FXCM, an online foreign exchange (FX) trading and related services provider, has forged a successful partnership with AU10TIX, a global leader in identity verification and management, to enhance user security and streamline the onboarding process.
The collaboration, announced today, has yielded remarkable results, significantly impacting revenue growth and bolstering user confidence, the company said in a statement.
Historically, FXCM grappled with resource-intensive manual KYC document verification processes, leading to lengthy onboarding times and delayed user verification services. This bottleneck not only hindered customer acquisition but also resulted in a low conversion rate, prompting FXCM to seek innovative solutions.
Integrating AU10TIX’s Identity Verification (IDV) Suite, Web SDK, and biometric solutions into the FXCM platform proved to be the turning point. The incorporation of advanced algorithms and extensive security databases automated user verification and fraud detection processes, slashing onboarding time from hours or days to mere seconds.
The benefits of this partnership are tangible. FXCM witnessed a substantial improvement in document approval rates, soaring from 62% to an impressive 80%. The accelerated onboarding process translated into lower abandonment rates, paving the way for expanded revenue opportunities.
Teodora Mladenova, eKYC Product Manager at FXCM, emphasized the significance of seamless and secure onboarding, stating, “At FXCM, ensuring a seamless and secure onboarding experience for our customers is a top priority.”
Mladenova further highlighted the pivotal role played by AU10TIX in surpassing objectives for customer conversion, security enhancement, and fraud reduction.
Dan Yerushalmi, CEO of AU10TIX, underscored the tailored nature of their identity verification solutions, addressing the distinct challenges faced by industry leaders like FXCM.
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