Case study
How a neobank automatically verifies 99.8% of applications
A European fintech transformed its KYC onboarding with CheckFile, cutting processing time from 48 hours to under 5 minutes.
Context
Industry
Fintech / Neobank
Volume
15,000 applications/month
Countries
France, Belgium, Germany
Compliance team
8 people
The problem
Onboarding took an average of 48 hours with manual verification, causing a 35% drop-off rate and rising operational costs.
- Manual verification of every identity document by an analyst
- 35% drop-off rate during the sign-up process
- High operational costs for the compliance team (8 FTEs)
- Multi-country compliance challenges (France, Belgium, Germany)
The solution
CheckFile was deployed to automate the entire KYC document verification process, with real-time fraud detection.
- AI-powered automatic verification of European identity documents
- Cross-document validation (ID card + proof of address + bank details)
- Real-time document fraud detection (forgery, expiry)
- Complete, exportable audit trail for regulators
The results
99.8%
Auto-verification rate
Applications processed without human intervention
<5 min
Onboarding time
End-to-end onboarding vs. 48 hours before
-65%
Operational costs
Reduction in document verification costs
12%
Drop-off rate
Down from 35% before CheckFile deployment
“CheckFile transformed our onboarding. We now verify 15,000 applications per month with a level of accuracy we could never have achieved manually.”
Head of Compliance
European neobank (15,000 customers/month)