Onfido to provide biometric onboarding for pension management app
Pension management provider PensionBee has tapped Onfido to streamline its KYC and onboarding processes and reduce manual overheads with biometric and machine learning-based identity verification.
The PensionBee software and app enable users to consolidate pensions into one PensionBee plan, and the company says it adds hundreds of new customers to its base of more than 125,000 current users each day. The UK government has estimated that £750 billion in unconsolidated pensions could be at risk as pension-holders disengage with the complex processes associated with them, the companies note.
According to the announcement, Onfido’s technology was chosen by PensionBee due to its high pass rates, which maximizes the number of users who can be onboarded automatically without a manual review, as well as its ease of integration.
“As a FinTech, meeting compliance requirements without compromising on user experience is a challenge,” says PensionBee CEO and Founder Romi Savova. “Onfido helps automate much of our KYC process and was incredibly easy to integrate into our existing tech stack. Onfido’s market-leading technology not only makes things smoother for our end-users, but for our internal operational team, too.”
“Manual identity verification processes are costly for business and add unnecessary friction for users,” Onfido Co-founder and CEO Husayn Kassai says. “Our clients in the FinTech space, like PensionBee, can’t afford either. We’re delighted to be helping them streamline their processes to get new users on board swiftly and securely.”
Sales of Onfido’s biometric and ID document checking technology grew by nearly 350 percent in 2018, and the company has continued its momentum in early 2019 with new clients and a partnership with IDEMIA.