TSB Bank - Case Study

Client Profile

Owned by a philanthropic organisation that supports the local community, TSB is New Zealand’s sixth largest bank. They’re renowned for their incredible customer service, winning the Consumer People’s Choice award eight years in a row, stacked on top of their Canstar 2023 Bank of the Year Home Loans, and back-to-back Bank of the Year Credit Cards for outstanding value and rewards in 2023 and 2024.

The challenge

As with any banking institution, cyber security poses the is the biggest threat to TSB. The gravity of the issue is that big, that the Reserve Bank published a report in 2020 that estimated the average cost of cyber incidents is likely to be around NZD 104 million per annum for the banking industry – that’s 2-3% of annual profits!

Luckily, TSB like to stay on ahead of the criminals by investing in their technology and enlisting the likes of APLYiD to help prevent the criminals from cracking their systems.

The solution

With APLYiD, it was no longer necessary for customers to have to physically go into the branches just to verify their IDs. We stripped out TSB’s manual verification process and introduced them to our biometric solution. TSB wanted an AML solution that would speed up their onboarding process, scale with their growth, and support their compliance obligations.

We stripped out TSB’s arduous manual verification process and introduced them to APLYiD’s biometric solution.

Paul Miller, Customer Platform Lead at TSB Bank

The results

APLYiD helped them do exactly that. Since TSB went live with APLYiD’s biometric technology, the average time it takes to onboard a new customer  has been cut down by 4 days, so now staff can focus on important tasks that improve overall efficiency and spend less time on admin. APLYiD’s solution helped TSB increase the number of customers onboarding by 50%, allowing them to scale without having to add additional people to manage the process. That’s another way to save time and money. And for a company that values their customer service highly (with an eight-year-run in winning the Consumer People’s Choice award) TSB have only further continued to grow. Their Customer Satisfaction and Customer Ease Scores grew to 88% and 86% respectively since implementing APLYiD’s technology. How’s that for amazing customer service?

Previous case study

nEXT case study

Contact us today