• Case Study
KOHO Counts on Trulioo
to Provide a Compliant
Mobile Customer
Onboarding Experience
Overcome
Regulatory
Challenges
Trulioo — Case Study
The
Challenge
KOHO, a Canadian fintech
company, relies on robust
identity verification with bank-
grade compliance capabilities
as it facilitates large volumes of
transactions with customers and
entities across the country.
The company, which has a mission to help consumers
simplify the day-to-day management of their finances,
must meet the regulatory requirements of the
Financial Transactions and Reports Analysis Centre
of Canada (FINTRAC). The requirements include
stringent Know Your Customer and Anti-Money
Laundering obligations, so every customer KOHO
onboards must undergo thorough identity verification.
“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 Daniel Eberhard, KOHO CEO
and founder. “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.”
The constant, evolving threat of money laundering
and fraud has made it critical for financial services
companies to implement ironclad solutions that
mitigate risk during onboarding. Trulioo delivered the
answer for KOHO with regulation-specific workflows,
real-time analytics and access to a broad range of
data sources.
Every customer
KOHO onboards must
undergo thorough
identity verification.
Trulioo — Case Study
The
Solution
• Daniel Eberhard CEO & Founder of KOHO
“
We found a direct correlation
between using Trulioo to help
us reduce the complexity of
onboarding and getting more
users and customers.
KOHO provides financial services
entirely on mobile devices and
strives to perfect its digital
onboarding process.
The company wanted a solution that could navigate
compliance due diligence, easily integrate with its
current onboarding process and keep friction to a
minimum for customers.
The company prides itself on being nimble and fast
and providing exceptional customer onboarding
experiences. KOHO wanted a partner with similar
forward-thinking, innovative values.
“Trulioo allows us to meet our compliance with ease
while providing a seamless customer onboarding
experience,” Eberhard said. “We found a direct
correlation between using Trulioo to help us reduce
the complexity of onboarding and getting more users
and customers.”
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.
With Trulioo identity verification,
KOHO removed the customer pain
point of lengthy onboarding.
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.
KOHO carefully evaluated other solutions on the market
but chose Trulioo for its cost effectiveness, scalability
and easy integration.
“With Trulioo, we have completely taken out the mental
and manual work needed to perform our due diligence,”
Eberhard said. “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.”
With Trulioo identity verification, KOHO removed the
customer pain point of lengthy onboarding.
“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,” Eberhard said, “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.”
Should KOHO expand beyond Canada, Eberhard
said, Trulioo can help the company scale quickly
with strong international data sources and expertise
in local regulatory models.
“When we are ready to go international,” he said,
“we can take Trulioo with us.”