Having only launched in April this year, Briqs, which offers ‘ready-to-go’ products aimed at banks and other regulated financial services firms, has rolled out its first product – Briqs On-Board.
Briqs On-Board will, for the first time ever, allow customers to use their smartphone to apply for a financial product and complete their application within five minutes from anywhere in the world, without having to go in branch.
Briqs On-Board uses the camera on your mobile phone and advanced image processing technology to capture the consumer’s ID documents and verify them against a large number of databases around the world. Consumers can complete the application in one session, on one device, from the comfort of their couch. With real-time notifications, the consumer will always know what’s going on with their application, receiving the outcome in seconds. The product will vastly speed up and simplify the customer onboarding experience while improving know your customer (KYC), anti money laundering (AML) processes and increasing protection against fraud.
Briqs has already signed up several big players, including a major UK retail bank, a UK challenger bank and one of the world’s leading credit card providers – all confident in the added value of the ID solution. Briqs’s ability to deliver ready-to-go, plug-in-and-play mobile banking products provides a real-time solution for financial services firms by cutting the innovation and planning steps of API development – often a major obstacle for the highly-regulated and compliance-laden financial services sector.
With offices in London and New York, a team of 30 and estimated revenue in year one of £2.5 million, Briqs is set to continue to grow with an expected £14 million in revenue by the end of its second year of business.
Reports1 show that two million bank customers have now used the seven-day switching service to change two banks in the first two years of the scheme, a number far short of the initially expected five million per year when first launched in 2012. There is a need for banks and switching to be more appealing and the ease of the process to improve and fit in with the fast paced lives of consumers.
Lee Travers, CEO of Briqs, comments: “Traditional retail banking services are constantly challenged to be innovative. They struggle to keep up with consumer demand and developments within financial technology. Our mission at Briqs is to innovate in a fast and efficient way by offering ‘ready-to-go’ products. This tackles both problems of the lengthy innovation and implementation process for financial services brands, whilst also providing a customer-centric experience.”
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