Hargreaves Lansdown chooses HooYu to make account opening easier for savers and investors
London 13 October 2021 – Customer onboarding and Know Your Client (KYC) regtech firm HooYu and leading global data, analytics and technology company Equifax, announced today that Hargreaves Lansdown (HL) has implemented the HooYu and Equifax customer onboarding KYC journey. The relationship between the companies serves to create a faster and frictionless method of verifying identity for HL clients.
The new customer onboarding journey takes advantage of the latest in KYC technology, including ID document authentication and facial biometrics. HL clients can choose to use the HooYu digital journey that is faster than traditional paper methods.
HooYu is used in the customer verification journey as a waterfall process after Equifax identity database checks when HL needs more information to open an account for the first time as well as for re-verification procedures mandated by UK Money Laundering Regulations.
Clients will be able to apply through their mobile device or desktop to upload a proof of address, proof of identity and take a selfie – a journey that takes minutes at most. HooYu will validate the evidence presented, checking ID document security features and cross-reference customer application details.
Robert Fielder, Head of Operational Risk and Control at Hargreaves Lansdown, commented, “At Hargreaves Lansdown, we’ve always been committed to bringing market-leading investing and saving tools to clients in a way that works for them. By integrating HooYu into our onboarding journey, we’ve added a new way in which clients can easily create a digital account with us.”
David Pope, HooYu Marketing Director, added, “HooYu is dedicated to creating fast and frictionless customer onboarding journeys for every business while meeting KYC compliance obligations. The integration of HooYu into Hargreaves Lansdown gives clients a faster guided path through digital onboarding while helping them complete KYC tasks so they can start investing and saving quicker and easier.”
Geraint Rogers, Product Director, Identity, Fraud & Financial Crime Compliance at Equifax UK, said, “At Equifax we blend unique data, analytics, and technology to create insights that power decisions. Our partnership with HooYu blends traditional database checks with a modern digital journey that deploys secondary KYC tools to make sure that Hargreaves Lansdown can fully verify customer identity.”
ENDS
About HooYu
HooYu is a global customer onboarding platform that provides UI & UX tools to deliver customised mobile or desktop digital journeys. HooYu is engineered not only to increase the integrity of KYC processes but to maximise the percentage of customers that can be successfully onboarded.
The HooYu digital onboarding journey combines clever UI & UX with a range of KYC tools. Key UI & UX considerations such as dynamic customer prompts, device language detection, reminder messages, white-label customisation, logic steps to reduce friction, and customised journeys all help to maximise the success of customer account opening processes.
To increase the integrity of KYC processes, HooYu is the first identity platform to blend ID document validation, digital footprint analysis, geo-location and facial biometrics with traditional database checks and PEPS & sanctions screening. Behind all our proprietary KYC technologies is an identity confidence scoring engine that enables regulated entities to use HooYu on a Risk-Based Approach. In this way, high-risk customers can be mandated to offer more evidence of identity than low-risk customers.
HooYu is used by tier one banks such as NatWest, leading online gaming operators such as Betfred, challenger banks such as Countingup & many regulated firms across online gaming and financial services.
About Hargreaves Lansdown
Over 1.64 million clients trust us with £135.5 billion (as of 30 June 2021), making us the UK’s largest digital wealth management service. More than 98% of client activity is done through our digital channels and over 600,000 access our mobile app each month.
Our purpose is to empower people to save and invest with confidence and help them build their financial resilience over the long-term. We provide a lifelong, secure home for people’s savings and investments that offers great value and an incredible service making their financial life easy.
Clients rate our service highly, 90% say we are good, very good or excellent. Our expert research has been helping investors for 40 years through thick and thin.
About Equifax
At Equifax (NYSE: EFX), we believe knowledge drives progress. As a global data, analytics, and technology company, we play an essential role in the global economy by helping financial institutions, companies, employers, and government agencies make critical decisions with greater confidence. Our unique blend of differentiated data, analytics, and cloud technology drives insights to power decisions to move people forward. Headquartered in Atlanta and supported by more than 12,000 employees worldwide, Equifax operates or has investments in 24 countries in North America, Central and South America, Europe, and the Asia Pacific region. Equifax Ltd is one of the Equifax group companies based in the UK. Equifax Ltd is authorised and regulated by the Financial Conduct Authority. For more information, visit Equifax.co.uk and follow the company’s news on LinkedIn.
