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Current Reduces Compliance Spend While Improving Their Customer Experience

“We use Lob Address Verification in front of our KYC service to catch any mistakes made by our customers when inputting their address.”

Trevor Marshall


Current is a modern banking solution for people that have been underserved by the traditional banking model. Current debuted in 2017 as a tech savvy solution for parents that their kid’s spending money in an increasingly cashless world. This past year Current has expanded, launching personal checking accounts, that offer faster direct deposit and no hidden fees. They currently host more than 500,000 accounts, and are on track to grow to 1 million by mid-2020. Current operates in a unique space— they are in one of the oldest and most regulated sectors, but have captured the attention of a loyal audience. 98% of their teen banking users move on have the Current checking account when they turn 18, which means that Current needs to offer a customer experience that entices parents and delights teens.  

Balancing Compliance and Customer Experience

By creating a best-in-class mobile app and offering 24/7 customer support, Current is able to forgo having a physical presence while still meeting their customer’s expectations. However, because Current is in the financial sector, they have to meet an increasingly complex layer of regulatory requirements. Know Your Customer, or KYC, requires that financial institutions keep track of their users and verify their identities and adds a heavy fixed cost of doing business. Compliance is one of Current’s biggest pain points, as it is costly and intentionally introduces customer facing friction to their onboarding flow.

Lob Reduces the Friction Surrounding Compliance

Current uses Lob to mitigate the financial impact of their regulatory compliance, while removing customer facing friction. As new customers create accounts, Current uses Lob Address Verification API to suggest deliverable addresses. This eliminates bad address data, and saves Current’s user’s time. Current utilities Lob Address Verification API in tandem with their KYC solution, to get a more accurate understanding of their customers. With the Lob Address Verification API, Current has been able to reduce the number of erroneous entries, and hit their target acceptance rates.

This automated solution builds trust between Current and their newest users, while identifying when information has been misentered. Current’s CTO Trevor Marshall, says that Lob Address Verification API helps his company simplify the process of ensuring compliance:

“We use Lob in front of our KYC service to catch any mistakes made by our customers when inputting their address,” he explained. “This increases our KYC first-time acceptance rates, making for a better customer experience. KYC is expensive, so Lob also saves us money.”

With this much value on the line, your business shouldn’t hinge on a typo. Address verification ensures accuracy from start to finish. Get started now, your first 300 verifications are free.

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