Regula, a global developer of forensic devices and identity verification solutions, helped ABA Bank, the largest Cambodian commercial bank, enhance its customer onboarding process via their mobile app. Upon implementing Regula Document Reader SDK, the bank has achieved a 65% reduction in customer acquisition costs and an increase in account opening conversion rate from 7% to 12.5%.
ABA Bank is renowned for its commitment to innovative digital financial solutions. To facilitate remote bank account opening via smartphone, ABA Bank introduced the country’s first electronic Know Your Customer (eKYC) solution in late 2020 through the ABA Mobile app. This fully automated procedure allowed customers to access the bank’s products and services by submitting their Cambodian National ID cards or passports for verification.
However, the initial process involved several challenges:
- The app’s technologies did not allow the reading of MRZ data in Cambodian national IDs.
- The digital onboarding process required improvements to make it more customer centric.
- There was a significant dependence on manual checks to ensure high security and compliance.
These issues resulted in a high manual workload, prompting ABA Bank to seek a more reliable document verification solution.
Fintech News: AI in Insurance
After evaluating different solutions, ABA Bank selected Regula Document Reader SDK for its accuracy, speed, pricing, and ease of integration.
Implementing Regula’s solution fully automated the onboarding process. To start the procedure, the user takes a picture of their national ID card or passport with a smartphone camera. If the picture is of poor quality, Regula’s solution notifies the user to retake it. Once a proper ID image is obtained, Regula Document Reader SDK instantly recognizes the document type, identifies the data zones, and verifies the information in seconds, ensuring high accuracy and fraud detection.
The whole project of implementing Regula Document Reader SDK was completed within just one month. Throughout the process, ABA Bank received extensive support from the Regula team and leveraged the detailed developer documentation to ensure smooth and quick implementation of the solution.
Fintech News: What Is Conversational AI?
The results were impressive:
- ABA Bank significantly improved the conversion rate for its digital onboarding via its mobile application. The conversion rate for bank account opening increased from 7% to 12.5%.
- The customer acquisition cost decreased by 65%.
- The team that was busy verifying the data of customers onboarded via the mobile app can now focus on other important tasks, leaving the job to Regula’s solution.
“Implementing Regula Document Reader SDK has significantly enhanced our client onboarding processes. Our developers integrated the solution efficiently during a short period, thanks to the clear documentation and the supportive Regula team. The app’s enhanced user experience and new interface during eKYC have been positively received. This has resulted in a smoother account opening process for our customers and increased our confidence in the data received during the eKYC process,” says Zokhir Rasulov.
“We see yet another testament to how a robust and reliable identity verification process can positively impact business outcomes. By partnering with ABA Bank and implementing Regula Document Reader SDK, we not only enhanced the accuracy and efficiency of their customer onboarding process, but also significantly reduced costs and improved conversion. We’re proud to contribute to ABA Bank’s success, and look forward to continuing our collaboration to drive further innovations in the Banking sector,” says Ihar Kliashchou.
Fintech News: Transform Your B2B Strategy with Innovative Invoicing Solutions
Source – Businesswire
To share your insights with the FinTech Newsroom, please write to us at news@intentamplify.com
