FXCM Achieves a 29% Surge in Conversion Rates with AU10TIX Built-to-Suit Verification Solution

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FXCM, a leading provider of online foreign exchange (FX) trading, stocks, CFD, and related services, felt the burn of manual account processing as part of their KYC regulation process on customer onboarding and conversion rates. Manual document review processes were proving to be resource-intensive and time-consuming, deterring potential customers with lengthy processing times. The typical onboarding process lasted from hours to days and only 62% of ID documents were approved without manual intervention. Teodora Mladenova, VP of Operations, felt the pressing need for an innovative solution to alleviate these burdens and enhance their risk-based workflow to provide a smoother customer onboarding experience.

The Validation Challenge

Operating globally with numerous customer account applications pouring in daily, FXCM grappled with the daunting task of handling many KYC documents from over 100 countries. The sheer volume and variety made reliable manual verification seem insurmountable. FXCM needed a robust compliance platform to handle real-time risk mitigation and authentication of KYC documents while prioritizing user experience to alleviate this burden.

Partnering with AU10TIX for Onboarding Success

Opting for our Web SDK integration, FXCM connected to our IDV Suite and biometric solution, enabling automated user verification and fraud detection. Leveraging the advanced algorithms and extensive security databases within AU10TIX’s IDV Suite, FXCM streamlined its onboarding process, reducing the ID document service level from hours or days to within 10 seconds. Integrating AU10TIX’s technology bolstered security and provided a seamless onboarding experience.

FXCM Operational Impact

AU10TIX’s streamlined validation processes delivered remarkable results, sending ID document approval rates from 62% to 80%, marking a 29% improvement. The swifter onboarding resulted in lower abandonment rates and thus expanded the opportunity for revenue growth.

Freedom to Innovate

Automating validation processes boosted conversion rates and liberated FXCM’s operations team to channel their energy towards innovation and enhancing the user experience. With newfound efficiency, the team could dedicate resources to new projects, continually refining FXCM’s services throughout the customer lifecycle.

The Forefront of Success

Integrating AU10TIX’s automated identity verification solutions positions FXCM as a trailblazer in identity intelligence within trading operations. By proactively addressing evolving threats and restoring customer trust, FXCM reaffirms its commitment to security and customer satisfaction, driving sustained success in the global FX trading market.

At FXCM, ensuring a seamless and secure onboarding experience for our customers is a top priority. Partnering with AU10TIX has been instrumental in surpassing our objectives for customer conversion, security enhancement, and reducing fraudulent accounts. By automating our validation processes, we’ve enhanced security and improved the onboarding experience for our customers.
Teodora Mladenova
VP of Operations,

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