How INGOT Brokers reduced customer time from 3 days to 3 minutes
less time spent on verification
instances of fraud since the implementation of Sumsub’s solution
the time spent on routine tasks
INGOT Brokers is a brokerage firm that helps customers to trade on a wide range of markets, guaranteeing security and transparency.
10+ years on the market
1,000+ trading instruments
12k+ asset classes
In order to stay competitive within the market, INGOT Brokers needed an automated onboarding solution that would be able to check customers from all countries around the world in a quick and reliable manner.
For a long time, INGOT Brokers manually onboarded their clients. Such a verification process required tireless work and could have taken up to three days to complete. As a result, customers would become impatient and go to other platforms. The company soon realized that they had to implement a fully automated process in order to cut the verification time, avoid manual mistakes, and keep their clients satisfied.
“We used to have a very long manual onboarding process, in which our employees had to research every single client. It took us at least three days to check that a client was not, for instance, a politically involved person. We started to look for a provider when our customers became impatient, and our service started lacking a competitive edge.”
Chief Revenue Officer at INGOT Brokers
In addition to automated checks, the company got:
A fully customizable solution that can adjust to any document type
Different countries have different ID or proof of address documents.
In one place, it might be a utility bill; in another, it could be an internet bill or a bank statement. Sumsub’s solution can check various types of documents in various languages, which allows us to onboard all
our clients, regardless of their country of origin.
A high level of security for both the platform and its users
INGOT Brokers did not initially realize that it was that easy to counterfeit documents using graphic editors, and that an unreliable solution does not always detect such fraudulent cases.
Being a financial platform, INGOT Brokers needed to protect their system from tricksters and guarantee a secure environment for their clients. Sumsub’s fraud prevention system helped them with that.
A superb array of useful features
This allowed the platform to retain all of the customers’ necessary information, which saved the time of employees while avoiding the problems related to the manual recording of data. As a result, INGOT Brokers significantly improved their record-keeping system.
Now, INGOT Brokers does not have to worry about customer onboarding; Sumsub verifies all clients, ensuring compliance with not only the company’s internal AML policies, but also regulatory requirements.
The solution also helps to onboard customers in no time, without a reduction in security. The automated technology checks every client and sends notifications if an individual is a politically exposed person or if they simply need to take a clearer selfie.
“We can now onboard customers a lot faster because it is all happening automatically. All we have to do before approving a lead or a client, is to make sure that all of the client’s documents were given the ‘OK’ by Sumsub.”