96% Pass Rate: How Franc enables wealth management with Smile ID
Franc at a glance
Use Case
Onboarding, Compliance
Industry
Wealth Management
Countries of Operation
South Africa
- 72 hrs to 2 mins
- Reduction in verification time
- 96%
- Onboarding pass rate
How Franc enables wealth management with Smile ID
About Franc
Franc's mission is to empower South Africans to build wealth. It stands out from other investment platforms by offering a low minimum investment amount and providing access to unique investment products that are usually inaccessible to the average South African.
Franc offers three options: a low-risk money market fund, a local equity fund for South African companies, and an offshore equity fund for international diversification. It simplifies investing, enabling users to start small and grow their portfolios over time.
The user-friendly interface and low minimum investment requirements make it ideal for newcomers, while the variety of funds, including the Signa S&P 500 ETF for international exposure, appeals to seasoned investors.
The launch of the offshore fund demonstrates Franc's commitment to continuous improvement and providing South Africans with the tools to achieve their financial goals. It showcases their dedication to empowering users and breaking down barriers to wealth creation.
Challenges with Verification
Franc is tackling the challenge of building trust in a volatile equity market by prioritising transparency and ensuring users receive all their earned interest and returns. To overcome scepticism, the company emphasises educating users about market fluctuations and the benefits of long-term investment strategies.
However, a slow manual verification process initially hampered user onboarding, leading to frustration, high abandonment rates, and reduced employee productivity, all of which impeded Franc's ability to scale effectively.
To address these issues, Franc sought a partner to streamline the onboarding process, allowing them to focus on customer education and other business objectives. Additionally, Franc aimed to enhance its compliance with South Africa's strict KYC and AML regulations by implementing a more efficient verification system. This system would accelerate onboarding and ensure full regulatory compliance, supporting Franc’s commitment to providing a trustworthy and user-friendly investment platform. To tackle these challenges, they decided to partner with Smile ID.
Partnering with Smile ID
Partnering with Smile ID has helped Franc to remove the bottlenecks caused by manual verification.
Smile ID's Enhanced KYC product integrated seamlessly with Franc's systems, offering rapid verification that reduced wait times from 72 hours to just 2 minutes. This significantly enhanced the user experience and reduced sign-up abandonment.
Automating the verification process has also freed up Franc’s internal resources, allowing the team to focus more on strategic initiatives and less on operational hurdles.
Furthermore, Smile ID's comprehensive KYC technology ensures that Franc remains fully compliant with all KYC and AML regulations in South Africa, enhancing its trustworthiness by securely verifying user identities.
A Trusted Partnership:
Our responsive support team provides ongoing assistance, ensuring Franc stays compliant and continues to offer a best-in-class user experience.
Smile ID has proven instrumental in Franc's mission to make investing easy and trustworthy for everyday South Africans. Our automation and efficiency have improved customer satisfaction with a seamless onboarding experience and optimised Franc's internal processes. This partnership exemplifies how effective KYC solutions can transform business operations and customer experiences.
And as Franc continues to expand and innovate in the wealth management sector, Smile ID remains a trusted partner.
Video Snippets
Franc: Simplifying Wealth Management for Average South Africans
Why Franc Choose Smile ID as it's Verification Partner
96% pass rate using Smile ID
“Smile ID’s automated verification process and user-friendly portal have streamlined our operations, reducing the need for manual intervention and enhancing customer satisfaction. Their support team has been outstanding in addressing any issues promptly.”