Current
reduces compliance spend while improving the customer experience
Impact at a glance
- Integrated Lob Address Verification API into onboarding flow
- Reduced KYC-related compliance costs
- Increased first-time KYC acceptance rates
"We use Lob Address Verification in front of our KYC service to catch any mistakes made by our customers when inputting their address."
Current is a modern banking platform built for people underserved by traditional financial institutions. With over 500,000 accounts and rapid growth, their model prioritizes mobile-first access, no hidden fees, and a smooth onboarding experience.
But operating in the financial sector brings strict regulatory obligations. Know Your Customer (KYC) requirements add cost and complexity, and when customers mistype their address it can delay onboarding or lead to failed verification. These errors introduced friction for users and high remediation costs for Current.
Current implemented Lob’s Address Verification API directly into their account creation flow. As new users input their address, the API catches and corrects mistakes before the data reaches KYC systems.
This proactive verification step reduces failed KYC attempts, eliminates undeliverable address issues, and builds confidence during the first interaction with the brand.
- Lob reduced the number of erroneous address entries reaching KYC
- KYC acceptance rates increased due to improved data quality
- Compliance costs dropped as fewer verifications required remediation
- New customers experience less friction and faster account setup
Campaign Spotlight:
simplifying identity verification
By embedding address verification into the first step of account creation, Current ensures that downstream systems receive clean, standardized data. This improves everything from identity verification to customer communications, without requiring manual oversight or customer service intervention.
Current plans to expand the use of Lob's API across more operations touchpoints. From statement mailings to address changes, Lob helps ensure accuracy, efficiency, and trust as Current scales its platform.
