Drive Conversion with AI-Powered Digital Onboarding
- Dineo Kadzviti
- Jul 17, 2024
- 3 min read
Updated: 6 days ago
2M Successful Digital Customer Onboarding Verifications
Founded in 2016 by entrepreneur Trevor Jacobs and tech expert Dirk le Roux, SprintHive is a leading B2B2C fintech operating an enterprise SaaS model. Based in South Africa, we provide innovative, end-to-end customer onboarding solutions engineered to deliver three core outcomes for financial institutions: drive conversion rates, reduce costs, and mitigate fraud risk. Our automated, easy-to-implement platform fully onboards a new customer in under two minutes.
What is customer onboarding?
Whether you have applied for a home loan, personal loan, retail account or any application-based service, you have experienced the world of customer onboarding. Typically defined as a manual or automatic process to set up new customers to start using digital services, new users take the initial step of signing up followed by a verification process, resulting in the activation of their customer profile. SprintHive’s services address the challenges of digital onboarding by seamlessly slotting in between your customers' experience and business systems, shielding the customer-channel experience from back-office inflexibility.
How SprintHive Enhances the Customer Experience
For financial service providers (FSPs) and banks, the goal is always to convert leads quickly without introducing friction. SprintHive’s solution allows you to digitally convert leads in real-time, whether you are a digital-first bank or an institution transitioning customers from traditional channels. The result is a consistently seamless customer experience that directly translates into higher activation rates and lower operational costs.
Mitigating Sophisticated Cyber Risk with AI
Cyber fraud is growing increasingly sophisticated, putting both personal information and your business security under constant pressure. To combat this, SprintHive relies on advanced Machine Learning (ML) and AI-powered fraud prevention across every verification step.
Identity & Liveness Verification
Our Identity Verification Service is a privacy-enhancing tool that detects document tampering and impersonation to mitigate your business risk. For onboarding, our system prompts users for a liveness test, requiring a simple image submission. This ML model instantly cross-compares data points to verify the user’s identity, ensuring they are who they say they are—all in the critical absence of face-to-face verification.
Real-Time Income Verification
Our Income Verification Service is developed to perform fast, accurate assessment of an applicant's declared income. In under two minutes, our model reads the properties on uploaded payslips or bank statements, provides a precise confidence score, executes transaction categorisation, and performs document tamper checks. We constantly retrain our models to ensure they evolve as fast as fraud tactics.
Watch how
The Expertise Behind 2 Million Verifications
The KPMG 2022 global tech report highlighted the talent shortage as a primary challenge complicating digital adoption. SprintHive counters this by maintaining an extensive team of senior software engineers who have driven the deployment of over two million successful verifications. This proven capacity ensures our partners can:
Strengthen their customer onboarding experience.
Deliver an excellent user experience.
Meet their key business KPIs (Key Performance Indicators).
As Barry Brunsman of KPMG notes, "Customer experience is substantially motivating enterprise investments in IT... to safeguard income and encourage high levels of repeat revenue from customers.” Our technology is anchored to these loyalty-winning experiences.
Core Service Snippets
Our modular solutions provide targeted value across the entire onboarding lifecycle:
DIGITAL ONBOARDING: Digital customer onboarding completed in under two minutes.
IDENTITY VERIFICATION: Automated assurance using over 1000 data points for fraud detection, augmented by third-party verification.
INCOME VERIFICATION: Fast, flexible, and accurate income assessment with data extraction, transaction categorisation, and document tamper checks.
DOCUMENT MANAGEMENT: Regulatory (POPIA and GDPR) compliant, cloud-based management featuring automatic document classification and valuable data extraction.
FRAUD PREVENTION: Machine learning-driven and reliable real-time data detection that safeguards the business from fraud-related risks during customer onboarding.
