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.