A Digital World Requires Seamless Mobile Identity Proofing

Today’s consumers are accustomed to interacting and transacting in a digital world. eCommerce companies have raised the bar for the online customer experience with services like one-click purchasing and free overnight shipping—instant gratification has become the norm.

This means consumers expect a simple, safe, and seamless new account opening experience regardless of whether they are conducting their business online, in-person, or via a call center.

At the same time, lenders seek to maximize new account application submissions without introducing additional fraud risk. As consumer-to-enterprise interactions shift to mobile, the challenges of enrollment and conversion increase.

Small on-screen keyboards make entering the required form data painful for consumers, yet this information is critical for verifying an applicant’s identity.

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 potential lost revenue for businesses.

As consumer expectations increase, is your business providing a frictionless customer experience?

Mobile Identity Proofing in Action

Let’s consider a couple of examples that demonstrate a seamless customer onboarding experience.

Your business has just sent a promotional offer to a list of prospects. Now imagine one of those individuals, Tim, decides to apply for your product using his mobile phone. He goes to your enrollment page and enters his full name and the last four digits of his social security number—that’s it, his application form is complete.

Julie receives the same offer and also decides to apply online. She notices an option to complete her application by taking a picture of a government-issued identification card with a mobile device. Julie snaps a picture of her driver license, her PII is extracted from her ID, and the new account enrollment form is automatically populated.

Sounds simple and seamless, but is it safe?

Maximize Conversion and Manage Risk

Enterprises can now ask for two or three identity elements to help streamline the digital application and enrollment process. A second option allows the user to populate an account enrollment form by capturing an image of their government-issued identification card with a mobile device.

This information is matched with data in the ID Network®, ID Analytics’ proprietary identity network, and advanced analytics ensure the accuracy of the returned data. In a matter of seconds the identity elements and identity risk assessment are provided back to the enterprise to enable safe application submission.

This behind-the-scenes analysis allows lenders and service providers to boost application submissions by making applying easier for legitimate potential customers, without creating shortcuts for fraudsters.

Key Benefits:

  • Provides a low friction, innovative application experience for potential new customers
  • Drives higher application submission rates
  • Provides a predictive fraud risk assessment
  • Leverages the up-to-the-minute visibility into consumer identity provided by the ID Network data consortium

Mobile identity proofing helps change the dynamics of online customer engagement, by empowering businesses to remove data entry and friction from the application submission process, without creating a short cut for fraudsters. Let ID Analytics help you deliver simple, low friction, and safe customer onboarding regardless of the channel.