TBI Bank selects Onfido to boost customer onboarding process

By Megha Bhattacharya

Onfido announced that TBI Bank, a lender focusing on Southeast European markets, has selected the former’s services for boosting customer onboarding. Onfido stated that the collaboration has helped TBI Bank onboard and verify new customers up to 80% faster than before. The Bank was also able to reduce its customer acquisition cost by around 66%.

“TBI Bank is more than just a bank, we’re a digital lender with a clear focus on services that make a difference for our customers. With more and more people embracing digitalization, now is the right time to switch all our onboarding channels to self-service,” said Petr Baron, CEO TBIF (TBI Bank). “Our partnership with Onfido enables that exactly – serving our clients through a one-stop banking platform starting with a self-service registration that requires zero interaction with service agents, without sacrificing on ease and speed of onboarding.”

Onfido stated that TBI’s integration of its ID Verification service allows users to sign up by taking a photo of their government ID along with a selfie.

Recently, Finland-based P2P bitcoin marketplace LocalBitcoins announced a collaboration with Onfido in a bid to scale the integration of the latter’s identity verification technology, thus allowing for secure verification of customer identities. According to Onfido, the new AI technology will enable LocalBitcoins to secure their trading environment and enhance the user experience for new joiners. For users opening an account, they simply take a photo of their government-issued identity document (ID) and a selfie to complete the verification process.

“In today’s digital age, users increasingly expect a user-friendly experience where they can easily prove their real identity while knowing it is secure,” said Reuben Sagar, Regional Director at Onfido. “Romania and Bulgaria are seeing fast acceleration of the digitisation of financial service offerings, and we’re very happy to be partnering with TBI Bank, one of the most innovative banks in the Southeast Europe region. We pride ourselves on delivering access to online services that both detects and prevents fraudulent attempts while enabling the business to scale and meet regulatory requirements.”