. The new NatWest customer on-boarding journey using HooYu Identify been successfully piloted with over 60,000 customers so far, with fraudulent applications dropping significantly during that time.
Here’s some coverage from today’s NatWest press release Electronic Payments International.
HooYu Identify blends multiple identity verification technologies such as geo-location, identity document authentication, facial biometrics, digital footprint analysis, and identity scoring governed by a Risk-Based Approach.
HooYu Identify has been designed to improve the customer experience where new customers have traditionally had to go into a branch to prove their identity or wait to upload identity documents before their account can be opened.
As well as helping financial service firms to increase levels of KYC compliance, HooYu Identify helps to maximise the percentage of customers that can successfully get through KYC. The HooYu UI gives customers tips and guidance on how to successfully provide proof of identity. Customers can start, pause and come back to their application if they don’t have the correct documentary evidence to hand, helping customers to complete account opening KYC when they are ready.
To find out more about how HooYu Identify and how we can help increase KYC compliance and improve account opening conversion rates please email email@example.com.