How BASIS ID increases the conversion rate of their clients by up to 20%

In its announcements the company called BASIS ID is stating that they manage to increase the number of succesful completions of the KYC procedure by 20%. A bold statement if to keep in mind that the process of customer verification is regulated by laws and is performed more or less similarly on the market.

So how does BASIS ID provides such a high customer success rate and how is the comparison with their competitors made. Lets look through some of the practical cases of the onboarding procedure provided to the clients and find by what margin BASIS ID has boosted the conversion rate in each of those.

Case #1 / Crypto-exchange

Due to Optical Character Recognition engine of BASIS ID, adapted for APAC region, the conversion rate of the customers with documents in hieroglyphic languages has risen. Adds up even more value if to mention that the company’s most active users come from South Korea. Apart from that, the requesting functionality of BASIS ID has allowed for the user to re-upload some bit of data for re-verification, in order to be approved. Such a verification is not considered as a new one, but rather as an update in the personal data of an end-customer.

Exceptional document’s verification engine and comprehensive biometrics that together deny scammers the opportunity to impersonate somebody with a fake ID or other common method — have lowered the fraud, which was backed by auditing the data of the users who went through the KYC.

The analysis by the client has shown, that the approval rate of all the customers registering on the platform has increased by 25% in comparison to the previous solution.

Case #2 / International Bank

Thanks to the new risk scoring tools more people have gained access to the banking services. Even if some criteria don’t reach the desired levels they can be compensated by another parameter. The calculation for the risk scoring had now been impossible to perform manually however has improved the customer approval rates.

The ability to conduct Enhanced Due Diligence within the same platform has allowed broadening up the scope of the personal data received thus increasing the chance of accessing the banking services. Besides that, the solution by BASIS ID has specific algorithms that exlude the false positives of AML/Sanctions screening by multiple parameters like name match, date of birth, citizenship etc.

The average amount of customer approved to become a client of the bank has increased by 17% over 10 months period.

Case #3/ Crypto-wallet & payment system

The automatic optical characters recognition by BASIS ID that allows extracting the contents of the document, including the Machine Readable Zone has boosted up the number of people satisfying the requirements of CDD by 10% from the whole massive of users registering in a month. At the same time, the approval rate of the biometric analysis has increased by 5% in comparison to previous solution. The engine of BASIS ID cuts out 500 frames from the uploaded video and by creating a 3D model of a head the AI analyses the images as a whole, as well as specific elements in order to tell whether the person is the same as on the identity document. This lowers the chance of false negatives as well as increases the security against identity fraud. This way, we can record an increase of 15% in the approval rate once BASIS ID has been integrated.

Сonclusion

To sum up, the advantages of BASIS ID are: processing and recognition of the data and its thorough analysis and flexibility to conduct additional due diligence in case necessary.

The key to improve the conversion rate is simple — optimising the whole flow. Both technologies and people. Without overcomplicating nor negligence.

Hurry up to get in touch with BASIS ID to receive necessary reference, case-studies described above and to get to know how to increase the approval rate of the customers going through the KYC at your platform.