TBI Bank partners with Onfido reducing customer onboarding time by 67%

Cristina Blanaru Business, Digital & Media, Finances, Marketing

TBI Bank, a next-generation phygital lender focusing on Southeast European markets, announces its partnership with Onfido, the global identity verification and authentication provider, to power secure and seamless customer onboarding.

As TBI Bank constantly rolls out new phygital products, knowing customers and verifying their identity is vital for regulatory compliance. Before partnering with Onfido, this was achieved with live video calls with an agent, a process that was time consuming and sometimes inconvenient. Since the collaboration between the two companies started, the following results were seen:

  • TBI Bank is now able to onboard and verify new customers 80% faster than before
  • TBI Bank have reduced their cost to acquire a new customer by 66%

By integrating Onfido’s AI-powered ID verification service, TBI’s customers can sign up by simply taking a photo of their government-issued identity document (ID) and taking a selfie. Onfido first checks that the ID is genuine and then matches it to the user’s face. This ensures the person presenting the identity is its legitimate owner and is physically present.     

Petr Baron, CEO TBIF (TBI Bank)

“TBI Bank is more than just a bank, we’re a digital lender with a clear focus on services that make a difference for our customers. With more and more people embracing digitalization, now is the right time to switch all our onboarding channels to self-service”

“Our partnership with Onfido enables that exactly – serving our clients through a one-stop banking platform starting with a self-service registration that requires zero interaction with service agents, without sacrificing on ease and speed of onboarding.”

Reuben Sagar, Regional Director at Onfido

“In today’s digital age, users increasingly expect a user-friendly experience where they can easily prove their real identity while knowing it is secure,”

“Romania and Bulgaria are seeing fast acceleration of the digitisation of financial service offerings, and we’re very happy to be partnering with TBI Bank, one of the most innovative banks in the Southeast Europe region, as they expand their digital offerings. We pride ourselves on delivering access to online services that both detects and prevents fraudulent attempts while enabling the business to scale and meet regulatory requirements.”

TBI Bank is an inclusive lender focusing on consumer, merchants and SMEs by providing financing and additional embedded services through a wide network of ‘phygital’ channels and platforms. Currently operates in Bulgaria, Romania, Germany, Sweden, and Poland. TBI bank is a part of 4finance, one of Europe’s largest digital consumer lending groups. Through various sub-brands (TBIMoney, TBIPay etc.), an own network of 300+ physical locations and an increasing variety of digital channels, plus trusted partnerships with over 10,000 small and large merchants and retailers, TBI has served more than 1 million customers in 2020 alone and approved almost 500,000 loans. Its successful business model and customer-focus approach resulted in becoming one of Southeast Europe’s most profitable and efficient banks.

Onfido is setting the new standard for digital access. The company digitally proves a user’s real identity using artificial intelligence (AI), by verifying a photo ID and comparing it to the person’s facial biometrics. This means businesses can see their customers for who they are, without compromising on experience, conversion, privacy or security. That’s how Onfido gives companies the assurance they need to onboard customers remotely and securely.