The solution verifies an applicant’s student enrolment, military status, individual identity for anti-money laundering, and state of employment for financial products such as credit cards and personal loans.
The new digital offering allows financial institutions to approve more thin-file applicants with insight beyond standard credit bureau data. In addition, banks can build personalised customer acquisition campaigns to grow digital accounts and accelerate their digital transformation.
SheerID, through several strategic partnerships, offers instant verification of customers using live, authoritative data, not data that is inferred or scraped off the Internet. Examples of authoritative data sources include the Office of the Registrar for student offers, a dozen military databases including the United States Department of Defense to verify military personnel, and access to the most recent employment data for 51M employers in the United States.
Because an authoritative source is the data source of record for these customer groups, there is an inherent, vested interest to maintain the highest level of assurance.
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