The identification challenges of Moneyou
ABN AMRO has several labels for mortgages, including Moneyou, Florius and ABN AMRO itself. They all use the same platform. In the Dutch mortgage market, they are one of the most innovative players.
Normally the identity verification was part of the responsibility of the notary, just before the transfer of the money and the real-estate; there was very little risk. Identity verification now needs to be done at the beginning of the process, even before giving the customer an offer.
“We reached a very high success rate of 96%, higher than we even hoped for” Justus Damman, Moneyou
For these KYC processes, the online mortgage application process, and making it possible for our customers to make changes to their mortgage themselves digitally, Moneyou had to know exactly whom they were dealing with via a digital solution.
They want to be “best in class” for their over 15k customers so “just good enough” was not sufficient. Moneyou needed a solution that is secure and can be applied easily in the initial phases of the process. Compliance and KYC are very important in the banking industry nowadays.
This was the reason to raise the bar in identity verification for Moneyou. In ReadID they have found a partner to create a fully digital identity verification process, compliant to the highest European identity standards (eIDAS high).
Moneyou uses ReadID Ready, including face verification. Their research indicated that users like to use a separate app, just for identification, that can be removed afterwards. They, therefore, use the out of the box app, instead of integrating it into the Moneyou banking app. This helped to implement quickly as well.
Instant identity verification, 24x7
They introduced NFC-based identity verification with ReadID Ready, branded with their style, triggered with a QR-code in the web flow. In a few minutes, the full verification is done, no manual steps are involved. Identification proof is obtained from the service and is kept for record-keeping, fully GDPR compliant.
Most of the work in implementing identity verification with ReadID was not the technology. The difficulty was to convince people in the bank of the new concept and the new way of thinking. Moving from face-to-face verification to digital verification is difficult to get a grip on for non-technical people at the bank, because the solution is high-tech. When people see the demo and the test cases, people started to understand the possibilities and strength of this solution for their clients and for the bank.
Afterwards, people were really pleased with what came out. The reason for choosing ReadID with face verification with iProov is that it is fully automated, without any human interaction. This makes it instant identity verification, 24x7, as well as very secure identity verification.