ID Analytics and DataX Announce Successful Rollout of ID Connect to Increase New Account Conversion and Reduce the Risk of Application Fraud
Companies Provide Businesses with Improved Customer Experience and Fraud Management
LAS VEGAS & SAN DIEGO — DataX and ID Analytics, leaders in consumer risk management, today announced that they have successfully deployed a new digital application solution to offer seamless customer acquisition and risk management for online applications. By incorporating ID Analytics’ ID Connect™ product into their platform, DataX is now able to offer shorter application times and reduced friction for companies using their service.
With a streamlined digital application process, ID Connect allows businesses to grow safely by increasing conversion rates while verifying an individual’s identity and managing against fraud risk. For most consumers initiating an online transaction, ID Connect requires a minimal amount of information to be collected to validate the user’s identity. The service then automatically populates fields within the application, performs a risk assessment, and completes the application for processing within seconds. ID Connect verifies identities through the power of the ID Analytics ID Network® and offers a range of authentication methods, including device ID and knowledge-based authentication.
Since integrating ID Connect, DataX observed a 25 percent increase in conversion through the mobile channel for applicants who passed all assessments and an overall 9 percent improvement on conversions for all applications. Verifying identity during the application process helped generate higher quality applications more quickly, leading to increased revenue per application submitted, while the risk management component helps businesses onboard new customers safely. The seamless process reduced customer friction and shortened the sales cycle.
“We are excited to offer this advanced solution and partner with one of the most innovative players in the market. Our partnership with ID Analytics further advances our capabilities to enhance the customer experience in an efficient and effective manner and preserve their access to alternative and traditional credit,” said Jon Geidel, President of DataX, Ltd. “By leveraging the synergies between the two organizations we are able to continue delivering cutting-edge solutions to protect consumers, as well as our partners.”
“The results we have seen from DataX indicate that a streamlined application process can significantly improve conversion rates and translate to increased revenue. Completing an application online can be a cumbersome process due to the amount of time and information required to process the application, which can lead to consumers abandoning the effort completely, resulting in missed opportunity for businesses,” said Aaron Kline, Vice President of Innovation for ID Analytics. “We are working to develop innovative solutions that improve the customer experience, while empowering businesses to quickly assess fraud risk.”
DataX and ID Analytics will be attending the annual CFSA (Community Financial Services Association of America) meeting and conference March 7-10, 2016 (www.cfsaa.com). DataX will also be exhibiting at the conference at booth number 208. Visit our authentication and verification solutions to learn more about ID Connect.
About DataX Ltd.
DataX Ltd., one of the fastest growing alternative data credit reporting agencies, specializes in developing industry-leading risk analytics with a uniquely sophisticated, cost effective approach to fraud prevention. By leveraging the most advanced credit reporting in the market, our proven approach to fraud and risk management solutions extends well beyond any other resource. Armed with this data intelligence, businesses can boost profitability through smarter decisions. For more information, visit: www.DataXLtd.com.
About ID Analytics, LLC
ID Analytics is a leader in consumer risk management with patented analytics, proven expertise, and real-time insight into consumer behavior. By combining proprietary data from the ID Network—one of the nation’s largest networks of cross-industry consumer behavioral data—with advanced science, ID Analytics provides in-depth visibility into identity risk and creditworthiness. Every day, many of the largest U.S. companies and critical government agencies rely on ID Analytics to make risk-based decisions that enhance revenue, reduce fraud, drive cost savings, and protect consumers. ID Analytics is a wholly-owned subsidiary of LifeLock, Inc. please visit us at www.idanalytics.com.
ID Analytics, ID Connect and ID Network are registered trademarks of ID Analytics, LLC All other trademarks and registered trademarks are the property of their respective holders.