Core Credit Union adopted automated ID verification as part of their Digital Member Onboarding solution in the summer of 2020.
With IDScan Integrated with the Wellington IT system, they didn’t have to purchase external software as it was already available through their core banking platform.
“Wherever possible we will always use integrated technology to avoid having multiple pieces of software having to be merged into our main database.” – Mark Ryan, ICT Manager, Core Credit Union
The liveness test through IDScan provides a sleek, modern experience for their new members and the reporting is extremely beneficial from a compliance and KYC point of view. Despite a decrease in new accounts due to Covid, 20% of their new members are joining digitally – outperforming their branches by 9%.
Onboarding members digitally means that staff are not physically handling the documents. As a result, it is harder for them tell the authenticity of IDs.
IDScan, integrated with Wellington IT, provides independent verification of ID documents that can check the authenticity of the ID’s from perspective members and deliver a 100% decision rate in seconds.
This ground-breaking innovation in mobile technology can validate, extract data and inspect documents direct from smartphones and tablets. Protecting Core Credit Union from fraud and providing a seamless member experience.
When staff are looking at an image of a document, it can be very difficult to tell if it is real or indeed an acceptable form of ID. To have an independent software company like IDScan reviewing that document and confirming its legitimacy gives a good deal of comfort to the team involved in that process and to our compliance function”
ICT Manager
Core Credit Union
ID verification integrated with digital member onboarding provides a seamless onboarding experience for new members. This, coupled with their online banking facility cuOnline+, allows new members to join their Credit Union and start banking with the same day.
“Feedback from members has been very positive. One lady was amazed from start to finish at how quickly she could join the Credit Union, open an online banking account and apply for a Current Account!” – Mark Ryan, ICT Manager, Core Credit Union
With ID Verification, their staff no longer need to spend time manually analysing and comparing IDs. Verifying Identification through IDscan delivers a 100% decision rate in seconds, as well as the accuracy and insights they need, giving them the confidence to know that they’re only onboarding customers they can trust.
Once a new member is approved, their details are automatically populated in the Scion database, giving staff their time back to focus on other important tasks.
Staff are very happy with the new ID verification; it takes 5 minutes to process a new member via digital member onboarding, as opposed to 30 minutes at the counter, and, with ID verification integrated, verifying ID takes seconds!”
ICT Manager
Core Credit Union
Enhanced Onboarding: Streamlining the recognition of identity documents and the ability to extract text and data can reduce the member on-boarding process to seconds
Liveness Test: ID verified instantaneously via liveness test, allowing your prospective members to confidently carry on with their online application.
Data Quality: Members are inputting data themselves which means less errors e.g. a member is less likely to input their own phone number incorrectly. In addition, the layering of ID document, data, biometrics and in-house forensic document experts (FDE) delivers a 100% decision rate, as well as the accuracy and insights Core Credit Union need.
Paperless: No docs that need scanned. IT comes in digitally, it stored digitally, and we view it digitally. This is where Core want all their processes to be.
Fraud Prevention: Automated document recognition, digital tampering detection, advanced face-matching technologies and real-time online support can assist in reducing fraud.
Cost Savings: Automated data extraction and facial recognition speeds up a currently manual process, reducing the staff time needed for traditional onboarding and saving you money.
