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"Instant 'Know Your Customers' - Almost”  Lorenz Jüngling, CPO @N26 (ex-COO)

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Have you ever opened an N26 account? The user experience and process is super fast and smooth.  But behind the screens, there are complex layers of compliance and security that checks you’re a real person.

 This is called KYC (Know Your Customers): collecting information to verify a user’s identity. And it is one of the biggest challenges in disrupting finance and other regulated industries. Multiple options in different legislations are available. Often, customer experience must be traded off against safety and compliance.

We were glad to welcome Lorenz Jüngling, CPO at N26 to come share his tricks on how to draft good KYC processes that lower these frictions. 

Lorenz was for 12 years a McKinsey consultant before he joined N26 first as COO (9 months) then as CPO.

Veröffentlicht in: Kleinunternehmen & Unternehmertum
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"Instant 'Know Your Customers' - Almost”  Lorenz Jüngling, CPO @N26 (ex-COO)

  1. 1. 1 Instant KYC - almost Berlin, October 18, 2017
  2. 2. Jack Lancaster Product Owner Dr. Lorenz Jüngling CPO, former COO Timo Meyer Expansion Lead
  3. 3. €5.2bn1.5k+500k+ New users per dayUser Base Transaction Volume
  4. 4. What is KYC? Identification and verification of users
  5. 5. Why do we do it? Regulatory requirement Prevent money laundering Manage risk
  6. 6. Signup Completed Email Confirmed Product Selected KYC Started KYC Completed Card Activated Financially Active KYC - the toughest part of the funnel
  7. 7. The old way KYC
  8. 8. Traditional KYC
  9. 9. Traditional KYC Not user friendly
  10. 10. Traditional KYC Not user friendly Not mobile
  11. 11. Traditional KYC Not user friendly Not mobile Not scalable
  12. 12. The N26 way KYC
  13. 13. KYC & Secure AccountAcquisition Sign-up App Onboarding € € Card Activation First Transactions KYC - the N26 way Gatekeeper to the app
  14. 14. 1515 KYC - the N26 way
  15. 15. 1616 KYC - the N26 way Real Time Verifies users in ~8 minutes
  16. 16. 1717 KYC - the N26 way Available in five languages Localised onboarding for key markets Real Time Verifies users in ~8 minutes
  17. 17. 1818 KYC - the N26 way Mobile experience On brand with being The Mobile Bank Real Time Verifies users in ~8 minutes Available in five languages Localised onboarding for key markets
  18. 18. 1919 KYC - the N26 way Real Time Verifies users in ~8 minutes Available in five languages Localised onboarding for key markets Mobile experience On brand with being The Mobile Bank Comparatively high conversion 76% users complete KYC
  19. 19. Operating at scale KYC
  20. 20. 2121 Operating at scale Large increase in initiated calls over the last 12 months 8,000 12,000 16,000 20,000 24,000 28,000 32,000 09/16 10/16 11/16 12/16 01/17 02/17 03/17 04/17 05/17 06/17 07/17 08/17 09/17
  21. 21. 2222 8,000 12,000 16,000 20,000 24,000 28,000 32,000 09/16 10/16 11/16 12/16 01/17 02/17 03/17 04/17 05/17 06/17 07/17 08/17 09/17 Actions to resolve this Large increase in initiated calls over the last 12 months Optimise Product Handle Peaks Insource Agents
  22. 22. 2323 Insource Agents Own the touchpoint Benchmark services Ensure stable SLAs Individualise experience
  23. 23. Insourcing of KYC % of finished inhouse identifications
  24. 24. 2525 Understand organic peaks Prepare for external events Flexible agents Handle Peaks
  25. 25. 08:00 Operations in KYC Improve handling of peaks 10:00 12:00 14:00 16:00 18:00 20:00 22:00
  26. 26. 2727 Understand organic peaks Prepare for external events Flexible agents Handle Peaks
  27. 27. 2828 Prepare documents Determine eligibility through document Test connection Optimise Product
  28. 28. 2929 Nationality Optimising for operations Prepare documents
  29. 29. 3030 Optimising for operations Prepare documents
  30. 30. 3131 Prepare documents Determine eligibility through document Test connection Optimise Product
  31. 31. 3232 Nationality + Optimising for operations Determine eligibility through document
  32. 32. 3333 Prepare documents Determine eligibility through document Test connection Optimise Product
  33. 33. 3434 Optimising for operations Test connection
  34. 34. 35 Q&A Berlin, October 18, 2017

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