Case Study: Oriental Bank achieves fully digital account opening with Vouched

Oriental Bank launches fully digital account opening with Vouched, reaching 91% ID verification completion

Oriental Bank, a leading financial institution in Puerto Rico, faced the challenge of not having a fully digital Customer Identification Program (CIP) for new customers. Their onboarding process required human intervention or a branch visit, creating friction and limiting their digital growth. To achieve its digital-first vision, the bank partnered with Vouched to implement its IDV product for secure and scalable identity verification.

The solution from Vouched integrated visual ID verification, biometric matching, and liveness checks into Oriental Bank's digital account-opening platform. This enabled the bank to launch fully digital onboarding for new customers both in and outside of Puerto Rico. The results were significant, achieving a 91% verification completion rate, processing over 4,500 verifications per month, and increasing digital account opening from low single digits to nearly 30%, which greatly improved operational efficiency.

Oriental Bank