How Companies Can Optimize Onboarding with 80% Fewer Keystrokes and a 93% Opt-In Rate

The following is an excerpt from Aite-Novarica Group’s Impact Brief outlining the benefits of Prove Pre-Fill™, winner of their 2021 Impact Innovation Award in Fraud and AML (Customer Experience category). For the full report including a product overview of Prove Pre-Fill, customer results, and how the product works, scroll to the bottom of this page to download a PDF of the report.

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When establishing a relationship with an individual or business, verification and authentication of the prospect’s identity is a fundamental requirement for most companies; it is particularly critical in a digital environment. Yet customers and prospects expect that such processes are quick and frictionless, especially when interacting with companies through digital channels. One study found that 97% of customers say a smooth, easy experience is important when choosing a service provider.[1]

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While a superior customer experience is imperative, it must be done safely and securely, properly validating the customer’s information against authoritative sources or acceptable proxies. Traditional approaches match or score identity information provided by the individual against a combination of publicly available information and credit bureau header data elements (such as name, Social Security number, date of birth, and addresses). However, a key weakness to such approaches in a digital environment is that the person presenting the data may not be the actual individual to whom the data relates.

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Additionally, the COVID-19 pandemic accelerated the shift to digital onboarding and servicing, speeding up the expected/anticipated rate of this transition. Now, companies are having to focus more time and investment on creating exceptional customer experiences. In fact, a recent survey found that 88% of customers expect companies to accelerate digital initiatives due to the COVID-19 pandemic.[2]

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Thus, to compete in today’s market, companies must improve customer experience by investing in new technologies and capabilities. Enhanced customer experiences are important throughout the customer life cycle, from the initial application process and onboarding to activation and ongoing engagement.

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Innovation: Prove Pre-Fill

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Prove Pre-Fill facilitates a company’s ability to streamline the customer onboarding process by enabling applicants to auto-fill required data elements with verified data. The solution leverages Prove’s Phone Identity Network (PIN), which correlates the possession, reputation, and ownership of the phone and related phone number to provide a smooth and fast user experience while, at the same time, verifying the identity and authenticating the individual.

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By auto-filling the information in an authenticated manner, Prove Pre-Fill streamlines the customer experience and authenticates the identity of the individual simultaneously, enabling more new account openings and reducing application abandonment. This also helps to curtail new account-opening fraud, such as synthetic identity, and pushes fraudsters into the non-opt-in population (fraudsters are more likely to opt out of the Prove Pre-Fill experience, as they have been shown to want to avoid the automatic population of their own personal data in the application. This has the effect of creating a richer population of likely fraudulent account openings within the opt-out group, since fraudsters effectively place themselves in that group, providing a more fertile hunting ground for fraud analysts.

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For Aite-Novarica Group’s full report about Prove Pre-Fill, including a product overview, customer results, and how the product works, scroll to the bottom of this page to download a PDF of the report. 

Key Benefits of Prove Pre-Fill:

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• Improves prospect/customer experience by minimizing prospect data input 
• Lowers application abandonment rates 
• Accelerates time to revenue with increased approval rates
• Reduces fraud and data input errors
• Includes KYC checks such as global sanctions, watchlists, and politically exposed persons (PEP) screening at no additional cost

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[1] Maria Schuld, “Move Over Digital. Customer Experience Now a Key Differentiator,” FIS Global, April 22, 2019, accessed August 16, 2021, https://www.fisglobal.com/en/insights/what-we-think/2019/april/move-over-digital-customer-experience-now-a-key-differentiator

[2] “What Are Customer Expectations, and How Have They Changed?”, Salesforce Resource Center, accessed August 16, 2021, https://www.salesforce.com/resources/articles/customer-expectations

Key Quantitative and Qualitative Results

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Prove has received positive client feedback on the product for both its impact on customer experience and the effectiveness of the identity verification and authentication capabilities. Key results for Prove clients include:

• Deposit account opening and funding could be completed in just 90 seconds 
• Reduced the number of keystrokes required to complete an application by 80% 
• Achieved a 93% opt-in rate for the pre-fill capability, along with a lower abandonment rate
• Forced fraudulent applicants into the remaining 7% (opt-out population) 
• Reduced “true name” fraud to near zero, largely due to the “possession” aspect of the Prove model

For Aite-Novarica Group’s full report about Prove Pre-Fill, including a product overview, customer results, and how the product works, scroll to the bottom of this page to download a PDF of the report.  

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Aite-Novarica Group’s Final Take on Prove Pre-Fill

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The combination of an increased focus on customer experience and the accelerated shift to digital onboarding and engagement is driving institutions of all types to embrace new technologies to meet increasing customer expectations of easier, frictionless experiences. At the same time, there is little forgiveness for the higher levels of fraud losses that can often come with less disruptive, more customer-friendly fraud prevention tools. Aite-Novarica Group sees that the Prove Pre-Fill solution is well-positioned to address these traditionally contrary challenges.

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• Prove Pre-Fill uniquely delivers a meaningfully enhanced customer experience at a critical phase in the customer life cycle—the beginning. 
• The level of fraud prevention capability is significant, detecting fraudulent applicants and identifying potential fraudsters based upon their self-selection into the opt-out group.
• Fraud risk managers can enjoy both fraud prevention capabilities and reduced customer disruption since the solution is effectively “anti-disruptive” and has a high opt-in rate.

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For these reasons, Prove’s solution stands out as one that addresses the full equation of customer experience, risk efficacy, and time to revenue in a mobile environment. Given its success to date, coupled with its future roadmap items, Aite-Novarica Group expects the solution to continue to advance within the market.

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About Prove

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Prove is the modern way of proving identity with just a phone. As the world moves to a mobile-first economy, businesses need to modernize how they acquire, engage with and enable consumers. Over 1,000 enterprise customers—including 8 of the top 10 banks, 3 of the top 5 retailers, 2 of the top 3 cryptocurrency exchanges, 2 of the top 3 healthcare companies, and 6 of the top 10 insurance companies in the US—use Prove’s identity tokenization and passive cryptographic authentication solutions to reduce friction from their digital businesses to accelerate revenue while reducing operating expenses and fraud losses. The Prove platform processes 20 billion customer requests annually. 

About Aite-Novarica Group

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Aite-Novarica Group is an advisory firm providing mission-critical insights on technology, regulations, strategy, and operations to hundreds of banks, insurers, payments providers, and investment firms—as well as the technology and service providers that support them. Comprising former senior technology, strategy, and operations executives as well as experienced researchers and consultants, our experts provide actionable advice to our client base, leveraging deep insights developed via our extensive network of clients and other industry contacts.