Mitek enables ANNA Money to increase new customer acquisition by 25% in 3 months

Mitek today announced that ANNA Money, the business-account app for startups and small businesses, has doubled the speed of its customer onboarding process and achieved its target of 25% more new customers in the digital channel in just three months – as a result of integrating Mitek’s Mobile Verify® digital identity verification.

“Our customer base of UK startups, sole traders and SMEs use our services to help their business cash flow. We support our customers with their financial admin, sending and chasing invoices to facilitate payments – but first, we have to onboard them efficiently and securely, and in compliance with Know Your Customer (KYC) regulations,” said Daljit Singh, Chief Design Officer at ANNA Money. “Our previous process had many roadblocks for onboarding new customers, and we were seeing abandonment rates climb.”

“As our customers take their first step on their entrepreneurial journey, we needed to provide a simple and efficient process,” Singh explained. “To do so, we required a much more flexible identity verification provider who could verify all types of ID – including driving licences and ID cards. In Mitek, we found a partner whose technology enables our customers to sign up to the service quickly, on the go, and without unnecessary bureaucracy.”

ANNA Money chose Mitek’s Mobile Verify®, and integrated this technology into their chatbot-style onboarding process in August 2018. Its intuitive customer experience guides customers to take accurate pictures of identity documents, to instantaneously assess the authenticity of the identity to accelerate the onboarding process and ensure regulatory compliance. “By improving our process and empowering new customers to use their chosen form of ID, we have doubled the speed at which we can onboard customers,” said Singh. “We have also been able to reach our target of increasing our customer base by 25% in only three months. We wouldn’t have achieved this important milestone without these improvements to our identity verification process.”

“Identity verification is vital to comply with regulation and protect businesses – but this doesn’t need to come at the expense of good customer experience,” said Rene Hendrikse, EMEA MD at Mitek. “Speed and flexibility are crucial for small businesses selecting new services, and ANNA Money recognised the need to provide this for new customers. We are delighted to support them on reaching their targets for customer growth, and are proud to play a key role in ANNA Money’s innovative services for small businesses.”