A challenger bank launched a new product, a high-yield checking account, targeting younger people. Unfortunately, their anticipated growth of 100,000+ monthly signups was cut short, due to their legacy risk and compliance toolbox that disproportionately rejected over 60% of new customers, losing them to competitors.
Partnering with Instnt enabled the bank to scale up and shift fraud loss off of its balance sheet. Instnt AcceptTM also allowed the bank to achieve the following results:
In addition to stopping fraud in its track, Instnt AcceptTM helped the bank exceed its KYC and AML compliance requirements.