Example Scenario: This is an illustrative example demonstrating potential use cases and outcomes. Company names and metrics are hypothetical.
Digital Neobank
Reducing Onboarding Time by 70%
70%
Onboarding Time Reduction
65%
Abandonment Rate Decrease
40%
Cost Savings
+45 NPS
User Satisfaction
The Challenge
This leading digital bank was experiencing significant user drop-off during their KYC process. Traditional document verification was taking an average of 3 days, causing 40% of potential customers to abandon onboarding before completing verification. The manual review process was also expensive, requiring a team of 15 compliance analysts.
The Solution
By implementing CredLyr's verifiable credentials platform, the bank enabled users to present pre-verified credentials from trusted issuers. Users who had already completed KYC with a trusted issuer could reuse their credentials, reducing verification from days to seconds. For new users, the streamlined flow with digital wallet integration provided a modern, mobile-first experience.
The Results
Within 3 months of implementation, the bank saw dramatic improvements across all key metrics. Onboarding completion rates increased significantly, and the compliance team was able to refocus on high-risk cases rather than routine verifications.
Key Metrics
Onboarding Time Reduction
Average verification time dropped from 3 days to under 1 day
70%
Abandonment Rate Decrease
User drop-off during KYC reduced from 40% to 14%
65%
Cost Savings
Reduced manual review costs and compliance analyst workload
40%
User Satisfaction
Improved net promoter score for onboarding experience
+45 NPS
“CredLyr transformed our onboarding experience. Users love that they can reuse their verified credentials, and our compliance team can focus on what matters.”
VP of Product
Digital Neobank
Technology Used
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