Digital Bank HYPE Reduces Onboarding Costs with SEON
Industry
Digital Banking
Use Cases
Customer profiling
Automation and efficiency
About
Since 2015, Hype has leveraged its deep understanding of Italian financial preferences to become a market leader, attracting 1.7 million clients with innovative financial solutions.
Before SEON
Costly failed IDV checks
Significant manual review effort
Friction in the customer sign-up journey
With SEON
Reduced fraudsters reaching the IDV stage
Auto-approvals enabled growth and scaling
Removed friction from genuine users
The Challenge
Martina’s team identified higher fraud risk from certain Italian regions early on. Initially relying on static rules and manual reviews, this approach became unsustainable as Hype scaled. An automated solution was needed to manage increasing applications and avoid costly failed identity verification (IDV) checks.
We chose SEON for two reasons. The first was the transparency of the risk score, whihc isn’t something all other platforms offer. The second was the custom rules. It’s very important for us to get very granular control – becasue then we can tailor our risk strategy down to the level of the region or city where our cusotmers sign up from.
Martina Virgilio
Anti-Financial crime Manager at Hype
The Solution
After evaluating several tools, Hype chose SEON for its customizable risk-scoring system, which enabled tailored rules based on:
IP Address Analysis: Flagging signups from high-risk locations by adjusting fraud scores accordingly.
Digital Footprint Insights: Scanning 100+ digital and social platforms to determine a customer’s legitimacy.
Device Intelligence: Analyzing thousands of device data points, including suspicious browser setups and configurations.
SEON’s flexibility enabled Martina’s team to fine-tune these risk rules, allowing them to automatically block high-risk applicants before they reached the costly IDV stage.
“The ability to easily customize and adjust the risk scoring system was a game-changer for us,” Martina explains. “By catching high-risk applications early, we’ve significantly reduced unnecessary KYC checks and saved countless hours of manual reviews.
0
Obstacles in the customer journey
90.06%
Increase in auto-approval rates
The Results
With SEON in place, Hype achieved substantial efficiency improvements:
Enhanced Onboarding: Low-risk customers enjoy frictionless onboarding, while medium-risk users face additional checks, and high-risk applications are automatically rejected.
Improved Approval Rates: With a 90.6% auto-approval rate, most signups are quickly identified as genuine, supporting faster growth without compromising security
Martina states”Automation has allowed us to avoid the pitfalls of onboarding bad actors, which not only improves the efficiency of our risk management but also alleviates the burden on our legal and compliance teams“
SEON’s solution fits seamlessly into Hype’s risk management strategy by delivering automated, scalable fraud prevention that reduces costs and speeds up onboarding. As Martina concludes:
We’re constantly searching for the best partners to enhance our processes without compromising on security or quality. SEON’s tools allow us to be both frictionless and effective, making it the perfect fit for us.
