The Challenge
BOTS is an innovative bot-powered, cross-asset trading platform operating globally. The app allows users to invest by leveraging nuanced AI-driven investment strategies. It offers automatic investing with distinctive characteristics such as tailored stock, stability, crypto strategies, and a 0% fee on bitcoin. The platform is also widely known for offering some of the lowest costs on the market, priding itself on its price transparency. However, with a fast-growing customer base of over 100,000 users, BOTS’ manual onboarding process had become a serious constraint for the ambitious team, often leading to onboarding delays and hindering growth. In addition, the burden and complexity of adhering to regulations regarding the Identity Verification (IDV) of their customers had also increased as they continued to scale. Their need for Digital Identity Verification software to scale seamlessly and ensure AML compliance became critical.
With many worldwide regulatory bodies, such as the Financial Action Task Force (FATF) or the General Data Protection Regulation (GDPR), standardizing compliance requirements for financial institutions, an automated platform that closes the gap of compliance risk is becoming essential for many worldwide businesses. Learn more about how these regulations affect business operations here.
BOTS’ onboarding process could not cope with the rapid growth of its user base, and its lack of a comprehensive IDV platform made it susceptible to non-compliance risk. Both of these factors quickly became a major hindrance to the business’s scalability.
The BOTS team became aware of the lack of operational efficiency in their onboarding process when they noticed that meeting the required AML, KYC, and data protection regulations while also maintaining a fast enough onboarding process had become an unattainable goal.
Compliance standards were becoming difficult to adhere to as our customer base grew, and essentially, we needed a platform that could allow us to scale at ease.
The BOTS team stated, “As the business continued to scale, we needed a faster onboarding process that could also improve the accuracy of our checks. We knew that being prone to manual errors was a risky game to play. Compliance standards were becoming difficult to adhere to as our customer base grew, and essentially, we needed a platform that could allow us to scale at ease. We wanted to screen our users in seconds and onboard as many as we could efficiently and accurately.”
The Solution
BOTS decided to speak to the team at ComplyCube, the leading all-in-one platform for automating IDV, KYC, and AML compliance. ComplyCube is known for having the fastest omnichannel integration turnaround within the sector and for its easy-to-use, no-code solutions and mobile and web SDKs.
After speaking with the ComplyCube team, the solution for BOTS quickly took form. Their team needed to implement a comprehensive platform to support a faster onboarding process and regulatory compliance and enable seamless growth.
The ComplyCube team considered our needs as a business when creating our solution rather than handing us a one-size-fits-all approach. Their team understood our pain points when it came to onboarding and provided us with a solution that precisely targeted them.
BOTS required extensive AML screening and document checks, including biometric selfie checks and Proof of Address (POA) checks. ComplyCube created a solution that enabled them to carry out these verifications in seconds, replacing costly manual processes with advanced automation.
Speed and efficiency were significantly improved, drastically reducing onboarding time. The operational cost reduction was also notable, and the onboarding process could seamlessly handle vast quantities of new users. Improved adherence to regulations regarding AML and KYC was a clear point of success in implementing the new solution, mitigating the risk of penalties due to lack of compliance.
