Daljit Singh, Chief Design Officer at ANNA Money

ANNA Money, the business account app for small businesses, said it has doubled the speed of its customer onboarding process thanks to a partnership with ID verification specialist Mitek.
It said it achieved its target of signing 25% more new customers in the digital channel in three months as a result of integrating Mitek’s Mobile Verify software.
“Our customer base of UK startups, sole traders and SMEs use our services to help their business cash flow,” said Daljit Singh, Chief Design Officer at ANNA Money. “We support our customers with their financial admin, sending and chasing invoices to facilitate payments – but first, we have to onboard them efficiently and securely, and in compliance with KYC regulations. Our previous process had many roadblocks for onboarding new customers, and we were seeing abandonment rates climb.”
He said that success with customer onboarding is all about providing a simple and efficient process: “To this end, we required a much more flexible identity verification provider who could verify all types of ID – including driving licences and ID cards,” he said. “In Mitek, we found a partner whose technology enables our customers to sign up to the service quickly, on the go, and without unnecessary bureaucracy.”
“Identity verification is vital to comply with regulation and protect businesses – but this doesn’t need to come at the expense of good customer experience,” said Rene Hendrikse, EMEA MD at Mitek. “Speed and flexibility are crucial for small businesses selecting new services, and ANNA Money recognised the need to provide this for new customers.”

by Guy Matthews