Since 2015, HYPE has demonstrated a deep understanding of how the peninsula’s citizens pay, invest and borrow money. It’s no wonder the public has leaped at the opportunity to sign up for the company’s wide range of financial products. Martina Virgilio, Anti-Financial Crime Manager at HYPE, explains:
We’ve been growing so fast since 2015, with around 1.7 million clients today. Part of our success has been our ability to understand and adapt our fintech products to the unique Italian market, including how we efficiently manage risk.
In fact, Martina and her team have such an in-depth knowledge of the region’s landscape that they quickly realized signups from certain regions and territories were riskier than others. Deploying static rules to manually review these regional signups helped, but it did not necessarily scale. An automated solution was needed.
After a few weeks of investigating and testing several tools, the fincrime team settled on SEON, notably because of how much explanation it gives into the risk scoring system. Martina recalls:
This ability to update and tweak the risk scoring system intuitively is what allows Martina and her team to automatically reject high-risk applications, saving on unnecessary KYC checks and hours of extra manual reviews.
Allow rapid decision making for a frictionless onboarding experience. Leaving your team more time to help your Neobank grow.
Medium-risk sign ups are still manually reviewed, and customers might be asked to submit additional ID verification. Low risk customers, meanwhile, benefit from a frictionless onboarding. Martina says:
Our auto-approval rate is now 90.6%. This is the percentage who we can confidently say are genuine customers. By automating the risk checks, they get to experience our financial products as soon as possible
But there’s more to it than just helping the company grow its user base. An automated solution ensures that Hype avoids all the pitfalls of onboarding bad agents. This has a tremendous impact on multiple departments, going as far as to alleviate the load on the legal team. As Martina concludes:
We’re constantly scouting the best partners on the market to improve and speed up our processes without compromising on security or quality. SEON’s tools allow us to be frictionless and effective. It fits the bill for us.
See how you can use SEON to create custom rules and get transparent risk scores:
For more information about HYPE, please visit www.hype.it