Case Study: Leading US Challenger Bank achieves scalable, frictionless onboarding of 150,000+ customers with PassFort

Leading US Challenger Bank - Customer Case Study

Leading US Challenger Bank needed to scale to onboard 150,000 customers per year while preserving a modern, digital, frictionless customer experience and meeting strict compliance requirements. To avoid adding significant headcount and multiple systems, the bank selected PassFort to digitise customer due diligence and automate KYC/AML checks via a single onboarding platform.

PassFort implemented its Portal, Policy Builder and Integration Hub to centralise KYC teams, integrate data providers and automate the majority of onboarding journeys. Using PassFort the bank decisioned more than 150,000 individuals with an average monthly conversion rate of ~80%; 65% of applicants were automatically processed in under 13 seconds, and the solution delivered just under £3 of savings per onboarded customer while avoiding dozens of additional KYC hires.