Digital solution re-KYC
Aegon is one of the world’s leading providers of life insurances, pensions and asset management. They help people achieve a lifetime of financial security. As an online bank they are always optimizing digital channels for their customers. With their ‘My Aegon’ account, customers can easily access their profile details for banking online. To maintain the financial security, Aegon required a new digital solution to re-KYC their existing customers, completely remotely. The Bank Online team took care of the implementation of this re-verification process.
The speed of implementation and deployment of ReadID
“We needed reliable, proven technology. Using the NFC solution is much more reliable than OCR.”
Rianne Rolsma, product owner
The main problem was the time given to the Bank Online Team to create a user-friendly app, that was easy to understand and also reliable. Speed and focus were of utmost importance to create this digital solution. Rianne Rolsma, product owner for the Bank Online team, started working on the customer flow together with a team of 8 people, included 3 developers for the backend integration.
The team searched for a proven technology that was reliable and easy to integrate with their infrastructure. They wanted to avoid manual data entry by their customers to create a smooth customer experience with correcting steps later on in the process. Rianne was aware of the fact that when reading data from identity documents, OCR is not 100% reliable. But by reading the chip in the identity document directly, Aegon would get access to the verifiable information stored on the chip.
ReadID NFC-based identity verification was therefore the right solution for Aegon. Together with the ReadID team, they decided to use the ReadID Ready version with a directly available app instead of building their own app. Building their own app would have taken too much time and needed much more resources at Aegon.
How ReadID helped
ReadID Ready had the exact functionalities that Aegon needed and could be customized with the Aegon branding. An easy to use application for both Aegon as well as the end-users. In parallel with contracting, ReadID and Aegon started with the implementation of ReadID Ready.
The implementation process took around 6 weeks to build, deploy and integrate with the Aegon infrastructure. The kick-off sessions together with ReadID people, UX, architecture and development gave it a jump start. Everybody was fully focused to make the deadline and work towards the same goal. The MVP was deliberately kept simple and helped the team designing a clear user-flow for the customers of Aegon.
It took only 6 weeks to implement the re-verification technology at Aegon
In less than two months the first customers went through the customer flow. Even when elderly people were struggling with the technology, Aegon tried to help them and used the feedback to improve the customer flow. Customers are informed by e-mail and, if needed, with a normal letter to urge them to re-verify themselves.
Building the app with a small and focused team was very useful. The Bank Online team implemented the ReadID Ready app with enterprise features. Aegon customers only see the Aegon brand in the app, it looks and feels really like an Aegon app. They chose the ReadID Ready version because it had all the functionality they needed to do re-verification.
Despite that they now have to ask their customers to download an extra app for re-verification, the conversion rate is really good. Around 60% to 70% of the people are able to finish the flow. That is high for this re-verification flow.