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CASE STUDY | Revolut

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The Customer Leading online bank Revolut makes a bold promise to its customers. It aims to be "the only account for your global lifestyle". After opening an account in just three minutes, you can spend money anywhere in the world without fees, transfer funds globally with better exchange rates than most retail banks, and track all of your purchases in an elegant app. Revolut is building the bank of the fast-paced, globalised future, with the customer right at the centre. The Challenge This ambitious vision has led the challenger bank on a journey of expansion. In the first six months after its launch in 2015, Revolut grew rapidly, gaining over 100k customers and transacting over $200M. It now has a customer base of one million. Throughout this rapid growth, Revolut faced the challenge of verifying the identities of its global customers without sacrificing accessibility or slick user experience. The Revolut team needed to deliver a next-generation onboarding experience to customers, while making sure that fraudulent users were kept off of their platform. Performing KYC checks is a regulatory requirement for digital banks like Revolut. But current verification regulations under The Joint Money Laundering Steering Group (JMLSG) (5.3.71, 5.3.72, 5.3.75) leave some susceptibility to user impersonation. A user's name, date of birth, and address are all data points that can be easily stolen to create accounts. To build the bank of the future, Revolut needed to go above and beyond the regulations in knowing their customers, and catch those attempting to commit identity fraud in order to create accounts. CASE STUDY Increased the number of users onboarded by 12% Verified users from 168 different countries Delivered results 38 seconds faster than previous provider Revolut partners with Onfido to increase customer onboarding by 12% WEBSITE ORGANISATION TYPE Digital Financial Services: Mobile banking, Card Payments, Money Remittance, and Foreign Exchange CUSTOMERS 1 million in the UK FUNDING $86 million in 3 funding rounds | Revolut Case Study 1712 UK Rev A

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