The KYC verification insights dashboard provides valuable data and trends about verification and onboarding processes on your balance platform. You can use this information for the following purposes:
- Get a comprehensive view of your user onboarding progress, as the dashboard shows success rates and speed of user verification.
- Quickly identify and address verification issues as they come up to ensure a smooth onboarding experience for your existing users.
- Use data-driven insights to improve and streamline the user onboarding process for future users.
To view information about the verification process for a specific account holder on your , see their KYC summary and timeline.
Access the dashboard
You must have one of the following user roles to view the dashboard:
- Manage account holders and legal entities
- Generate Balance Platform reports
- Download Balance Platform reports
To access the dashboard:
- Log in to your Balance Platform Customer Area.
- Go to Insights > KYC verification insights.
The dashboard has two main views:
- The Overview tab shows the onboarding status of account holders as it is on the selected date. It gives you a high-level summary of your platform’s onboarding performance, including metrics such as the number of verification attempts account holders must undergo to complete the KYC verification process, and the number of account holders who are successfully onboarded to the balance platform. By using these metrics, you can monitor the current state of verification and onboarding processes on your and track the impact of any interventions made to improve them.
- The Errors tab shows the number of account holders who faced verification errors during onboarding, such as submitting incorrect bank documents or missing information. It also provides a breakdown of errors by category to help you understand common issues during the onboarding process.
The dashboard is updated daily at 3:00 AM CET.
To do a more in-depth analysis, including a side-by-side comparison, you can filter the data by location, legal entity type, integration type, or custom date range. You can also share the selected filter view with other people in your organization who have the required user role.
Explore KYC metrics
The following tabs show the KYC metrics you can monitor on the dashboard.
Use cases
Here are some typical scenarios in which you may find the KYC verification insights useful.
Monitor your overall onboarding performance
To ensure that your onboarding process is working well and to identify any areas for improvement or potential bottlenecks, keep an eye on the key performance metrics. For example, you can check on the following:
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Completion of onboarding. To track the progress of user onboarding, you can check the number of account holders that have the statuses in review, verified, and unsuccessful.
If you have a high number of verified account holders, it means they have successfully completed the verification process and are ready to start transacting on your . On the other hand, a high rate of unsuccessful verifications implies that there may be issues with users submitting their data. Then, you can review the verification error statistics to identify and resolve any issues promptly.
Metrics to analyze: Number of account holders
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Speed of onboarding. To ensure that the onboarding process on your is easy to follow, review the time it takes for users to complete their onboarding. This information can be filtered by location, legal entity, or integration type to identify possible issues.
Achieving a short Median verification time and high First attempt success rate indicates a clear and accessible user onboarding flow.
Metrics to analyze: Median verification time, First attempt success rate, Verification attempts
Troubleshoot onboarding
If the Median verification time has increased while the First attempt success rate has decreased, users may have encountered verification errors. To analyze the most common errors experienced by account holders, see the Errors tab.
For example, if individuals are failing to provide acceptable bank documents, ensure that the document requirements are clearly shown in your onboarding flow.
Metrics to analyze: Median verification time, First attempt success rate, Verification attempts, Error types
Evaluate the effectiveness of interventions
You can evaluate the effectiveness of any interventions you make over time. For example, in order to resolve the issue with incorrect bank document submissions, you have recently updated your onboarding process with examples of the required bank documents for upload.
To assess the effectiveness of this measure, filter the dashboard data based on the Hosted onboarding integration type and relevant dates. You can then check whether the Verification attempts rate has decreased or if the Median verification time has shortened. Also, check if the number of account holders facing errors during bank account checks has reduced. Either of these three indicators could signal an improvement in the onboarding process.
Metrics to analyze: Median verification time, Verification attempts, Error types
Conduct a comparative analysis
If you have a global operation, you can filter your data by location to compare how well your onboarding process is performing across different markets. You can also filter data by integration type to see whether hosted or API-only onboarding is more effective for your users. You may want to analyze metrics such as the time it takes for users to complete the onboarding process and the number of account holders who experience verification errors in different locations or using different onboarding flows.