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.