By Oliver Smith on Thursday 24 February 2022
A major client win for the ID verification fintech.
UK high street bank TSB is turning to fintech Onfido to improve the way new customers join the bank.
TSB has also taken the opportunity to review its onboarding flow, reducing the number of questions to open an account from 49 down to 22, and ensuring that the sign-up process meets the highest standards set by the Royal National Institute for the Blind.
“We’re excited to be working with leading UK banks such as TSB to help them rapidly and securely evolve to meet their customers’ changing digital needs,” said Onfido’s senior fraud risk manager Dimitrie Dorgan.
“Security and a smooth user experience are paramount for banks when it comes to building trust with their customers.”
Onfido has been seeing phenomenal growth in recent years, with firms racing to overhaul their mobile onboarding setups since Covid forced many of these processes to be completed at home.
In 2020 the company raised a $100m funding round just as Covid-19 spooked international markets, showing how strong investor demand for the startup was.
Later in the year, Onfido followed up with solid growth figures as businesses around the world were forced to accelerate their adoption of digital identity verification to deal with remote operating.