The Co-operative Bank partners with Onfido to improve customer onboarding

The Co-operative Bank has chosen automated identity verification provider Onfido to help improve its customer onboarding process using AI-powered digital identity verification.

The bank will be able to onboard new customers more quickly, by using automated identity verification and proof of address verification, replacing the need for individuals to go into a branch or post documentation.

By partnering with Onfido, the Co-operative Bank can verify new users’ identities in “as little as” 15 seconds, with automated identity verification, address verification and fraud prevention.

During the onboarding process, customers will be prompted to upload a picture of their government-issued identity document (ID) and a selfie, which are then checked by Onfido’s ‘Atlas AI’ to ensure authenticity and to confirm the owner of the ID is present.

Darren Prescott, senior manager, current accounts and credit cards at The Co-operative Bank, said: “Onfido is a complete identity proofing product that we could plug into our application process without expensive IT engineering costs and without integrating it fully into our mainframe systems.

“This meant we could implement a solution quickly, orchestrating workflows and automating decisions to improve the user experience and onboarding rate.”

Mike Tuchen, chief executive officer of Onfido, added that users expect fast, convenient, and secure access to services in the digital era.

“We’re proud to work with leading UK banks such as The Co-operative Bank to help them meet regulatory requirements, including Know Your Customer and Anti-Money Laundering, while meeting consumers’ changing digital preferences,” he said.

“Digital onboarding will help The Co-operative Bank customers spend less time waiting and more time spending, investing, and saving.”

Last year, UK bank TSB partnered with Onfido to launch a new customer onboarding journey in its mobile banking app.

Tesco Bank also teamed up with Onfido to onboard new customers of the supermarket’s Tesco Clubcard Pay+ product.