• Case Study
U.S. Brokerages Quickly
and Easily Meet Global KYC
Requirements
Accelerate
Growth by Serving
International
Investors
Trulioo — Case Study
The
Challenge
Buying and selling financial
securities is a core part of any
brokerage firm’s business.
They serve a wide clientele of international investors,
manage real-time trading risks in numerous markets
and provide investors with increased leverage and
safety. They truly need to know their customers in
every sense of the word. Accelerated international
growth for a brokerage firm is a promising sign;
however, it also translates to new challenges —
processing applications quickly enough to meet
market demand while also adhering to the unique
compliance and fraud prevention requirements across
different countries. An effective and scalable identity
verification process is a key component to meeting
a diverse set of business needs and ensuring trust
across the industry. By turning to Trulioo Identity
Verification, a number of brokerage firms were able to
quickly and easily meet global Know Your Customer
(KYC) requirements while simultaneously undergoing
rapid expansion into new and emerging markets.
The Identity Challenge
New customer intake is a vital step for every
brokerage. As part of each customer’s application,
brokerage firms need to conduct an identity
verification. Before working with Trulioo, these
firms were relying on paper-based documents that
customers had to submit, such as photocopies of
passports, driver’s licenses or national IDs. At scale
and with a high number of investor applications,
manual processes became arduous, resource-
intensive and costly. Brokerages were at the point
where they could not keep up with the number
of applications they were receiving, which was
significantly delaying processing times. Instead of
hiring additional resources, many brokerage firms
decided to make a strategic technology investment
and implement an API-based identity verification
system. The search for the right tool led them to
discover Trulioo. With the ability to be fully operational
in just over a month, integrating the Trulioo API into
their processes resulted in a much more streamlined
customer onboarding experience.
Brokerage firms attract investors
from all over the world and
are committed to providing an
exceptional user experience. This
requires an investment in modern
technologies, such as an API-based
global identity verification solution
to automate the online customer
onboarding process.
Trulioo — Case Study
The
Solution
Technology and Human Connections
These firms rely heavily on automation for their
business but often need more to succeed and meet
business objectives. As steady platforms with industry-
leading technology, they attract investors from all
over the world and are committed to providing an
exceptional user experience. Doing so means turning
to smart technologies to enable smooth, high-touch
processes. For example, if a customer requests that
shares are purchased from a particular company,
brokerage firms will locate the best price, but to do
so, they need to act with agility and accuracy. Trulioo
empowers them to provide this exact value proposition
to customers without heavy technical overhead.
This was the case for one particular firm — the largest
brokerage in the United States. Once the brokerage
signed on with Trulioo, it was only a matter of weeks
before their first country, China, was in production.
Soon after, the brokerage noticed a remarkable
change; they dramatically improved response times
for the inflow of new applications. Thanks to Trulioo,
they were no longer working on a backlog that forced
new customers to have to wait days — or even weeks
— to begin transacting. Instead, an overall more
efficient process enabled the brokerage to provide a
concierge-style experience that optimized the best
applications of technology and human experience
where each mattered most. With greater automation,
the support team could spotlight situations in which
a person-to-person interaction is most helpful, and
even necessary, to resolve a problem. They can focus
on aligning human expertise and engagement to solve
problems, rather than processing documents in a
robotic fashion.
450
Trulioo provides secure access to over
450 reliable and unique global data
sources to verify 5 billion people across
more than 195 countries.
Industry Background
Brokerage firms are financial institutions that
facilitate the purchase and sales of financial
securities. Working with an array of investors,
brokers connect buyers and sellers of stocks and
securities to complete trades and transactions.
With the growth of online trading, global exchanges,
and an increasingly borderless portfolio of
investors, brokerage firms face both opportunities
and challenges as they grow and expand into new
markets. Regardless of their location in the world,
regulations determine how brokerages perform and
operate — compliance and trust are integral parts
of the business.
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.
Identifying Growth With Trulioo
Years after implementation, the Trulioo identity
verification solution remains an important part of
each firm’s long-term growth strategy. As brokerages
continue to expand into higher-growth markets around
the world, it’s become very clear that each country
has its own unique set of challenges. While identity
verification rates are high in China, with minimal false
positives, each region requires a unique set of data
requirements and sources, especially in light of varying
worldwide compliance requirements. For instance, in
Hong Kong there is no official address system such as
postal codes or street names. This makes validating
addresses challenging, especially because brokerage
firms’ compliance protocols require an address match.
The Trulioo API offered the features and benefits they
needed to meet compliance and business needs: real-
time identity verification and Anti-Money Laundering
(AML) watchlist screening; custom rulesets; and
secure access to over 450 reliable and unique global
data sources to verify 5 billion people across more
than 195 countries.
The
Results
With just one contract and API integration, Trulioo
provided each firm with a versatile solution, adaptable
to varying market conditions. It’s this agility that’s
empowering brokerages to push the boundaries of
their business and technology. The ultimate goal is to
build a real-time application approval process, and
with the help of Trulioo, each firm has been able to
identify the right data sources and move from ideation
to execution.