• Case Study
Integration Team Tackles
Tight Timeline for
Super Bowl Campaign
Conversions
EQ Bank Scores
Double-Digit
Document
Verifcation Rate
Boost With Trulioo
+10%
Trulioo — Case Study
The
Challenge
EQ Bank had a lot riding on
the 2024 Super Bowl, though it
had nothing to do with who won
the game.
EQ Bank onboarding completion rate increase
with Trulioo Identity Document Verification
The Canadian challenger bank had targeted the Super
Bowl as a cornerstone of its brand fame campaign,
which included ads starring actors Eugene and Dan
Levy. EQ Bank’s goal was to broaden name recognition
and expand its growing customer base.
“We knew this was going to be a big-hitting, nationwide
campaign,” said Khamil Alhade, EQ Bank’s growth
product manager in charge of the end-to-end
onboarding process. “We wanted to make sure the
inbound traffic would seamlessly convert.”
The campaign was a natural next step for EQ Bank,
which has since surpassed the 500,000-customer
threshold and, together with its lending business
through Equitable Bank, is Canada’s seventh-largest
bank by assets. But growth brings challenges, and
Alhade said identity document verification was a key
area for improvement during the 2023 preparations for
the campaign.
“It was a question of scale,” he said. “We wanted to
make sure we were working with a vendor that could
scale in an ever-changing digital landscape, especially
as we anticipated a material boost in brand awareness
and customer conversion thanks to our breakthrough
campaign. Two things were nonnegotiable for us in
our choice of vendor: We needed someone who could
provide a seamless user experience while also offering
world-class compliance and fraud detection.”
Replacing a document verification vendor isn’t easy
because it requires an overhaul of a major onboarding
system. Doing so starting in September 2023 with a
December deadline on the cusp of a game-changing
campaign took the challenge to an entirely new level.
Trulioo — Case Study
The
Solution
The EQ Bank team started
shopping for a new document
verification vendor but, ultimately,
didn’t have to look far.
Trulioo and EQ Bank had joined forces for business
verification, and Alhade said the reports showed
a simple, strong integration that would make retail
onboarding easier, improve Know Your Business
processes and connect them to Know Your
Customer checks.
He started testing Trulioo Identity Document
Verification, trying it on different devices and with
diverse background light to make sure the optical
character recognition could get a clean scan. Trulioo
passed every test and delivered a straightforward,
easy-to-use customer experience.
But it was the no-code, drag-and-drop Workflow
Studio that really caught Alhade’s eye.
The onboarding workflow builder gave EQ Bank the
flexibility to quickly adjust the document verification
process and user experience. It was a priceless
feature for a growth product manager who constantly
analyzes where customers drop off and how many
finish onboarding.
Identity Document
Verification
Business
Verification
Workflow
Studio
EQ Bank used the following
Trulioo solutions
Trulioo — Case Study
“
As we continue to see the digital banking landscape
grow, it’s nonnegotiable that we show up with accessible,
easy-to-understand and secure methods for customers to
transact with us. We’re here to guide our customers into
a future that is all digital, but where information safety
remains paramount. Technology vendors like Trulioo
have helped make this future a reality today.”
• Khamil Alhade, Growth Product Manager, EQ Bank
“Being able to make changes to our configuration
without having to go through developer cycles was
huge to me,” Alhade said. “EQ Bank is committed
to delivering product improvements quickly while
acknowledging that some changes may take longer. It’s
important for us to work with a vendor that understands
this and can help us prioritize updates that can be made
without needing a full development cycle so we can
continuously enhance the customer experience.”
With the decision made, Trulioo and EQ Bank were
on the clock. They hit the ground running, knowing
EQ Bank had a firm code freeze and if they didn’t
complete implementation by then, they wouldn’t know
how it performed before going into a visible and hotly
anticipated campaign.
The team delivered thanks to Trulioo implementation
expertise, the EQ Bank team’s agility and clear risk
frameworks, and the speed of Workflow Studio. EQ
Bank had a tested, customized document verification
system in market that was ready for what was sure to
be a dramatic boost in traffic after the Super Bowl.
“That’s about three months to turn around an update
to our onboarding journey that can seamlessly
accommodate our anticipated growth,” Alhade
said. “Our risk teams were close partners as we
implemented this new solution, and we were
impressed with how Trulioo met our stringent
requirements without compromising user experience.
That’s pretty intense and pretty great.”
After the final whistle blew at the Super Bowl and
customer traffic flooded the digital challenger bank,
EQ Bank’s conversion rates held strong, building a
foundation for customer growth throughout 2024.
+10%
Document Verification
Completion Rate
Increase
89%
Document
Verification Rate
+3%
Overall Onboarding
Conversion Rate
Increase
Trulioo — Case Study
The
Results
About EQ Bank
Equitable Bank has a clear mission to drive
change in Canadian banking to enrich people’s
lives. As Canada’s Challenger Bank™ and
seventh largest bank by assets, it leverages
technology to deliver exceptional personal and
commercial banking experiences and services
to nearly 700,000 customers and more than
six million credit union members through its
businesses. It is a wholly owned subsidiary of
EQB Inc. (TSX: EQB), a leading digital financial
services company with $127 billion in combined
assets under management and administration
(as at October 31, 2024). Through its digital EQ
Bank platform (eqbank.ca), its customers have
named it one of the top banks in Canada on the
Forbes World’s Best Banks list since 2021.
The document verification success
EQ Bank found after the Super Bowl
has continued. Trulioo and EQ Bank
have conducted ongoing improvements
through Workflow Studio that have led
to strong early results.
“That overall conversion rate is really notable to us,”
Alhade said. “Every inch that we can get in making it
easier for people to complete the process of signing up
for EQ Bank is a huge win.”
EQ Bank needed a proactive vendor that could work
with what the bank had and where it was going, he
said, and that collaboration will continue. EQ Bank
is exploring more document verification features
and other Trulioo services that can strengthen the
user experience, fraud protection and Anti-Money
Laundering practices.
“As we continue to see the digital banking landscape
grow, it’s nonnegotiable that we show up with
accessible, easy-to-understand and secure methods
for customers to transact with us,” Alhade said.
“We’re here to guide our customers into a future that
is all digital, but where information safety remains
paramount. Technology vendors like Trulioo have
helped make this future a reality today.”
The world’s
identity
platform.
Trulioo is a registered trademark of Trulioo Information Services Inc. in the United States, the European Union,
Canada and other countries.
Trulioo is the world’s identity platform, trusted
by leading companies for their verification
needs. The Trulioo integrated, automated
platform provides unparalleled global coverage
for business and person verification and a
comprehensive suite of in-house capabilities.
Combining its state-of-the-art technology with expert verification
knowledge across diverse markets, Trulioo enables the highest
verification assurance levels, optimizing onboarding costs and
fostering trust and security in the global digital economy.
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