PassFort and the case of the challenger bank...

If you are a Financial Service business that's growing fast, you need a way to scale KYC/KYB processes that won't add unnecessary costs into your business. PassFort can help you understand the specific costs associated with onboarding your customers and where savings can be made.

Posted by: 
Alexis Fox-Mills
Feb 11, 2020

February 11, 2020

We explore the objectives of one financial institution with ambitious growth plans and how PassFort can support expansion, while delivering return on investment.


A financial services business needs capacity to onboard 150,000 customers per annum. Its HQ is in the UK, with Operations, Sales and Compliance teams also in the UK. There is a Technical team off-shore.

The business is defined as a challenger bank, targeting UK-based customers. Its aim is to double in size every year.

The bank's image is friendly, modern and digital, so they want to create an automated, frictionless customer experience - especially during the onboarding process.


Without a single, automated customer onboarding solution, the bank would need to add cost into its business. There would be additional systems and headcount needed to manage the volume of applications they expect to receive and process, and to co-ordinate the different data sources needed to ensure compliant onboarding of their product.

However, getting customers to account quickly, minimising drop- off and ensuring a compliant due diligence process still presents a challenge - even with additional headcount - due to the volumes and disparate systems involved in KYC checks.

It would also be difficult to process the high volume of applications at a high enough speed to create the right kind of customer experience our challenger bank wants to deliver.


The bank built a team of 12 KYC staff in its off-shore facility and 12 KYC, Compliance and Customer Success executives in the UK to support its onboarding processes.

Choosing PassFort to integrate different data providers; to digitise compliance checks; and to act as a single portal where the KYC teams could collaborated, the bank was able to automate the majority of customer onboarding journeys.

This meant they created the frictionless experience they wanted for new customers, while maximising conversions and achieving full compliance.

The bank was able to make onboarding decisions for more than the target 150,000 individuals by using the PassFort solution. They achieve an average monthly conversion rate of 80%.

65% of the individuals decisioned in PassFort are automatically processed in under 13 seconds. The other 35% are either low-risk onboards, which utilised the off-shore team for KYC intervention, or medium/high-risk applicants processed by the KYC team in the UK.


To achieve this scale of onboarding without PassFort:

  • Low Risk individuals: The bank would need to hire a minimum of 48 extra KYC staff in its off-shore facility to run the initial KYC and AML processes on applications, creating a total headcount of 72

  • Medium/High Risk individuals: Risk would not be automatically calculated, as it is in PassFort. The bank would need to hire a risk team to manually review applicants. Between two and three risk officers would be needed to deal with 12,000 medium/high risk individuals

  • There would also be software developers needed at an additional cost. Developers would be needed to manage integrations with different data providers and to alter compliance processes on an ongoing basis

Your scenario

This is one scenario that works with PassFort as a solution. Yours is obviously unique to your business and its objectives for onboarding and growth.

If you would like us to model the potential savings you could achieve with PassFort, please get in touch - we would love to hear from you.


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