Mitek identity verification drives rapid customer growth for business app ANNA Money
ANNA Money, a business account app for startups and small businesses, has doubled its customer onboarding rate and achieved a target of 25 percent customer growth in the digital channel over a three-month period by integrating Mitek’s Mobile Verify identity verification technology, according to an announcement.
Mobile Verify was integrated with ANNA Money’s chatbot-style onboarding process in August 2018.
“Our customer base of UK startups, sole traders and SMEs use our services to help their business cash flow. 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 Know Your Customer (KYC) regulations,” says ANNA Money Chief Design Officer Daljit Singh. “Our previous process had many roadblocks for onboarding new customers, and we were seeing abandonment rates climb.”
Singh explains that the company required an identity verification partner flexible enough to verify all types of ID, including driver’s licenses and ID cards, and says Mitek enables customers to quickly sign up 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,” notes Mitek EMEA MD Rene Hendrikse. “Speed and flexibility are crucial for small businesses selecting new services, and ANNA Money recognised the need to provide this for new customers. We are delighted to support them on reaching their targets for customer growth, and are proud to play a key role in ANNA Money’s innovative services for small businesses.”
Mitek appointed Max Carnecchia, who has significant experience leading companies into acquisitions, as CEO in November, replacing Jim DeBello.