This is a guest post by CurrencyFair
As a global fintech pioneer, CurrencyFair has always endeavored to utilise innovative cutting
edge technology to enable an effortless, high quality customer experience. Simplicity and speed are the keys to digital business transformation, and our latest release of image recognition technology will take our customer onboarding flows to a new level in terms of increased speed, ease of use and for our colleagues in marketing, the directly related customer conversion rates.
In many ways, the key to CurrencyFair’s business model and loyal customer base, is clever, scalable technology with highly automated tooling and processes. This continual investment in technology means that our comparative running costs are exponentially cheaper than those of the traditional banking industry whom we ‘compete’ against for FX business, and whom are bogged down by legacy infrastructure with its associated cost and time prohibitive manual processes. Fundamentally, these difference are why we can offer our customers a high quality customer empowered service with extremely low rates.
So what is image recognition technology and why do we need it?
Being a fully regulated Financial Services company, CurrencyFair is subject to extensive KYC regulations. Each country/region that we operate in, and can onboard customers in, has detailed requirements in terms of what information we need to know about our customers. These KYC requirements have a direct impact on our onboarding flows – where, in the majority of instances we require documentation as proof of identity and/or address.
In order to increase the ease of onboarding and decrease both the time required and manual intervention effort – we have rolled out a new image validation technology with our partners IDScan.
This new technology:
- Will provide ‘instant’ verification of both address and ID documents
- The system itself can ‘machine learn’ new non-ID documents in addition to having
access to a document library of over 4000 global documents requested/vetted by
similar industries for their customers, e.g. Three, American Express, Scotland Yard,
- Any documents not featured can be learned in 2 weeks by the IDScan learning
Some of the tech details
- Installed on a high availability cluster in the AWS Cloud
- To minimize manual operations when configuring – we extensively used
CloudFormation and Amazon Machine images. This leads to a roll-out of new
configurations within a few minutes via a single click.
- Integrated the service so it can be rolled out country by country, with the existing
solution living side by side until we are fully migrated to the new solution
- A new UI provided for our Customer Experience team to facilitate faster problem resolution, and to provide further insight into how to achieve increased automated ‘success’ rates in the future by observing and analysing the trends in the document upload activities
To conclude, this innovative technology solution will make our customers’ lives easier. It will save them time and make the onboarding process more seamless. It will make our marketing team’s lives easier as it will improve our conversion rates. It is a small but important cog in the future scaling and financial viability of our company as the manual effort to onboard new customers will be reduced and we become more attractive to our affiliate network.
All in all, a real value adding delivery for our engineering team.