Published on
24 May 2016
Streamlining Customer Verification with ZipID
Vision and objective
ING DIRECT challenges the way Australians think about banking by delivering simple and straightforward products and exceptional customer experience. They won ‘Best Customer Experience’ at the 2016 Australian Lending Awards. As part of this vision, ING DIRECT set out to solve the customer onboarding friction when electronic verification is not sufficient.
The pain point
New Verification of Identity (VOI) regulations expose lenders to risk of fraud losses if they fail to conduct face to face ID checks. For the pioneer of branchless banking, this presented an acute challenge.
In 2014 ING DIRECT took the lead by selecting ZipID (now part of Equifax) and in the process turned a regulatory barrier into an opportunity.
We know that customers do not wish to be burdened with organising an ID check themselves. We needed to overcome the verification hurdle in a manner consistent with our customer-centric focus.- Lisa Claes, Executive Director Customer Delivery | ING DIRECT
The solution
ING DIRECT uses the ZipID ‘come to you’ identity verification agency service to enable safe harbour documentary AML KYC and VOI in a single digitised touch. This option is offered by ING DIRECT to customers at work or home, Monday to Saturday in five States. ING DIRECT pays the $39 service fee.
ZipID brings compliance, fraud protection and speed to the process.
The key benefits
The appointment of ZipID led to an immediate uplift in new customer satisfaction.
Our customers tell us they value the convenience and flexibility of ZipID to reduce hassle in their busy lives. ZipID allows us to combine safe lending policies with a consistent brand promise in the face of rising regulatory hurdles.- Joe Mittiga, Manager, New to Bank | ING DIRECT
This outcome is enabled by ZipID’s combination of mobile workflow, fulfilment by logistics leader Toll and back-office quality assurance checks. Customers’ preferences for their ID check include Saturday as the most popular day. More than half of all appointments occur outside of normal business hours.
98% of customer appointments meet ING DIRECT’s AML KYC and VOI safe harbour policies upfront. This has reduced the productivity costs and delays of re-work for ING DIRECT’s mortgage origination team.
These benefits are also being extended to ING DIRECT’s distribution partners.
Our team love using ZipID and it's been very well received by our customers as it really simplifies the process for them.- Jeremy Toeng, Commercial Manager | iSelect
ING DIRECT's customer acquisition and deal speed have improved by lifting the burden from customers.
With ZipID we've accelerated and increased conversion of new applications into home loan customers. Our customers are more satisfied which definitely assists in writing more business.- Joe Mittiga Manager, New to Bank | ING DIRECT
Impact achieved
- 94% of customers recommend the service
- Accelerated the approvals process by up to three days
- Removed all paper forms from process
- Resolved drop-off at the verification step
- Reduced internal rework for ING DIRECT staff
Implementing ZipID into ING DIRECT’s contact centre workflow followed internal due diligence review. No IT project or deployment complexities were involved. Looking ahead, ING DIRECT plans to include ZipID for other customer onboarding activities to supplement its electronic verification workflow.