Use Case: KYC Outsourcing Accelerates Growth

outsourced kyc analyst use case


Rapid Growth, Slow Onboarding

When one cryptocurrency-focused client experienced rapid growth in early 2020, they needed to expand their KYC team. They had one problem: their hiring team couldn’t move quickly enough to keep up with the growth of their customer base. Their internal team was firing on all cylinders, but more clients were flooding in every day. New customers were left waiting a week or more for essential KYC processes to be completed. As a result, many new accounts were abandoned.

Growth can be a great problem to have, but customers weren’t enjoying the experience. It was time to accelerate their customer onboarding process. They needed to make sure that their expanded team would remain compliant with essential regulations, and maintain the existing best practices developed by their internal team members.


Outsourced KYC Analysts Ready to Ramp

Our client launched an outsourced KYC team with Bandalier. Two weeks after our first meeting, Bandalier’s team of outsourced KYC analysts began assisting customers. With the skills they learned in Bandalier University, the new team jumped into our clients’ workflows and learned the ropes.

Over the course of the following weeks, the team continued improving their efficiency. By collaborating with internal team members, they identified strategic opportunities to improve their workflows.


Fast Onboarding, Faster Growth

Bandalier’s KYC team accelerated customer onboarding. With access to the platform, customers were more satisfied with their onboarding experience. That meant they were ready to invest with our client shortly after accessing their accounts. As a result, our client saw a significant increase in the account activation rate.

Simultaneously, the team increased the accuracy of our client’s KYC reports. This meant that our client better understood their customers, reducing the risk associated with each of these accounts.

With onboarding times decreased and risk reduced, our client was able to keep pace with the growth of their customer base. Their internal team had more time to focus on high-priority projects.