HooYu KYC digital journey deployed during the customer lifecycle on a risk-based approach
Leading customer onboarding and KYC technology firm, HooYu, has announced a partnership to digitalise Vanquis Bank’s KYC processes. The HooYu KYC journey has been selected to provide additional identity proofing during the customer lifecycle when customers perform a potentially high-risk action on their accounts.
Vanquis Bank is part of the Provident Financial Group, a UK and Ireland business with over 140 years’ experience in lending to consumers who are not well served by mainstream lenders. With millions of customers, Vanquis needed to find a way to help balance fraud prevention and KYC with a great customer experience.
Existing customers calling in to the change the details on their account were in some cases having to wait weeks before the change could be approved. The team at Vanquis Bank is continually looking to improve how their products work for their customers and that they are easy to apply for and manage. Vanquis Bank decided to implement an ID document validation solution that would speed up customer lifecycle management and improve the customer experience.
Sue Singleton, Process Change Assurance Manager at Vanquis Bank said, “By adding HooYu to our KYC tools, we can improve some of our higher risk customer processes and can now facilitate customer requests without asking the customer to post in copies of documentation. Our agents deal with thousands of customers a day and now what could have been a delay of weeks for our customers, can be achieved in a matter of minutes with HooYu”.
David Pope, Marketing Director at HooYu said, “It’s been great to see the results of Vanquis implementing the HooYu digital journey and how the HooYu UI and UX tools are helping their customers though the KYC process.”
BATTLEFACE RECEIVES INVESTMENT FROM FINTECH VENTURES FUND
battleface Inc., a rapidly growing tech-enabled insurance startup focused on providing travel insurance products for unconventional travellers worldwide, announced today that it successfully closed its seed financing round with backing from leading strategic and venture capital investors.
Atlanta, Georgia-based Fintech Ventures Fund has invested in the company, joining existing investors Greenlight Re and Tangiers Group. This investment will be used to expand software development, hire sales and business development personnel, and further the company’s global reach.
battleface is led by a team of travel insurance experts. CEO Sasha Gainullin previously developed global operations for AIG Travel Guard and has worked with battleface since its inception. Managing Director Paul Simmonds brings experience as a Lloyd’s of London underwriter with previous leadership roles at Berkley Syndicate, CNA Hardy, Brit, and Goshawk.
“We got our start because many travellers couldn’t find the right insurance products with coverage for their unique travel destinations and real needs,” said Gainullin. “With the latest investment from Fintech Ventures Fund, we’ll continue to expand our B2B partnerships custom-building travel insurance solutions for groups, including business and NGO travellers, associations and membership-based organisations.”
battleface combines innovative technology and underwriting to create, distribute and service specialty travel insurance products for people in both retail and wholesale. Products are supported by a network of 24/7 assistance coordinators, medical providers and on-the-ground field agents who provide emergency claims, medical and travel assistance services on a global basis.
Fintech Ventures Partner Lucas Timberlake said: “A core area of our fund’s investment thesis is that technology can be leveraged to more efficiently provide insurance products to markets that have been underserved by current offerings. We believe that battleface’s seasoned management team will create an industry leader in the travel insurance space. It is for these reasons that we are excited support the company’s future growth.”
WHY NEOBANKS ARE ON THE RISE IN THE UK
New research by SmallBusinessPrices.co.uk analyses how neobanks are on the rise and why they’re so popular amongst consumers compared to traditional banks. The research also includes a useful tool that compares accounts for their features. To take a look at the research, click here.
Why are people choosing neobanks over traditional banks?
Long are the days of queuing in banks and speaking to customer assistants, with online banking and apps changing the way we handle finances, neobanks are a step into the future. Neobanks are 100% digital meaning you can only use apps or the web to access your money, and this new type of banking has proved to be popular amongst the population and disruptive within the fintech industry.
With handy features, spending trackers and saving pots, neobanks allow people to take control of their finances and make better decisions which is why it has proved so popular.
In 2019, it was found that neobanks around the world raised $2.5 billion in investment at the end of July, making it one of the leading sectors when it comes to funding.
The most popular neobanks
Revolut is the most popular neobank in the UK, which has seen their customer base grow from 3 million people in 2018 to 8 million in 2019 – an increase of over 166%.
N26, Monzo and Monese were also featured in the top four for the highest neobank market share of 2019, with all neobanks having better trust rating scores compared to traditional banks.
Ian Wright of SmallBusinessPrices.co.uk stated:
“Over the past two years, we’ve seen an influx of consumers choosing neobanks or challenger banks as an alternative to traditional banks that we are all so familiar with. With consumers preferring to avoid the hassle of bank branches and paperwork, neobanks’ are becoming increasingly popular with banks such as Revolut and Monzo showing huge market share growth in just a few years.”
The Rise of Neobanks
To see more details about the neobanks or which account you should choose, you can take a look at SmallBusinessPrices.co.uk’s tool here.
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