Lexidy, a LegalTech firm with offices across Europe, sought a solution to streamline their KYC process and improve customer onboarding. By implementing IdentityCheck, they achieved seamless integration with HubSpot, saving 15 minutes per client onboarding and increasing their onboarding rate from 50% to 80%. The automated system improved compliance, reduced manual errors, and enhanced the overall customer experience.
Case Study: IdentityCheck – Transforming Lexidy’s Online Legal Service Capabilities
Introduction
Lexidy is a forward-thinking LegalTech firm in Europe, offering accessible legal services in areas such as immigration, business, real estate, and tax. To enhance their digital transformation, Lexidy needed an automated and compliant KYC process integrated with their CRM, HubSpot.
Challenges Faced by Lexidy
Lexidy encountered several challenges:
- KYC Complexity: Manual verification was costly, inconsistent, and prone to errors.
- Lack of Tracking: No system to track completed identity checks.
- Disjointed Screening: Separate processes for PEP, Sanctions, and Adverse Media checks increased costs and compliance risks.
- KYC Status Requirement: A positive KYC status was mandatory before service delivery, but an efficient process was lacking.
- European Support: The variety of ID documents and languages across regions complicated verification.
- CRM Integration Issues: Previous attempts to integrate KYC providers with HubSpot were unsuccessful.
Solution
Lexidy discovered IdentityCheck on the HubSpot App Marketplace and implemented it to address their needs:
- Seamless HubSpot Integration: Enabled quick and easy integration.
- Comprehensive Tracking: Recorded verification status in HubSpot for centralized tracking.
- Mandatory KYC Enforcement: Ensured consistent compliance with a strict KYC policy.
- Improved Accuracy: Used advanced biometrics and multi-region identity handling.
- Automated Workflow: Automated the KYC process, reducing manual effort and errors.
- Enhanced Screening: Integrated PEP, Sanctions, and Adverse Media checks.
Outcomes and Benefits
The implementation of IdentityCheck resulted in:
- Time and Cost Savings: Saved 15 minutes per client onboarded, reducing operational costs.
- Reduced Errors and Improved Compliance: Automated checks ensured better accuracy and regulatory compliance.
- Improved Customer Experience: Enhanced the onboarding process, increasing the conversion rate from 50% to 80%.
Testimonial from Sarah Schnetzer, Digital Growth Manager, Lexidy:
“The IdentityCheck team was fantastic to work with. They implemented the HubSpot integration in just a few days, succeeding where previous attempts had failed for months. They were quick to respond to any queries and worked closely with us to ensure we realized the full benefits of the integration. I wouldn’t hesitate to recommend IdentityCheck to any regulated business needing seamless KYC/AML integration with HubSpot or another internal system of record.”
Future Development
IdentityCheck plans to introduce features like fully automated onboarding and Know Your Business (KYB) to further enhance its offerings.
Conclusion
IdentityCheck transformed Lexidy’s approach to KYC, providing a seamless, efficient, and compliant solution. This implementation has saved time, reduced errors, and significantly improved the customer experience, making IdentityCheck an integral part of Lexidy’s onboarding and compliance strategy.
