UK-based full-service digital bank Virgin Money has selected HooYu, a customer onboarding and KYC technology provider to upgrade its customer onboarding process.
The partnership will do away with manual and offline processes for customers that fail the database check process.
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HooYu has been integrated into the Virgin Money site and offers a different version of the customer onboarding journey depending on whether the customer was seeking a current account or a credit card.
HooYu said that its technology reduces KYC abandonment and increases account opening conversion.
It offers digital KYC through selfie capture, liveness detection, ID document capture and validation, facial biometrics, address proofing and geolocation.
Virgin Money head of digital customer experience Linda Robertson said: “Our smart digital tools put our customers in control and the HooYu journey helps our customers to successfully pass KYC where the traditional name and address checks fail.
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By GlobalData“We chose to work with a regtech partner like HooYu because their platform enables us to easily build a range of digital onboarding journeys that are simple for our new customers to complete.”
HooYu marketing director David Pope said: “As banks like Virgin Money obsess about the digital customer experience, eliminating abandonment and driving conversion, they turn to HooYu to help them redefine their new account journeys and achieve their origination goals.
“It is our job to help banks like Virgin Money to orchestrate KYC services and easily configure and deploy with a great customer journey.”
