Simplifying KYC for a crypto trading application
The European private bank implemented a cryptocurrency strategy, with a need for a brand new digital KYC and app onboarding experience to ensure compliance and security for a new generation of investors.
We then studied the compliance requirements and the screening and ID verification services with which we needed to integrate, looking at the APIs and data and folding this into a proposed user experience which we tested using interactive prototypes.
Eventually we created the detailed designs and working code for the following features, all interlinked to show a clear visual onboarding journey for all parties:
- Self-service registration: Applicants begin the onboarding process by providing personal details with a focus on minimising unnecessary data collection.
- Suitability checking: Checking customers’ suitability by evaluating their crypto knowledge, experience, and risk tolerance.
- Compliance checks and ID verification: The application conducts compliance checks against bank policy and verifies the applicant's identity through face and document photos.
- AML verification: Built-in checks with 3rd party AML screening tool are performed as part of financial crime compliance, complementing the ID verification process.
- Admin portal: Built-in checks with 3rd party digital ID verification tool.
Impact
We crafted a bespoke digital onboarding solution specifically designed for our client’s crypto service, which aims to establish a new paradigm for client experience. The intuitive navigation, clear visuals, and interactive elements helped set the bank apart from traditional banking experiences, while giving them peace of mind that they remained fully compliant.
