BlockFi is a crypto management platform that allows clients to buy and sell cryptocurrency. They also provide financial products, such as interest accounts, loan accounts, trading accounts, and a credit card, for crypto holders. Today, they serve over 265,000 funded retail clients and continue growing rapidly.
Problem: BlockFi’s users were having trouble getting through the verification process.
Working in a regulated industry, BlockFi knew they had to comply with various Know Your Customer (KYC) regulations when onboarding both domestic and international users. But as a crypto company specifically, they wanted to take compliance a step further. “Our approach has always been that because crypto is on the newer side and regulators are not fully comfortable with it, we need to have a best-in-class compliance program, and that includes KYC/AML,” explains David Spack,” chief compliance officer at BlockFi.
The main thing getting in their way: their identity verification vendor.
BlockFi had a few issues with their previous verification platform, but the biggest problems centered around user experience and accuracy — the UI didn’t make sense, the system kept declining legitimate users, and potential BlockFi clients couldn’t get through the KYC pipeline for various reasons. “They would drop out of the process, and we’d lose the chance to convert them as a customer.”
BlockFi knew these conversion numbers weren’t sustainable. If they wanted to keep scaling, they’d need to strike the right balance between conversion rates and ensuring they were staying compliant. And that meant finding a new identity verification platform.
Solution: Persona helps BlockFi comply with KYC regulations while optimizing for conversions.
Once BlockFi saw a demo of Persona’s capabilities, they knew we were the partner for them. They ultimately chose Persona for the following reasons:
Optimized for user experience and conversions
With their old vendor, a lot of users were having trouble getting through the verification process, which was losing BlockFi potential clients. No one wants to have to reach out to support or try verifying their identity again — they just want to finish the process as quickly and easily as possible.
At Persona, we build everything with the end-user in mind. From allowing users to choose from 20 languages to offering guidance throughout the entire process, our sleek UI is designed to be as seamless as possible — and BlockFi (and its clients) saw the difference immediately. “Switching to Persona really increased our conversion rate and allowed folks to fly through the pipeline in a more efficient manner,” says David.
Customizable verification flows for different use cases
BlockFi knows identity verification isn’t one-size-fits-all. Not only do they serve clients all around the world, but they also have multiple products — so it doesn’t make sense to use the same verification flow each time.
One of the reasons why BlockFi chose Persona is because the ability to put different users through different verification flows, combined with our wide range of verification options — from government IDs and biometric selfie scans to database verifications and documents — puts the power back in BlockFi’s hands. "With Persona, we can add additional layers of verification for certain actions," David explains. “This gives us confidence in our KYC process: that the folks coming onto our platform are who they say they are. They’re not bad actors and we know who we’re dealing with."
The ultimate partner
With BlockFi’s previous vendor, it was hard to get a response to questions and issues, so they were extra excited to work with a dedicated customer success manager at Persona. “Persona has been more of a partner to us than a vendor, says David. “They’re very integrated into our onboarding flow, and we have a shared Slack channel and talk every day.”
In fact, Persona is so involved that Maria Andrews, Director of AML/KYC at BlockFi, says “I feel like our account manager is a coworker. It’s been night and day compared to our previous vendor.”
Results: BlockFi more than doubled their conversion rate with Persona.
Thanks to Persona, BlockFi has seen a meaningful increase in their client conversion rate. “We knew our conversation rate could be higher if we offered a better identity verification experience. Since switching to Persona, our conversation rate has doubled,” Maria shares.
With their onboarding process constantly changing, BlockFi is excited to look toward the future and continue scaling with Persona by their side. “We’ve scaled beyond expectations in the past few months, with an astronomical number of clients signing up and no down time. Persona’s kept up and helped us grow with no disruptions,” she says.
To learn more about how other businesses use Persona, contact us at firstname.lastname@example.org.