• Case Study
KOHO Counts on Trulioo
to Provide a Swift Mobile
Customer Onboarding
Experience
Meet
Compliance
With Ease
Trulioo — Case Study
The
Challenge
With a waitlist of over 10,000
people, KOHO launched its beta
personal finance product in the
summer of 2016.
By making their entire service mobile, eliminating
“brick-and- mortar” locations and tellers, KOHO
has a vision to eliminate costly fees associated with
everyday banking transactions and use technology to
help consumers simplify the day-to-day management
of their finances. KOHO partners with Peoples Trust,
a federally chartered financial institution who holds
customers’ deposits, Utah-based Galileo Processing
handles transactions, and Visa issues the prepaid
credit cards that function as KOHO customers’
primary bank cards. With over 6,000 watchlists,
access to more than 13,000 verifiable documents, a
no-code workflow for smooth integrations and 24/7
support — all available through a single API — the
complexity of KOHO’s needs was a challenge Trulioo
was able to approach with ease.
As a Canadian financial services company, KOHO is
required to meet the regulatory requirements of the
Financial Transactions and Reports Analysis Centre
of Canada (FINTRAC), Canada’s financial intelligence
unit. “We are operating in a heavily regulated space,
and with the ever-changing regulatory updates on
obligations, it adds an additional layer of complexity
to the business,” said Eberhard. “Compliance is
something that we take very seriously at KOHO, and
we cannot afford to get it wrong; it could make or break
our business.”
As a company that facilitates increasingly larger
volumes of transactions with their customers and
entities across multiple jurisdictions within Canada,
KOHO needed a robust identity verification solution
with bank-grade compliance capabilities with no
room for error. Governed by FINTRAC and having
to meet stringent Know Your Customer (KYC) and
Anti-Money Laundering (AML) regulations meant that
every customer onboarded into the KOHO system
was required to undergo thorough identity screenings
to ensure their customers are who they say they are.
Given that AML is a multi-billion-dollar problem in
Canada, it has become essential for financial services
companies to implement ironclad solutions that
mitigate the risk of financial fraud from entering their
system. Trulioo was able to make this process smooth
and secure through its country and regulation-specific
workflows, ongoing monitoring, real-time analytics and
global data sources.
Trulioo — Case Study
The
Solution
• Daniel Eberhard CEO & Founder of KOHO
“
We found direct correlation
between using Trulioo to help
us reduce the complexity of
onboarding — and getting more
users and customers.”
KOHO Partners With Trulioo
As a business that provides financial services entirely
on mobile devices, KOHO placed great emphasis
on perfecting their electronic customer onboarding
process. Not only did they have to find a solution that
would help them ease the burden of meeting their
compliance due diligence, they also wanted a simple
yet powerful solution that would integrate easily with
their current onboarding process without creating any
unnecessary friction for their customers. As a fintech
company that prides itself on being nimble and fast,
with exceptional customer experience at the forefront,
they wanted to choose a partner who shared similar
forward-thinking, innovative values as a company.
It was a no-brainer when they selected the Trulioo
identity verification solution.
KOHO carefully evaluated other solutions on
the market, but discovered how swift it was to
integrate Trulioo into their systems and how much
more advanced it was compared to others. KOHO
chose Trulioo for its cost effectiveness, scalability,
and effortless integration. “With Trulioo, we have
completely taken out the mental and manual work
needed to perform our due diligence,” says Eberhard.
“Our company has high standards when it comes to
the customer onboarding process. Because we are the
first point of contact for our customers, it is mission
critical that we get it right.
The world’s
identity
platform.
Contact us
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.
KOHO has a vision to use technology
to help consumers simplify the day-to-
day management of their finances.
About KOHO
Toronto-based KOHO Financial Inc. is a personal
finance startup that offers a modern way for all
Canadians to manage their personal finances.
CEO Daniel Eberhard founded KOHO in 2014 with
the vision of giving Canadians an alternative to
traditional banking services.
“Trulioo allows us to meet our compliance with ease,
while providing a seamless customer onboarding
experience. We found direct correlation between using
Trulioo to help us reduce the complexity of onboarding
— and getting more users and customers.”
With Trulioo identity verification, KOHO was able to
remove the customer pain point of lengthy onboarding
processes. “For a process that typically takes days at
a bank to open an account, with identity documents
after documents required to be submitted in-person,
in-branch — to a process where our customer can sign
up and be a KOHO customer in under three minutes on
their mobile phone, is a major win for us.”
With big visions for growth beyond Canadian borders
in the coming years, Eberhard points to the strong
international data sources Trulioo provides for KYC
compliant identity verification, AML services, and
thorough understanding of local regulatory models to
help them scale into international markets much faster:
“When we are ready to go international we can take
Trulioo with us.”