Faster Account Opening and Onboarding for SBI VC Trade Co

Case Study: SBI VC Trade Co., Ltd.

Industry: Financial Services – Cryptocurrency

SBI VC Trade Co., Ltd., a company that provides cryptocurrency trading services, partnered with TMJ to optimize their account opening processes. The company offers trading for a wide variety of cryptocurrencies, including Bitcoin, XRP, Ethereum, Cardano, Dogecoin, and Solana, with the unique advantage of allowing customers to start trading with just 500 yen without upfront fees.

The Challenge

Before partnering with TMJ, SBI VC Trade faced operational challenges in their account opening processes that needed to be addressed while maintaining strict security standards:

• Processing time was too long, taking approximately 10 minutes per account opening review
• Weekend applications backlog delayed processing until Wednesday or Thursday
• High deficiency rate -18% of applications had errors, leading to a 75% success rate
• Needed a solution to handle high volume of applications while ensuring rigorous security screening

The Solution

After consulting about cost reduction in related operations, TMJ proposed a comprehensive solution centered around two key elements:

1. Technology Implementation:

• Introduction of the eKYC system “TRUSTDOCK” – Automated identity verification for faster and more accurate processing
• Establishment of a specialized center for eKYC-related operations A specialized team to streamline screening
• System Integration – TRUSTDOCK was integrated seamlessly into existing workflows

2. Operational Design:

• Regional Processing Base- Lowered costs while improving efficiency
• Enhanced Security measures- Maintained strict compliance and verification standards
• Streamlined Screening Criteria: Cleary defined checkpoints for faster approval

“Although we were launched in a short period of time, I have the impression that we were able to start operations very smoothly without any problems.”

• Kana Kobayashi, Customer Management Department Manager

The implementation process was notably efficient:

• Completed in approximately two months from internal approval to launch
• Parallel preparation of training materials – Ensured staff readiness
• System upgrades alongside operational changes- Allowed a seamless transition despite tight deadlines

Results

The partnership between SBI VC Trade and TMJ delivered significant improvements across multiple metrics:

Account Opening Performance:

• Processing Time Reduced From 10 minutes to 3-4 minutes per account
• Deficiency Rate Improved- Dropped from 18% to 14.5% in July 2023
• Increased account opening rate from 75% to 83-85%
• Weekend applications now processed by Monday instead of Wednesday/Thursday

Customer Experience Improvements:

• Enabled same-day account opening announcements (previously next business day)
• Increased reapplication rates due to faster deficiency notification
• Enhanced ability to capture customers while their enthusiasm is high
• Improved competitive differentiation through faster processing

“Applications for account opening are concentrated on weekends. Before the outsourcing, the account opening review work for applications made on the weekend started on Monday morning and took until Wednesday or Thursday, but after outsourcing to TMJ, it is now completed by Monday.”

• Hideki Kanamori, Director, Customer Management

Operational Benefits:

• Improved Accuracy in ID Verification: TRUSTDOCK reduces blurry or incomplete submission
• More structured decision-making process- Clearer checkpoints and verification standard improved accuracy
• Higher Reapplication Rates: Faster feedback and retargeting of old applications encourage customers to complete their application.
• Cost reduction achieved- While maintaining quality and security

The success has been so notable that the results have been reported at board meetings and have attracted interest from other group companies.

“There is great value in being able to open an account while customers have a high desire to buy. Due to the nature of cryptocurrency trading, many customers apply with the desire to buy immediately. In that case, they will choose a service that allows them to open an account as soon as possible. It helps differentiate us from our competitors.”

• Hideki Kanamori, Director, Customer Management

The center staff have also demonstrated proactive improvement initiatives, leading SBI VC Trade to consider expanding the scope of outsourced tasks. Their careful attention to detail and commitment to service improvement has proven valuable for ongoing operations and future growth opportunities.

This case study demonstrates TMJ’s ability to successfully implement technological solutions while maintaining high security standards and improving operational efficiency in the financial services sector.