Cybersecurity has established itself as a top priority for digital banking services. The need for accurate identification of documents and selfie verification when opening an account online is paramount. As such, EQ Bank, the digital platform of Canada’s Challenger Bank has partnered with Trulioo, the identity platform to streamline customer and business onboarding.
After a thorough market assessment, EQ Bank selected Trulioo identity document verification to capture and verify an ID document and selfie when customers open accounts online – a critical exercise for a seamless digital banking experience. With advanced AI checks, face comparison and liveness detection, EQ Bank benefits from fraud defenses in an evolving threat landscape.
EQ Bank leveraged Trulioo Workflow Studio – a no-code, drag-and-drop workflow builder – for fast, flexible identity document verification integration. Workflow Studio allows the bank to easily add verification steps and configure onboarding processes based on results at each stage.
Workflow Studio also allowed EQ Bank to quickly configure a customised list of document types it would accept for verification to comply with financial transactions and reports analysis centre of Canada (FINTRAC) regulations. Trulioo SDKs then adapted to those predetermined rules and gave EQ Bank customers options based on where their documents were issued.
“Partnering with Trulioo allows us to continue meeting our regulatory requirements while providing tailored, best-in-class customer onboarding experiences with the least friction and the highest chance of verification,” said Mahima Poddar, EQ Bank SVP and group head of personal banking.
“As many Canadians turn to EQ Bank for their everyday banking needs, collaborating with Trulioo and its always-available support team enables us to better serve our rapidly growing customer base with the speed, security and experience they deserve.”
Staying ahead of the competition
Customised onboarding experiences, combined with Trulioo expertise working with major banks and fintechs across the globe, provide a key advantage for EQ Bank to stay ahead of evolving industry best practices.
“EQ Bank is at the forefront of the digital banking experience, and our partnership ensures it continues to deliver the security, compliance and convenience customers expect,” said Steve Munford, Trulioo CEO. “The customisable, integrated Trulioo platform reduces onboarding friction with flexible workflows that deliver the highest verification assurance. We look forward to our ongoing collaboration as EQ Bank drives change in Canadian banking.”
