Problem: The exchange’s users were having trouble getting through the verification process.
Working in a regulated industry, the exchange knew it had to comply with various Know Your Customer (KYC) regulations when onboarding both domestic and international users. But as a crypto company specifically, it 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,” explained its chief compliance officer.
The main thing getting in its way: its identity verification vendor.
The exchange had a few issues with its 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 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.”
It knew these conversion numbers weren’t sustainable. If it wanted to keep scaling, it needed to strike the right balance between conversion rates and ensuring it was staying compliant. And that meant finding a new identity verification platform.
Solution: Persona helped the crypto exchange comply with KYC regulations while optimizing for conversions.
Once the exchange saw a demo of Persona’s capabilities, it knew we were its ideal partner. It ultimately chose Persona for the following reasons:
Optimized for user experience and conversions
With its old vendor, a lot of users were having trouble getting through the verification process, which was losing the exchange 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 the exchange (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,” said the exchange’s CCO.
Customizable verification flows for different use cases
The exchange knew identity verification isn’t one-size-fits-all. Not only did it serve clients all around the world, but it also had multiple products — so it didn't make sense to use the same verification flow each time.
One of the reasons why it 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 selfie scans to database verifications and documents — put the power back in the exchange’s hands. "With Persona, we can add additional layers of verification for certain actions," its CCO explained. “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 the exchange’s previous vendor, it was hard to get a response to questions and issues, so the team was extra excited to work with a dedicated customer success manager at Persona. “Persona has been more of a partner to us than a vendor, said its CCO. “They’re very integrated into our onboarding flow, and we have a shared Slack channel and talk every day.”
In fact, Persona was so involved that its director of AML/KYC said, “I feel like our account manager is a coworker. It’s been night and day compared to our previous vendor.”
Results: The exchange more than doubled its conversion rate with Persona.
Thanks to Persona, the exchange saw a meaningful increase in its 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,” its director of AML/KYC shared.
With its onboarding process constantly changing, the exchange was excited to look toward the future and continue scaling with Persona by its 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 said.