FXCM Enhances Customer Onboarding by 29% by Integrating with AU10TIX for KYC

FXCM, a provider of online forex trading, stocks, CFDs and related financial services, has forged a successful partnership with AU10TIX, a global provider of identity verification and management, to enhance user security and streamline the onboarding process.
The partnership has increased ID document approval rates by 29% and impacted revenue growth.

FXCM faced slow customer onboarding due to manual KYC document verification, resulting in low conversion rates. To address this, FXCM integrated AU10TIX's Identity Verification Suite, Web SDK, and biometric solutions, automating user verification and fraud detection. 

This reduced onboarding time from hours/days to seconds. With improved document approval rates from 62% to 80%, FXCM experienced lower abandonment rates and expanded revenue opportunities.

"At FXCM, ensuring a seamless and secure onboarding experience for our customers is a top priority," said Teodora Mladenova, eKYC Product manager at FXCM. "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 not only enhanced security but also improved the onboarding experience for our customers."

AU10TIX's technology has also freed FXCM's operations team to focus on innovation and enhancing the user experience.

"Our tailored identity verification solutions address the distinct challenges faced by industry leaders such as FXCM, guaranteeing not just robust security protocols but also a frictionless user journey," said Dan Yerushalmi, CEO of AU10TIX. "We're proud to support FXCM in its mission to enhance security, streamline processes, and drive sustained success in the global FX trading market."