Compliance is a conversation starter for international payment expansion
As companies add markets for cross-border payments, each new country and market introduces the need to incorporate many nuances and details.
One of the main issues that international fintechs may face is the different quality and format of documents confirming identity and place of residence. For example, most EU countries' users are lucky in that identity documents tend to contain information about the place and date of their birth, and their place of residence, while citizens of Brazil or South Africa will have to look hard to find any up-to-date document proving their residency in order to meet certain regulators' requirements.
In Aximetria’s case, which today operates not only in Europe, but also in Latin America, we had to implement more than 10 different user support scenarios for our KYC procedures. As a result, onboarding conversion increased from 7% to 52%.
Nevertheless, the relationship between compliance and marketing is not so polar and unambiguous. Compliance can be more than just a conversion killer. Following compliance policies and respecting the requirements of the regulator is a good foundation for effective marketing communication. This is especially noticeable in the crypto industry. The level of public awareness about cryptocurrency technologies is increasing, while more countries are introducing legislation in this area.
The number of new regulated crypto services is growing, and, as a result, the attitude of users toward choosing a company they trust with their money is gradually changing. Reliability and confidence in the legal nature of crypto service company activities is coming to the fore. At Aximetria, we have focused on full compliance from the very beginning and we actively use this fact in all marketing campaigns. As a result, in just 10 months from the date of launch, more than 55,000 customers have joined Aximetria. Without harmonizing compliance and marketing, this would not have been possible.
Because of the variety and complexity of challenges and the close connection between the product and its business processes — all of these make fintech and crypto services one of the best professional adventures that can happen to a marketer.