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The ROSCA (Rotating Savings and Credit Associations) industry in KSA stands to be worth a whopping $6 Billion to be capitalized on with the likes of Circlys aiming to digitize and simplify the entire experience for its end-users. Some major factors to keep in mind to make such a service a success are trust and security. It is imperative for the end user to be able to trust the platform they wish to invest their savings into and for the platform itself to be able to verify legitimate users and count out bad actors.
Trust and Security powered by Open Banking
Circlys, a leading player in this space has taken the initiative to innovate their service by integrating Lean's cutting-edge Account Verification solution. This not only streamlined Circlys' account verification processes, achieving a flawless 100% success rate, but also played a crucial role in mitigating fraud risks by reducing the chance of onboarding bad actors by 95%. The result is a financial platform where users experience heightened security and trust, setting a new standard in the industry.
To explore the intricacies of the challenges faced, the strategic solutions implemented, and the tangible benefits realized through this collaboration, check our case study to learn the full story.
