ID Analytics Introduces ID Connect™, Providing a Seamless and Safe Consumer Experience for Digital Enrollment and Applications
ID Connect Helps Businesses Drive Higher Conversion Rates While Managing Against Fraud Risk
NEW YORK (FINOVATE) – Sept.16, 2015 – ID Analytics, LLC, a leader in consumer risk management, today announced ID Connect™, which helps businesses provide an easy, effective and safe way for consumers to complete the digital enrollment or new account application process. A highly configurable, software-as-a-service solution, ID Connect is designed to help businesses from financial services to telecommunications companies and more, streamline their digital application and enrollment process, ensuring a frictionless consumer experience with two key features, ID Connect Resolution and ID Connect Photo.
ID Connect allows businesses to grow safely by increasing conversion rates while verifying the individual’s identity and managing against fraud risk. For most consumers initiating a transaction, ID Connect requires a minimal amount of information to be collected to validate the user’s identity, automatically populate fields within the application, and perform a risk assessment, completing the application process in seconds. An optional feature, ID Connect Photo allows the user to populate an account enrollment form by capturing an image of their government-issued identification card with a mobile device.
ID Analytics at Finovate
Please join Aaron Kline, Vice President of Innovation and New Ventures at ID Analytics, for a live demo of ID Connect at Finovate in New York on Sept. 16 at 11:30 a.m. Eastern Standard Time.
For more information on ID Connect, please visit our blog post, ID Analytics Unveils ID Connect at Finovate Fall.
“The amount of time and information required to apply for a new account online makes for a cumbersome process that can alienate consumers and cause them to abandon the system out of frustration, resulting in lost revenue for businesses,” said Scott Carter, CEO of ID Analytics. “We are working to change the dynamics of online customer engagement, by empowering businesses to quickly verify the identities of consumers, while simultaneously assessing fraud risk.”
With the rapid growth of mobile transactions it is critical for businesses to provide a seamless digital experience for their customers. In fact, according to a recent study from Javelin Research, “Making Digital Account Opening Simpler Safer and Seamless,” the volume of accounts opened on mobile devices jumped 60 percent from 2013 to 2014. While offering a smooth digital account opening experience is critical, fraud risk an important concern for businesses. According to Javelin Strategy and Research, the total cost of fraud with new bank account openings reached $2 billion in 2014.
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. The ID Network is a unique cross-industry repository of real-time consumer information, which has provided a comprehensive perspective on identity and credit risk for more than a decade. With 55 million identity elements coming in each day from leading organizations across industries – along with details on more than 3.3 million client-reported attempts at identity fraud – the ID Network provides a comprehensive perspective of consumer risk.
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 and ID Network are registered trademarks of ID Analytics, LLC