BitGo reduces manual review by 98% by leveraging Persona’s case management solution, FinCEN314a screening tool, and full identity platform

BitGo uses Persona to streamline onboarding and consolidate information scattered across tools.

Video screen thumbnail click to play and see how stimulus used persona to create a more positive social media network

BitGo is a market leader in digital asset wallet and custody services, providing institutional investors and platforms with liquidity, custody, and security.

Problem: BitGo's heavily manual user onboarding process resulted in lower conversions, disaggregated documents, and a less than perfect user experience.

For crypto companies, adhering to regulations often directly conflicts with business goals like converting users and providing a streamlined onboarding experience. As regulations continued to shift, BitGo needed a way to provide a best-in-class user experience while keeping out bad actors — without creating a heavy operational and engineering burden.

When David Chachanko, Director of Trust Administration at BitGo, started tackling these problems, he did so with efficiency and consolidation top of mind. “BitGo had a manual user onboarding process,” David said. “We used several vendors to help us with document collection and KYC, but we had no clear and efficient way to communicate with users without a ton of back-and-forth across the various systems. Consequently, this manual process resulted in wasted time, stray documents, and an associated indirect loss in revenue due to diverted attention and resources.”

Additionally, BitGo’s FinCEN314a screening process could benefit from improvements in efficiency and fluidity. This mandatory compliance task took time away from critical business initiatives directly correlated with driving revenue for the broader business. “We’re a small team, and as a startup with multiple systems, the process of collecting and tailoring data for this specific process required more resources than we preferred. We needed a way to consolidate our data across different BitGo affiliates and business units,” David said. “Additionally, we needed a dashboard that restricted access to only approved individuals for FinCEN314a screening, a way of reviewing hits, and an easy method of exporting any matches in order to report back to FinCEN quickly when needed — our existing vendor could not support this.”

David decided to look for a tool that could power all of its identity operations: from collecting information quickly from users to enabling easy back-and-forth communication for follow-ups, serving as a first line of review for compliance and fraud risks, and consolidating information to help his team move quickly on manual reviews.

We used several vendors to help us with document collection and KYC, but we had no clear and efficient way to communicate with users without a ton of back-and-forth across the various systems. Consequently, this manual process resulted in wasted time, stray documents, and an associated indirect loss in revenue due to diverted attention and resources.
David Chachanko
Director of Trust Administration at BitGo

Solution: BitGo partners with Persona as an orchestration layer to consolidate and automate its compliance program, reducing manual review time and improving its user experience. 

With Persona, BitGo has streamlined its onboarding process and made its manual review team more efficient across the board by directly linking IDV to their internal CRM system and unifying disparate systems.

By leveraging Cases, Persona’s case management and investigation tool, review agents can review applications on a single screen and communicate with users more efficiently. Gone are the days of searching for scattered information across tools, which made it challenging for agents to get the necessary context for cases that were escalated or handed off by other team members.

With the addition of the Cases email module, which Persona designed with BitGo's needs in mind, agents can now quickly get up to speed on the case and refer back to previous conversations with the user. Not only has this helped BitGo become more efficient, but with everything in one place and the use of automated case assignment policies, BitGo is also able to evenly assign cases while maintaining a clear and succinct audit trail. Plus, it can keep track of all actions taken for the entire user’s lifecycle, which is paramount for meeting compliance requirements.

Additionally, BitGo has simplified and streamlined its screening process with Persona’s new FinCEN314a screening tool. Rather than spending multiple days a month comparing the FinCEN314a list to BitGo’s entire user base, the manual review team can now upload a CSV file to the Persona dashboard and wait for it to process automatically. Once processed, the BitGo analyst with appropriate permissions receives an email letting them know the results are ready. The analyst can then quickly review any matches and take any necessary action. 

Results: By leveraging Persona’s full platform and product suite, BitGo spends 98% less time reviewing matches during its screening process. 

Since partnering with Persona, BitGo has been able to convert more users by offering a customized user experience, and its team has become more efficient — which has been especially helpful as BitGo has continued expanding its service offerings and increasing its user base.

Between Cases modules, the new FinCEN314a screening tool, and Persona’s overall platform, BitGo has seen a 98% decrease in its time spent reviewing matches. “Our time spent reviewing the FinCEN314a list for matches went from two full dedicated days every month to 10 minutes every two weeks,” David recounts. “We needed a way to consolidate our users across different BitGo affiliates and business units. We lacked a clear source of truth, and Persona gives us that. With the time saved on review, and the consolidated single source of truth, you could call the resources my team saves a return on investment. A lot of resources saved gives us the ability to utilize that elsewhere.” 

We needed a way to consolidate our users across different BitGo affiliates and business units. We lacked a clear source of truth, and Persona gives us that.
David Chachanko
Director of Trust Administration at BitGo

Thanks to Persona, BitGo can now reallocate those two days’ worth of dedicated review time to other, more business-critical tasks that can help drive revenue over time.

Finally, with the help of streamlined email communication, which makes it effortless to get the necessary historical context of the case, Cases enables BitGo’s team to collaborate more easily  — without relying on engineering resources. For instance, automating assignment policies across its internal teams and configuring permissions for different roles empowers BitGo to build a process precisely tailored to its business needs. “I don’t have to reach out to engineering anymore to make changes,” David continues, “all I have to do is make the updates myself or work with the Persona team. With the no-code conditional logic and design of the Persona UI, it’s been a phenomenal improvement to my daily operations.”

If you’re interested in learning more about how the Persona platform can help your compliance team streamline operations, let us know.

Want to learn more?
Talk to us about your use case and goals

See how other teams use Persona

nWay decreases chargebacks by 80% and proactively blocks linked accounts with Persona Graph & KYC solutions

nWay decreases chargebacks by 80% and proactively blocks linked accounts with Persona Graph & KYC solutions

An online prescription service streamlines compliance in telemedicine with Persona

An online prescription service streamlines compliance in telemedicine with Persona

WeTravel performs international KYB 100x faster and builds its ideal review process with Persona’s configurable building blocks

WeTravel performs international KYB 100x faster and builds its ideal review process with Persona’s configurable building blocks

Ready to get started?

Get in touch or start exploring Persona today.