Going Global

Case Study: See how Stake, a global online trading firm, needed to quickly onboard customers and how identity verification helped them to open up U.S. markets.

• Case Study

How Stake is Opening

Up Investment Markets,

Supported by Trulioo

Going Global

Trulioo — Case Study

The

Challenge

Global Coverage, Individual Customer Satisfaction

Since its inception, Stake has been true to its mission

of providing investors around the world with easy and

secure access to international markets beyond their

own borders, driven by real-time customer onboarding.

This mission stems from a belief that investors

should be able to diversify their investments across

geographies and industries. Being a global leader in

identity verification, Trulioo was the right match to help

Stake expand across borders with security, speed

and accuracy.

In particular, Stake set out to provide access to the U.S.

market, by far the largest stock market in the world.

Successfully opening the U.S. market to investors

in Australia and other markets, such as the United

Kingdom, was key to Stake’s growth strategy.

At the same time, one of the founding principles of

the company was to address three major legacy

issues within the investment industry for customers:

paper forms, excessive fees and poor execution.

Stake needed to undertake appropriate Anti-Money

Laundering and Know Your Customer procedures for

every customer and provide the appropriate level of

security, without compromising on service. This due

diligence needed to be done with a global partner — a

company that had the scale, expertise and ability to

deliver identity verification to such a vast market.

With the aim to go global from the start, Stake needed

an identity verification partner that could help it to

verify people around the globe, not just Australian

citizens. The Stake team needed identity verification

that provided breadth and scale, but was also flexible

to meet changing demands in what is a highly dynamic

and constantly changing sector of the economy.

“We offer an unlimited commission-free based service,

so we started testing the waters over here in Australia,

but our goal has been to go global and work with global

partners as much as we can — for example, global

brokers and foreign exchange providers, and that

includes our identity verification partner too.”

Trulioo — Case Study

The

Solution

• Dan Silver COO of Stake

We needed a seamless onboarding

process ... We were also looking for

a partner that has a global footprint,

that is able to scale with us as we

grow — there was only one option,

and that was Trulioo.”

Why Stake Chose Trulioo

After a thorough deliberation process, Stake chose

Trulioo as the identity verification solution that had the

breadth and scale needed to fulfill their criteria.

The partnership is still active, with the Trulioo solution

deployed to undertake verification checks when

onboarding new customers in Australia, New Zealand

and the UK.

“We needed a seamless onboarding process. One

that not only addresses the regulatory requirement,

but that also makes the process between sign-up and

trading rapid and simple. We were also looking for a

partner that has a global footprint, that is able to scale

with us as we grow — there was only one option, and

that was Trulioo.”

A determining factor for Stake choosing Trulioo was

because of its global coverage. The Trulioo identity

verification platform provides secure access to over

450 trusted data sources worldwide, so businesses

can verify more than 5 billion people and 700 million

business entities in real-time. Trulioo enables Stake’s

customers to be onboarded and instantly verified, and

in turn they can deposit funds via the app and start

trading in the U.S. stock market on the same day.

Trulioo — Case Study

“When a customer signs up, we typically capture a

large amount of information, so we can create a U.S.

brokerage account for them immediately. Of course,

this is checked against the kind of information we

need to collect, which varies from country to country,”

Silver said.

When customers are onboarding into the Stake

platform, Trulioo allows Stake to run independent

checks in a way that is secure, fast and simple, while

preventing fraud and ensuring compliance. This

all helps to build trust and confidence among its

customer base.

Stake measures and tracks a sample of automatic

verifications for each country, particularly registration

rates and fund conversion rates. The company has set

a 70–75% internal requirement for their registration

pass rate, and they benchmark that against Trulioo.

Having visibility of this data in real-time is critical as

it informs how and what actions Stake needs to take

in order to convert customers. For example, they

can offer people free stock if they fund their account

within 24 hours.

“Key for us is being digital from the get-go. Managing

conversion from registration to funding is a major

business KPI as it supports the “cost per funded

customer” metric — the lifeblood of our operation.”

70%

Stake has set a 70–75%

internal requirement for

their registration pass rate,

and they benchmark that

against Trulioo.

Trulioo — Case Study

How Trulioo Helps Stake

When measuring the business impact of ID verification

at onboarding, Stake sees a direct correlation between

smooth and rapid onboarding, real-time KYC identity

verification checks, and the likelihood that a customer

will deposit funds into their account.

“When optimal onboarding is achieved, with real-time

identity verification, customers are almost 250% more

likely to deposit funds into their Stake account. That’s

why we see identity verification as absolutely critical to

our business.”

Stake measures the success of its identity verification

processes based on the percentage of accounts that are

created through a single attempt. The ideal is for every

new customer to be able to go through the onboarding

process without being rejected due to KYC checks.

In an effort to achieve this ideal, Stake has taken steps to

improve the user experience during the account creation

process, adding a priming screen to give more details

about the onboarding process and the information

customers will need to provide. They have also divided

the process into three simple phases, so people have

visibility of where they are in the process, and added

a digital document upload function in order to make it

easier and faster to submit identity documents.

“Our customers want to know that we are regulated

and fully compliant within their market. Whilst they want

a smooth onboarding process, people also want the

reassurance and confidence that we are taking their

security seriously. We have to establish the feeling of

legitimacy around our brand as a brokerage before we

can expect people to deposit their money. That’s the

balance that we look to achieve.”

Meeting Spikes in Demand

During the first half of 2020, barely three years after its

launch, Stake saw a significant surge in demand and

usage for its platform. The number of new customers

creating accounts more than doubled between January

and April. This surge was partly due to the ongoing

momentum and growth the brand was achieving since

the middle of 2019, on the back of heightened brand

awareness in each of its key markets.

Interestingly, it was a challenging and uncertain time

due to the COVID-19 pandemic. And yet, the platform

became further active with investors looking to protect

their funds and take advantage of new opportunities in

other markets. With the technology sector performing

relatively well during the crisis, Stake saw increased

interest in stocks for technology giants such as

Amazon, Microsoft, Apple and Tesla, which were

already among the most traded stocks on the platform.

Alongside this technology interest, traders had

also become acutely aware of the dramatic market

fluctuations throughout the COVID-19 crisis and looked

to exploit big changes in stock prices. Stake’s highly

sophisticated customer base has since been extremely

responsive to these market dynamics.

Trulioo has been able to meet and support this spike

in demand for identity verification checks as part of

a smooth and secure customer onboarding process.

With efforts to keep customer satisfaction high in the

face of increased demand, the team at Stake has been

focused on maintaining the stability of the platform (to

avoid any outages) while also ensuring that operational

processes are watertight.

Stake measures the success of its

identity verification processes based

on the percentage of accounts that

are created through a single attempt.

About Stake

Stake is an Australian-based investment platform

that challenges traditional banks and brokers on

investing costs and user experience. Co-founded

by Matt Leibowitz and Dan Silver, the company

was built with the aim to give savvy Australian

investors an opportunity to invest directly in some

of the world’s largest companies through a secure

yet sophisticated digital platform, without having

to pay the significant international fees charged

by the big banks and through other brokers. Stake

currently operates in Australia, New Zealand,

Brazil and the UK, with over 100,000 people active

on the platform.

The platform is particularly popular among

younger investors, with 83% of its active

customers aged 44 and under. This next

generation of investors is highly knowledgeable

about technology and digital services, and they

have high expectations around digital customer

experiences and online security. Stake customers

want a reliable, regulated and reputable partner for

their trading; however, they don’t want the need for

security and fraud to add complexity or delays to

their use of the platform.

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.

Looking

Ahead

New Opportunities in New Markets, Underpinned

by Robust, Real-Time Identity Verification

While Stake sees significant opportunities for further

growth in each of its operational markets, it has

ambitious plans to expand its reach to new territories

and into new investment opportunities.

Central to this growth strategy is the company’s

continued ability to onboard customers in a safe and

speedy manner. This combines world-class customer

experience with robust security and identity verification

to protect its customers and ensure compliance with

regulations in every market. As such, Stake has no doubt

that Trulioo will continue to support and accelerate its

move into new markets.

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