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.
Solution
From the very beginning we recognised that we had to prioritise two critical elements:
Uncompromising security
The adoption of robust and multi-layered security protocols to safeguard user information, and digital assets, and ensure complete platform integrity.
Streamlined account creation
The design of a frictionless account creation process tailored to accommodate a diverse range of investors to ensure a smooth entry point for users, irrespective of their technical proficiency or investment objectives.
In workshops we mapped out the workflow which the digital solution needed to support:
- Data gathering from the investor themselves, including digital identity verification
- Screening based upon this information
- Flagging of alerts
- Backoffice review with further analysis and verification of the applicant
- Decision by back office
- Final decision by front office, with outcome communicated digitally to the onboarding applicant.
- If successful, access to the crypto trading app
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:
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Self-service registration:
Applicants begin the onboarding process by providing personal details with a focus on minimising unnecessary data collection.
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Suitability checking:
Checking customers’ suitability by evaluating their crypto knowledge, experience, and risk tolerance.
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Compliance checks and ID verification:
The application conducts compliance checks against bank policy and verifies the applicant's identity through face and document photos.
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AML verification:
Built-in checks with 3rd party AML screening tool are performed as part of financial crime compliance, complementing the ID verification process.
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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.
Our work
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