Founded in 2020, Brokstock is headquartered in Midrand, South Africa. The company is part of the BCS financial group, which has a global presence spanning over 30 years with offices in various countries.
With a local team of 12 employees in South Africa and an additional 50 staff elsewhere, Brokstock boasts over 40,000 registered investment accounts and over 150,000 app downloads.
The Challenge
From its inception, Brokstock aimed to revolutionize the onboarding process by offering a seamless experience that’s done in minutes. This would be a significant departure from the days-long procedures typical of traditional financial institutions. To do this, Brockstock needed an automated verification solution to ensure swift and efficient customer onboarding.
Why Sumsub?
Brokstock selected Sumsub for its robust document recognition capabilities, built-in AML and blacklist checks, and excellent customer and technical support. Since 2021, Brokstock has been leveraging Sumsub’s features to streamline its customer onboarding process effectively.
The Solution
Brokstock’s verification process is now seamlessly integrated with Sumsub. Upon downloading the Brokstock app and initiating the account opening process, customers are guided through the verification steps using Sumsub’s SDK. This integration has enabled Brokstock to maintain a high-quality onboarding process while reducing the time to verify customers’ identities.
Alexander Koshkin
Product Owner at Brokstock
Our partnership with Sumsub has played a pivotal role in automating our onboarding processes, aligning with our vision of offering swift and efficient services to our customers in the South African market. Through continuous collaboration and leveraging Sumsub’s innovative solutions, we remain committed to delivering an exceptional investment experience while ensuring compliance and security.
Implementation
The integration process with Sumsub was smooth, taking approximately six weeks to build an MVP. Brokstock collaborated closely with Sumsub’s technical support team and found the API documentation comprehensive, facilitating the integration process.
The Results
Thanks to Sumsub, Brokstock was able to reach a median verification time of 31 seconds, leading to an approval rate of 82.3%. For Brokstock, Sumsub is a valuable tool offering flexibility and essential features for a streamlined onboarding experience.
Future plans
Looking ahead, Brokstock plans to implement Sumsub’s Document-Free Verification and explore additional features such as Risk Monitoring and Transaction Monitoring to enhance product safety. Although expansion into other regions is not imminent, Brokstock sees Sumsub as a valued partner for future ventures.
