Customer Story

Qonto onboards users faster thanks to Futurae’s seamless online authentication

Qonto is the leading business finance management solution focused on European SMBs with more than 200’000 customers and fast-growing across several European countries. Qonto’s mission is to simplify business finance management, through the clever integration of banking, accounting, and expense management services with a fully digital user experience.

Qonto

“Futurae is a trusted key partner for Qonto’s fast growing user base. Security, scalability, and reliability are among every business’ management top-of-mind concerns. Futurae lifts those concerns right off the bat from the first conversation all the way to the go-live phase.” – Alexandre Prot, co-founder and CEO

Matching security and user experience

In 2020 Qonto faced the need to improve its security in relation to clients’ authentication and transaction confirmation in view of the PSD2/SCA requirements introduced by the EBA and by French regulators.

“While we were aware of the new regulation and the desire to sunset unreliable and expensive SMS-based authentication”, explains Dimitri Gougoulis, Qonto’s Banking Project Expert “we did not want to hinder our clients’ user experience, one of the key strengths of Qonto’s offering”

According to Gougoulis, the internal expert team quickly understood the need to rely on a provider specialized in this field, and launched an RFP for finding the best solution for Qonto’s requirements.

“Futurae’s engineering and pre-sales team did an excellent job not only at carefully answering the RFP, but also in engaging with our team to fully understand our requirements and providing early access to their Authentication Platform so that we could try it first hand”

A strong collaboration

Qonto’s key requirements were for a solution compliant with the PSD2/SCA regulations, available as a mobile SDK for both Android and iOS, with a fully managed cloud backend and fully customizable user flows.

“Futurae Mobile SDKs and Cloud Deployment are exactly what we were looking for: they enable an unrivalled user experience where their customers are in control of the user flows and UIs”, continues Dimitri Gougoulis, who led the integration effort together with Qonto’s lead backend and mobile engineers.

Qonto’s team decided to take advantage of Futurae’s security and usability built-in their products enabling a fully integrated onboarding experience. This results in an extremely streamlined user signup process with up to 98% successful enrollments.

“It was clear from the beginning that Qonto’s and Futurae’s DNAs matched and it was a great pleasure to work with brilliant driven experts”, mentions Nikolaos Karapanos, Futurae’s CTO “together, we could design and bring to the market a solution that exceeds Qonto’s requirements”.

“When we were relying on SMS messages we had many complaints from our customers as SMS failed to arrive or were slow. It’s outstanding how the support requests dropped as soon as we started working with Futurae” – Customer Success Manager, Qonto

A fruitful partnership

As hundreds of thousands of satisfied customers are now authenticating daily with Futurae’s technology acting in unison with Qonto’s user experience, we see more than 98% successful enrollment rates throughout every month, leading to a streamlined and quick user onboarding.

All the while, Qonto does not need to worry about the scalability of Futurae operations, fully managed by the backend and systems engineers of Futurae, who monitor the platform 24/7 and guarantee the smooth operation of one of Euopre’s most demanding and scaling neobanks.

“It is great to work with Futurae and their Authentication Platform. We collaborate closely on new features as we see new requirements and possible ways to make the user experience even better. Most recently, with the introduction of the FIDO2/Webauthn solution, which makes it even easier to authenticate customers that don’t want to rely on a mobile app.”, concludes Dimitri Gougoulis.