How Veriff has cut customer churn and reduced regulatory risk at a fast-growing crypto investment advisor.
Shrimpy Advisory is one of the only automated crypto investment platforms currently available on the market. Whether a crypto beginner or expert, Shrimpy Advisory allows users to put their investments on autopilot. After answering a few questions, Shrimpy Advisory recommends an automated crypto investment strategy based on your risk tolerance.
With a clean, intuitive user interface and a comprehensive dashboard to view and analyze performance, Shrimpy Advisory aims to give users everything they need to get started investing in crypto today and setting themselves on the path towards financial freedom.
Shrimpy Advisory was looking to adopt an automated customer identity verification solution for the first time. The Shrimpy Advisory team had little time to devote to document validation and was unable to evaluate each customer individually at the onboarding stage. The firm wanted a streamlined verification process, which posed a series of brief questions, before customers were either accepted and onboarded, or declined, based on their responses and the veracity of the documents they shared.
As an investment advisor registered with the US Securities and Exchange Commission (SEC), Shrimpy Advisory also has various regulatory obligations. These can be challenging and include complying with strict Know-Your-Customer (KYC) and Anti-Money-Laundering (AML) regulation. Failure to comply can lead to fines and penalties. Beyond these obligations, they recognized that consumer trust is a key component in the cryptocurrency industry and so wanted to build a platform which ensured consistently high levels of consumer confidence.
Shrimpy Advisory is onboarding the next generation of crypto investors, so a first-class user experience (UX) was always going to be critical. From both a UX and a systems integration (SI) perspective, Veriff proved to be intuitive, fast, and frictionless.
Veriff’s ability to automatically verify customer identity with a 99.99% accuracy rate in just six seconds meant Shrimpy Advisory could not only comply with regulatory requirements, it could process significantly more customers through its onboarding process. And with more than 11,000 government-issued documents on Veriff’s database it’s solution was able authenticate customers from every jurisdiction the product is offered.
Veriff not only authenticates customer identity, it can also determine whether customers are old enough to invest and it can flag if there is a risk investments could be the result of illegal activity.
Shrimpy Advisory’s IT team said the SI documentation provided by Veriff was very clear and they could also rely on their Veriff account manager to offer guidance and answer questions whenever clarification was needed.
The solution’s clear and transparent pricing structure was another key differentiating factor. Victor Bay, Shrimpy Advisory’s COO, explained: “I like the fact Veriff has clear and transparent pricing. A lot of the big players in this space have ancillary costs which are unpalatable and unjustified, such as onboarding fees. Veriff doesn’t do that, it’s always very straight forward.”
The Shrimpy Advisory team immediately noticed a reduction in customer churn rate, thanks primarily to the speed and accuracy of the Veriff solution, as well as its seamless integration into their onboarding processes.
“Our technical team found Veriff’s solution very easy to integrate and straightforward to work with,” said Bay. “If we did need to clarify anything at any time, we had a named Veriff account manager we could contact immediately for help. This allowed us to quickly realize value from Veriff.”
The point of speed was also recognized on the customer side because, unlike other verification solutions which often require customers to wait days to have their ID verified, Veriff is virtually instant, onboarding customers while their intent is still high and they have few opportunities to drop out.
Michael McCarty, CEO of Shrimpy Advisory, explained: “This is a great solution for a startup. It’s very easy to integrate Veriff into your product and get started, but it’s also highly configurable, so you can scale functionality as your company scales and you need more control over the ways in which you interact with your customers. We are hyper-focussed on customer experience and Veriff has enabled us to vastly improve our churn rate and that has directly improved revenues.”
Meanwhile, the customizable nature of Veriff has enabled Shrimpy Advisory to tailor customer verification to meet its specific requirements. For example, an alert is generated when a customer attempts to open a second account or if an applicant is on an official watch list. Applications from underage customers are also politely declined. The Shrimpy Advisory team has also been able to determine which specific data mismatches across supporting documentation will trigger a customer rejection.
Veriff is the preferred identity verification partner for the world’s biggest and best digital companies, including pioneers in financial services, crypto, gaming, and the mobility sectors. We provide advanced technology, deep insights, and expertise from our foundation in digital-first Estonia and honed over decades in leading the digital identity revolution. The partner of choice for businesses who need to rapidly and effortlessly verify online users from anywhere in the world, Veriff delivers the widest possible identity document coverage.
By supporting government-issued IDs from more than 230 issuing countries and territories and with our intelligent decision engine which analyzes thousands of technological and behavioral variables Veriff enables trust from the first hello.
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