Prove has partnered with Backbase to support credit unions and banks in onboarding new customers in the US.
The solution unifies identity verification and secure customer experience, addressing fraud prevention challenges and onboarding friction. By integrating Prove Pre-Fill into Backbase’s AI-driven Banking Platform, financial institutions can offer an improved account opening and digital lending experience. With customers’ consent, Prove’s solution utilises their mobile number to instantly populate online forms with verified information like their social security number, name, address, and date of birth to eliminate the need for manual data entry. This creates a more convenient experience by reducing errors and lowering abandonment rates.
Better onboarding and security
The two companies aim to help banks and credit unions provide faster and more intuitive onboarding while maintaining a high level of security. The partnership reflects Backbase’s commitment to delivering developments that solve real-life problems for financial institutions and their customers.
Additionally, the new solution strengthens fraud defences, leveraging Pre-Fill to verify customer information in real-time using Prove’s Identity Graph, a map of linked devices, credentials, and identities that allows the company to confirm identity deterministically. The technology pushed bad actors to self-select out, resulting in less fraud while customers receive an intuitive journey.
The alliance eliminates a significant pain point in digital onboarding while adding a layer of security, helping institutions accelerate digitalisation while protecting their customers. Key advantages include faster account opening by pre-filling digital forms with verified data, reduced fraud and better risk controls through Prove’s Global Fraud Policy, better customer experience that increases conversion rates, and more operational efficiency by reducing th number of manual reviews.
The solution is currently available to financial institutions in the US via the Backbase AI-driven Banking Platform. The main use case focuses on account opening and onboarding, with further applications to follow in the near future.
