Honeydue launched in 2017, as a mobile app that allows couples to manage their finances together. Founder Eugene Park always had a passion for financial wellness – and came up with the idea for Honeydue while trying out other budget apps. Eugene and his partner were juggling spreadsheets and separate apps, struggling to find a better way to manage money. That’s when Eugene realized that most couples were also struggling— and began building an app that would help couples get on the same page.
With over 400,000 registered members, Honeydue operates in six countries, three languages, and gets thousands of downloads everyday. With their growing user base, Honeydue is expanding their offerings to become a more robust financial services platform. Their latest offering, Joint Banking, is a feature that requires Honeydue to leverage partnerships in order to comply with strict regulations. Know Your Customer, or KYC, requires that financial institutions keep track of their users and verify their identities.
Know Your Customer’s Correct Information
In order to apply for Honeydue’s Joint Banking, customers are asked for their legal name and address in order to enroll for the financial product. Within the first few weeks, Honeydue was rejecting 18% of applicants as a result of unverifiable addresses. Park knew that they needed to implement a better solution that would improve customer experience while maintaining regulatory compliance with KYC.
Exacerbating Honeydue’s problem was that many of Honeydue’s customers had just moved in together with their partner. Couples were enrolling under their new address, which most service providers were unable to verify.
That’s when Honeydue started using Lob’s Address Verification API. After a user submits their address, Honeydue utilizes Lob’s metadata to ensure the customer’s addresses are valid deliverable. Because Lob returns detailed metadata for each address that is verified through its API, Honeydue can programmatically tailor their customer journey, giving each user the smoothest onboarding experience possible, while ensuring that the right information is being collected. If an address is missing secondary information (like apartment or suite number), they’ll be taken to a new screen that shows the address’s location on a map and asked to validate the information. If an address is undeliverable, they’ll be prompted to fix it. If the user has entered a commercial address, they’ll be reminded to use the same address listed on their drivers license or government ID.
Honeydue’s Strengthens Compliance Through Design
Honeydue utilizes design in a way that allows members to become their strongest compliance champions. By showing where addresses are on a map, applicants can much more easily see when they’ve entered an invalid address. Honeydue further enriches the experience by utilizing the address metadata that Lob’s Address Validation API provides. Addresses that are in residential locations are reinforced by a house icon, while commercial buildings will display an office or warehouse icon.
Implementing a Scalable Solution
“Our team has integrated with just about every fintech API, and we were amazed with how well written Lob Address Verification API is; the codes are super constrained and understandable. It only took 30 minutes for us to explain to our engineers how we wanted this to run, and they didn’t even have a single question.”
Knowing your customers requires that your customers share the right information. Turn your customers into your biggest compliance advocates with Lob’s Address Verification API. Get started now, your first 300 verifications are free.