increase in customer conversion
reduction in fraudulent accounts
The challenge
MACH is making finance connected and accessible, enabling a new generation of ‘underbanked’ and unsatisfied customers to bank from their smartphone. Today they offer a peer-to-peer payments service, virtual and physical Visa cards, cell phone top-ups and bill payments.
As a digital-first business, MACH has one goal: grow their active customer base. But as a digital-first bank, MACH must ensure that they are growing without compromising on fraud and compliance.
As customers flocked to MACH’s service, the team took a number of different approaches to onboarding customers, such as manually reviewing customers’ IDs, and implementing 'microcharge' transactions to prevent fraud. These approaches caused customer drop-off, and cost the team revenue from missed frauds and manual operational processes.
And by not establishing confidence in their customers’ identities early, this led to issues in account recovery situations. Customers would routinely need to answer easy-to-forget knowledge-based questions, or go through a manual review to regain access to their account.
To supercharge customer growth, MACH had to tackle the challenges of UX and compliance. This starts with a trusted identity.
The solution
To build a trusted identity, MACH teamed up with Onfido to verify customers creating their MACH account. All customers need to create an account is their smartphone, their ID, and their face.
Evaluating and integrating with Onfido was seamless, too. MACH saw that Onfido out-performed their existing solutions when it came to catching fraud quickly and accurately.
Fernando Plaz, Head of Product, MACH
The results
Partnering with Onfido has helped MACH onboard at the scale their ambition demands, without compromising on KYC and fraud needs.
Integrating Onfido was a breeze. The team was able to bake our mobile SDKs on both Android and iOS into their broader app experience, for an image capture experience that converts.
And since integrating Onfido, MACH has seen a direct impact on the amount of fraud they catch, giving the team the confidence that they’re onboarding customers securely. Compared with previous methods, MACH is catching 93% more fraud with Onfido.
MACH is seeing benefits beyond catching fraud alone. With a verification experience built for humans, MACH has increased sign-up conversion by 48%. And because MACH is confident in the real identity of their customers from the point of sign-up, customers are able to seamlessly re-verify themselves if they get locked out of their account. Customers no longer need to answer questions like ‘what is your favorite color?’ to access their account. All they need to gain access is their face.
For the future, MACH is building Onfido checks further into their customer lifecycle beyond registration and account recovery, into other risky moments. It all starts with a trusted identity.
About MACH
Based in Chile, MACH is simplifying the financial lives of more than 2,700,000 customers. They design human-centered products that everyone can use, from sending and receiving money, to spending with the MACH virtual Visa card.
