Onfido scores key contract with TSB to overhaul customer onboarding

UK high street bank TSB is turning to fintech Onfido to improve the way new customers join the bank.

By using Onfido’s identity verification system through TSB’s mobile app, where 80 per cent of the bank’s new customers sign up, TSB says customers can open an account in just 10 minutes.

TSB has also taken the opportunity to review its onboarding flow, reducing the number of questions to open an account from 49 down to 22, and ensuring that the sign-up process meets the highest standards set by the Royal National Institute for the Blind.

For Onfido this is a major client win, which adds to a growing list of fintechs that already use its services, like Revolut,Bunq and Remitly.

“We’re excited to be working with leading UK banks such as TSB to help them rapidly and securely evolve to meet their customers’ changing digital needs,” said Onfido’s senior fraud risk manager Dimitrie Dorgan.

“Security and a smooth user experience are paramount for banks when it comes to building trust with their customers.”

Onfido has been seeing phenomenal growth in recent years, with firms racing to overhaul their mobile onboarding setups since Covid forced many of these processes to be completed at home.

Last year the fintech opened its sixth international office, in Amsterdam, and returned its £5m BRC grant after the business said it would continue to focus on its core identity business.

In 2020 the company raised a $100m funding round just as Covid-19 spooked international markets, showing how strong investor demand for the startup was.

Later in the year, Onfido followed up with solid growth figures as businesses around the world were forced to accelerate their adoption of digital identity verification to deal with remote operating.