Is it possible to open, verify, and fund a bank account in 90 seconds or less? Leading banking software company Temenos recently shared proof that this is indeed achievable using Prove's Pre-fill™ solution powered by Phone-Centric Identity™.
In Temenos’ recent webinar, Derek Corcoran, SVP of the company’s Business Solutions Group, walked viewers through a demo of how a customer could open a brand new bank account—including application, identity verification with strong customer authentication (SCA), and funding via Plaid—in just 90 seconds. Corcoran explains that with Temenos’ integration with Prove Pre-fill™, it can offer banking customers the option to “auto-fill” their application with their consent, making it easier and faster for them to apply.
Prove Pre-fill™ significantly increases signups by pre-filling consumer information for a better customer experience, but it also works behind-the-scenes to authenticate identity via a possession check of the customer’s mobile device by leveraging Phone-Centric Identity™ signals from authoritative bank-grade data sources including Prove’s Phone Identity Network™. These checks mitigate account opening fraud such as synthetic identity fraud, and have even been shown to force fraudsters into the population of applicants who do not opt-in to pre-fill, making it easier for fraud reviewers to identify them.
Temenos notes that, on average, over 70% of prospects who start applying for a checking account abandon before they finish the process. With Temenos and Prove Pre-fill™, banks can streamline the application process, and encourage more application completions.
In the case of one major credit card issuer, Prove Pre-fill™ drove 15% more application completions, resulting in $200 million in additional sales. Learn more about these results and the benefits of pre-filling identity in our new white paper, Leveraging Modern Identity, Drive Revenue, Not Abandonment.
Watch the demo snippet from Temenos’ 90-Second Digital Account Opening webinar below and see the webinar with a full explanation of the technology here. One thing to note about the experience shown in the video is that Prove can enable an even more optimal experience than what is shown by auto-detecting the mobile number in the background in mobile apps, making it even easier for new customers to sign up.
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