Banking on Security with Neo Financial and Berbix

Industry:

Fintech

Use Case:

Customer Acquisition

Challenge

Neo Financial uses Berbix to protect against fraud and theft, enabling their customers to securely access their fully digital end-to-end bank.

Neo Financial wanted to make personal banking easy without sacrificing security; doing away with the outdated processes that have made banking prohibitive for many.

As Neo Financial continued to grow, they knew they would need an easy way to enable their customers to verify their identities online to securely access their systems. Berbix’s ID verification software solution was just what they were looking for to help protect against fraud and theft.

Company

Neo Financial reimagines end-to-end banking with a fully digital experience for their customers. Since their founding in 2018, Neo Financial has grown to more than 300 employees and serves customers all across Canada. 

“We want to make sure we are reducing fraud, while also making the experience of our user base as frictionless as possible,” says Neo Financial.

Problem

Accurately verifying a customer’s identity remains a major issue for banks, and concerns over identity verification is largely responsible for why banks require individuals to complete many financial transactions in person.

As a fully digital bank, Neo Financial has done away with this practice, which many customers see as outdated. This digital-first approach, however, could only be successful if Neo Financial was still able to easily and accurately verify prospective users– without adding friction to the sign-up process.

Solution

Berbix’s instant and automated ID check solution gives Neo Financial customers the ability to quickly verify their identity and start banking immediately, helping Neo Financial reach their goal of creating a fully digital bank that’s frictionless for their customers.

Quick ID Verification

Berbix’s instant and automated ID checks are simple and frictionless, helping Neo Financial customers bank from wherever they’re located.

Staying Compliant with Know-Your-Customer (KYC) Regulations

By running a Berbix verification check on each prospective customer, Neo Financial stays in compliance with Canadian KYC regulations and makes sure that each customer is of legal age. 

“We can mimic that in-person branch experience and make sure people are who they say they are [with Berbix],” says Eric Holle, Growth Product Manager.
Stay Secure

Beyond maintaining a high level of security, Neo Financial aims to make its selfie processing and overall experience as convenient as it can be. Berbix helps there, too, by instantly linking customers to their accounts. This frictionless process is very important to Neo Financial’s growth product manager, Eric Holle.

“We’ve been using Berbix since day one. When a customer wants to apply online for a credit or savings product, they have to go through Berbix. It makes us much more confident that we’re dealing with a genuine customer,” says Holle.
Growth

Having Berbix support front-of-the-flow security has given Neo Financial the ability to grow across Canada. And with Berbix, Neo Financial is able to handle each region’s regulations by enabling the company to create verification flows for each region’s ID card.

“They are great to work with,” Holle says. "Berbix has been instrumental in supporting our growth across Canada.”

Summary

Berbix’s ID verification is a tool that can help fintech companies grow while minimizing risk. The features built in Berbix give Neo Financial the confidence that they’re fostering a great customer experience without compromising security.

“We need [our identity verification provider] to work with us to maintain the absolute highest level at which we’re handling risk, and Berbix gets all that,” says Holle.


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