You wouldn’t give up on your dream of running a marathon a few yards away from the finish line, right? So after building a killer product and marketing it to the masses, why would you risk losing prospective customers during the onboarding process?
According to a recent survey of 2,000 consumers conducted by Prove and OnePoll, 60% of respondents said that they would abandon account opening if identity verification takes more than 40 seconds. With Prove Pre-Fill®, you can lower onboarding abandonment rates by making your consumer’s experience faster (in many cases, as fast as 10 seconds) and easier, while also reducing fraud by an average of 75%.
Keep reading to learn the facts about this award-winning onboarding solution as well as the significant results Prove Pre-Fill customers have seen.
What is Prove Pre-Fill?
Prove Pre-Fill is an award-winning digital identity solution that streamlines consumer acquisition, reduces fraud, and boosts revenue.
Prove Pre-Fill leverages cryptographic authentication to:
- Auto-fill online forms with verified consumer data from authoritative sources
- Authenticate consumer identities to thwart account opening fraud such as synthetic identity fraud
- Offer users a faster, more secure, and consent-driven sign-up process
Why do consumers love Prove Pre-Fill so much?
In today’s digital world, consumers are continually entering the same information (name, DOB, SSN, etc.) across different forms. Filling out forms from scratch is tedious and time-consuming, giving consumers ample opportunity to second-guess their decision to start the sign-up process in the first place.
Prove Pre-Fill accelerates onboarding by turning it on its head. In a typical onboarding flow, the consumer fills out forms, and then the onboarding system verifies the information using an authoritative source. Prove Pre-Fill auto-fills forms using an authoritative source and then asks the consumer to confirm the answers. This new and improved flow drastically reduces both the time it takes to fill out forms and user errors caused by typing fatigue. The end result? A faster and more convenient onboarding experience for consumers.
Does better onboarding actually increase revenue?
Absolutely. Many companies spend millions of dollars in marketing to attract consumers to their websites only to lose the majority of them due to poor conversion rates during the onboarding process. We call this the leaky funnel problem.
To solve the leaky funnel problem and increase revenue, it’s critical for companies to employ onboarding solutions that make the customer experience as easy and fast as possible. Because Prove Pre-Fill auto-fills forms with verified consumer data from authoritative sources, consumers don’t have to waste their time and energy entering their information. With Prove Pre-Fill, consumers are more likely to successfully complete the sign-up procedure which can provide a significant boost in revenue for companies. On average, Prove Pre-fill reduces the time to open an account by 79% and reduces onboarding abandonment by 35%.
Related: How a Leading Healthcare Company Saw 151% More Registrations After Using Prove Pre-Fill
How does Prove Pre-Fill enhance consumer privacy?
Prove Pre-Fill leverages digital identity tokens to protect consumer privacy. Prove tokens are privacy-enhancing because the information they contain can only be used after the owner has authenticated themselves via the encrypted SIM card in their phone and given explicit consent to enable auto-filling of that information. Therefore, if a fraudster attempted to auto-fill an application with another person’s information, they would be unable to do so based on the possession check described in the “How does Prove Pre-Fill prevent fraud” section below. In fact, one Prove client found that Prove Pre-Fill enabled them to essentially force fraudsters to “self-identify” because they naturally opt out of the auto-fill process to avoid auto-filling their own information. What this does is force fraudsters into a smaller bucket—on average about 7%—that makes it easier for risk executives to identify them.
How does Prove Pre-Fill prevent fraud?
In addition to the fraud benefit described above where fraudsters unknowingly bucket themselves into a smaller population by opting out of the Pre-Fill process, Prove Pre-Fill mitigates fraud by employing Prove’s ‘PRO’ Model of Identity Verification & Authentication using three unique checks:
- Possession answers the question: Is this consumer in possession of the phone number? Knowing that someone is in possession of a phone at the precise moment of a potential transaction helps identify someone regardless of the transaction channel, and helps ensure the consumer is truly on the other end of an interaction.
- Reputation answers the question: Are there risky changes or suspicious behaviors associated with the phone number? Typically, people have had the same phone number for a long time, and upgrade phones only every few years. Compare that to a burner phone or a phone that underwent a SIM swap recently, or a phone number that was just registered. These activities lower the reputation of the phone itself, which allows companies to flag the phone regardless of the consumer activity.
- Ownership answers the question: Is the consumer associated with the phone number? It is crucial to associate a phone number with a person when confirming that the consumer is in possession of the phone. Otherwise, the wrong person may be verified. This means knowing when a consumer truly gets a new phone number or knowing that phone number is still associated with a person even if they switch carriers.
Related: The Unexpected Way That Leading Firms Are Reducing Fraud by 75% While Accelerating Onboarding by 79%
Is Prove Pre-Fill KYC-compliant?
Yes. Prove Pre-Fill includes KYC checks at no additional cost and is continuously updated with a robust set of data sources to provide consumers with a highly accurate and frictionless way to comply with stringent KYC regulations while still accelerating onboarding.
Prove Pre-Fill with KYC results include:
- 70% average reduction in false positives
- 95%+ match rates with Prove Pre-Fill, the industry’s lowest KYC false positive rate
- 80% reduction in form fields
Prove Pre-Fill with KYC benefits includes:
- Fully integrated compliance decisioning
- Sanctions, watchlists, and politically exposed persons (PEP) screening
- Robust set of data sources:
• 1,000+ official sanctions, regulators, and law enforcement watchlists
• 15,000+ PEP sources; checked for updates daily
• Global Coverage: 200+ countries and territories in 14 languages
Learn more: Buyer’s Guide: How to Find the Right KYC Solution for Your Company
What makes Pre-Fill different from Google Authenticator?
While Google Authenticator is convenient for auto-filling information that an applicant may have filled in previously, it does not incorporate any additional identity authentication or verification checks. This means that whatever information was previously filled in could be auto-filled (even if the information is fraudulent or not associated with the applicant's own identity). With Prove Pre-Fill's cryptographic authentication checks, only information that is verified with authoritative sources is auto-filled.
Is Prove Pre-Fill omnichannel?
Yes! Prove Pre-Fill works across mobile & app but can also be used for desktop, contact center, chat, and QR Code channels.
For more information about Prove Pre-Fill, head to the solution page here or download Aite-Novarica’s case study report about how Prove Pre-Fill has helped leading firms accelerate onboarding by 79%.
Ready to see a Prove Pre-Fill demo? Talk to an expert today.
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