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How E*TRADE from Morgan Stanley Leverages Diverse Signals to Drive Safer, Faster Customer Experiences

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Yuka Yoneda
August 10, 2022
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August 10, 2022
How E*TRADE from Morgan Stanley Leverages Diverse Signals to Drive Safer, Faster Customer Experiences

E*TRADE from Morgan Stanley has been a pioneer in online trading since it was founded in the early ‘80s and has since become known for its first-class experience for the digitally inclined investor and trader. Now part of Morgan Stanley, a leading global financial services firm renowned for the quality of its wealth management, investment advisory services, research, and market insights, E*TRADE has continued its commitment to innovation that puts the needs and customer experience of the digital investor first.

To continue raising the bar when it comes to customer experience while simultaneously prioritizing the safety and security of their customers’ accounts, E*TRADE turned to Prove’s advanced identity authentication and verification solutions to enhance their ability to mitigate fraud while still providing fast, easy, and best-in-class experiences to their users.

Brent McNally, Vice President of Customer Identity at E*TRADE from Morgan Stanley, explained in our recent webinar with E*TRADE and Fintech Nexus:

“The attack vectors that fraudsters are using are getting more sophisticated every day. We’ve been noticing that the speed and the scale is getting much quicker and much larger. At the same time, we don’t want to put up a sort of “digital fortress” in front of our customers that makes it harder to interact with us and use our services, so what we’re trying to do is leverage more verified signals to vet and determine if it’s actually them interacting with us. Some of the most important digital signals we’re using are around mobile devices, understanding that that’s something that many people have with them all the time and has a long tail of history behind it. We can trust those signals as a way to help verify identities without hampering the customer experience.”

 

E*TRADE uses a variety of Prove products including Prove’s Trust Score™ and Prove Identity™ across two key use cases:

Use Case 1: Validating identity at account opening

● Results: Sizeable decrease in account opening fraud

Use Case 2: Securing high-risk transactions

● Results: Able to see the risk and reputation of a phone number before sending an OTP

 

By using the latest reusable identity and cryptographic authentication technology, E*TRADE can provide faster, easier and safer experiences for its customers across the digital customer journey, upholding its longstanding reputation as the online trading pioneer.

“Adding more signals allows us to trust our digital customers more. It allows them to do more things on our site. We don't want to keep our customers out, we want them engaged so they can do the things they want to do,” said McNally. “We have a responsibility to help safeguard our accounts. Any time we can use more sophisticated means to serve and protect our customers, it’s a great opportunity for both us and our customers.”

McNally also touched upon the importance of working with partners who are open to collaborating to solve challenges together. “It’s critical to work with partners to see how you can continually improve your posture. Having good relationships with our partners like Prove to share our experiences and having an open dialogue has been invaluable for us.”

For more insights from Brent about the benefits, E*TRADE has seen leveraging mobile signals, watch the full webinar here.

Note: Webinar quotes have been edited for clarity and brevity.

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