Instnt Inc. is launching the first risk and compliance liability insured online account opening and on-boarding service for businesses.
NEW YORK, June 19, 2019 -- HQ'd in New York City, Instnt Inc. is launching the first risk and compliance liability insured online account opening and on-boarding service for businesses. Adding a single line of code to websites and apps, businesses can fully outsource their customer on-boarding function, while boosting their top-line revenue and shifting their entire cost of building and managing a risk and compliance stack to Instnt. Moreso, Instnt will cover related loss liability for up to $100M annually.
Instnt Inc. is the brainchild of two successful serial entrepreneurs -- former founder and CEO of Socure, Sunil Madhu and former co-founder of WinWin and product lead at Simple/BBVA, Mimi Salcedo.
"I'm a mobile native who has signed up for hundreds of digital services and I'm intimately familiar with how painful the process is as a consumer. On the other side, I've seen how hard it can be to develop beautiful, easy-to-use account opening experiences at startups like Simple and global banks like BBVA," said Mimi Salcedo.
According to recent studies, 40% of potential new customers abandon or are rejected during online account opening, impacting a businesses' top-line growth. The recent shift in demographics to Millennials and GenZ, who have little credit history, are mobile-first generations, and live in an on-demand economy is driving this trend. Instnt's patent pending platform employs machine learning, predictive analytics and collective intelligence to assure a business that more good customers can come through their digital channels with zero friction and risk, and in a compliant manner.
"Businesses struggle to on-board customers and they don't want to deal with the pain of playing vendor roulette and dealing with compliance challenges every year to get it right," added Sunil Madhu. "That's the lesson I learnt at Socure over the last 7 years selling the most accurate Digital Identity Verification solution in the market. We are building Instnt to solve for this problem."