San Diego, USA and London, U.K. — January 9, 2019 — Mitek (NASDAQ: MITK, www.miteksystems.com) 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. It’s intuitive customer experience guides customers to take accurate pictures of identity documents, to instanteously 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.”
About Mitek
Mitek (NASDAQ: MITK) is a global leader in mobile capture and digital identity verification solutions built on the latest advancements in AI and machine learning. Mitek’s identity verification solutions enable an enterprise to verify a user’s identity during a digital transaction, which assists financial institutions, payments companies and other businesses operating in highly regulated markets in mitigating financial risk and meeting regulatory requirements while increasing revenue from digital channels. Mitek also reduces the friction in the users’ experience with advanced data prefill and automation of the onboarding process. Mitek’s innovative solutions are embedded into the apps of more than 6,100 organizations and used by more than 80 million consumers for mobile check deposit, new account opening and more. Learn more at www.miteksystems.com.
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Mitek Contact:
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About ANNA Money
Absolutely No Nonsense Admin
ANNA is a hybrid digital assistant that helps with your business admin. ANNA is an app, a card and a business account.
As well as tracking your own finances, ANNA can send and pay invoices. This is done using email, which the AI can analyse to learn how much you’re owed, by whom, and chasing them (politely) when they’re due. Likewise, when users receive an invoice, they can forward the details onto Anna, which will prepare any payment instructions and fill in information like surnames and sort codes so that the payment is ready to be made whenever needed.
From running banks to designing award-winning brands and working with state-of-the-art technology, the team behind ANNA is made up of design, marketing and tech experts from across the world. We see a future where businesses get time and the support they need to grow and prosper. A future where ideas, creativity and innovation are encouraged and running a business is fun. So we created Anna to provide businesses with time-saving tools that enable them to spend more time doing what they love.
ANNA Money contact:
Tom Davis
Common Industry
Tom.davis@commonindustry.com