+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.