Onfido will be providing face and document recognition technology to speed up the onboarding process for new customers signing up for One’s digital banking platform. One is based in Sacramento, and offers financial services tailored to the needs of middle income households.
With Onfido, prospective One users will be asked to take a photo of an official identity document while registering for the service. Onfido’s AI technology will confirm that the document is authentic, and then match the image on that document to a selfie of the user to make sure that the document belongs to the person holding it. The automated process will simplify account opening for customers while reducing the administrative burden on One staff, since employees will no longer need to conduct manual reviews for each new user.
“We needed a document verification solution that would enable us to scale quickly as we grow into new markets beyond the US,” said One COO Brent Baker. “Onfido helps automate much of our KYC process and was easy to integrate into our existing tech stack, making things smoother for our end-users, but also for our internal operations and risk team.”
“Today’s consumer expects a simple digital experience when applying for a banking service online,” added Onfido CPO Kevin Trilli. “We’re delighted to be partnering with One to provide these services to complement its digital-first approach to banking.”
One joins a growing list of financial institutions that have adopted Onfido’s secure identity verification and fraud prevention technology. Bitex, TDI Bank, and Volkswagen Financial Services are some of the new financial clients that the company has picked up in the first few months of 2021. The company has also argued that traditional banks will need to offer better digital services to satisfy customer expectations and keep pace with newer online challengers.