ECD – the largest crypto exchange office in Serbia introduced video identification in its operations

 

 

 

ECD is the first and largest crypto exchange office in Serbia with more than 55,000 users. Working under the license issued by the National Bank of Serbia, ECD consistently follows regulatory requirements, constantly striving to improve user experience and business efficiency.

User identification is of key importance for completing user account registration, so ECD was among the first companies in the country to implement a video identification process.

ECD is pleased to point out that it has recognized the Blinking company as a reliable partner in the field of providing video identification platform services. Blinking Identify is a domestic, innovative solution that allows companies to provide services to their users online, through video identification. This possibility represents a significant improvement for business, because users can access services that were only available at physical locations from the comfort of their homes, and all they need is a device with a camera and the Internet.

The main benefits of the solution are: simple use, quick identification, data security and wide availability.

“In this way, we attracted new users and improved the user experience, opening the door to new business opportunities and improving efficiency. Also, we continued to keep pace with world standards, which is especially important for such an innovative industry as crypto,” said Marko Bogdanović, marketing manager at ECD.

Read the entire interview below.

 

What was the motivation to open a new digital channel for customer onboarding?

Part of our company’s vision is to make cryptocurrencies accessible to everyone. To comply with the onboarding process of new users with the regulation, we are obliged to confirm the identity of users before enabling them to use our platform.

We achieved this in several ways – from physical locations, such as partner exchange offices in different cities where users came with personal documents, to the “ECD Caravan” – touring Serbia and meeting users in person to remain consistent with the vision. When we came into position to complete the process online there was little hesitation.

Why did you choose the Blinking company and the Blinking Identify solution for video identification and digital customer onboarding?

First of all, it was crucial for us to make the process as simple as possible, both for users and for integration with our system. That’s why the intuitiveness of the platform greatly influenced the decision. In addition, there is also a local presence, i.e. the fact that it is a solution already present on our market with concrete, recognizable references.

What was the process of developing the digital service and integrating with the Blinking Identify solution?

Like most innovations and significant changes to the system, this one was challenging. Nevertheless, we solved everything “on the fly” with help from the support. We also had assistance in the form of additional materials that contributed to starting (successful) implementation.

You have been using the Blinking identify solution for a little over three months now, can you already comment on how the implementation of the solution has affected your internal procedures and the satisfaction of your users?

We can already say that we complete the majority of verifications using video identification. Since users no longer have to go to a physical location, this simplifies access and makes the process easier for both parties. As we mentioned, in some places, we did not have offices where users could perform personal identification, and there were challenges in arranging suitable time and place for meeting with the users. Direct contact also contributes to facilitating further steps, given that the users have the opportunity to contact our customer support at the same time.

Do you collect the impressions of your customers who have gone through the process of video identification and what are their impressions so far?

Considering that everything is completed swiftly, the overall impression so far is that users are satisfied with this identification method, and that there are no significant challenges. It is also worth pointing out the success rate above 90%. One of the few factors that could negatively impact the identification is the users’ internet connection. We usually solve this by scheduling a new session.

What is the current situation when it comes to legal entities, can they do everything online with the help of this solution?

Legal entities can currently access part of the process this way, which has made their onboarding easier, but completing a user account for them is still different compared to physical entities, and there is still a need for additional steps.

Coming plans…

In the period ahead, we will continue with further integration with the system. That means streamlining the process for users using reports of previous experience. We will also introduce quality of life improvements, such as displaying the internet connection quality before the session begins.