Don't miss out! Join us at
2024 featuring Fraud Fight Club on April 25th
arrow icon

How the Bilt Mastercard Increased Its Onboarding Pass Rate to 90%+ with Prove Pre-Fill

Post by:
Yuka Yoneda
June 28, 2022
Post by:
No items found.
June 28, 2022
How the Bilt Mastercard Increased Its Onboarding Pass Rate to 90%+ with Prove Pre-Fill

The Bilt Mastercard is a revolutionary credit card that enables cardholders to earn points by paying their rent at any apartment in the US with no transaction fees. Bilt has gained popularity since launching in June 2021 and was recently featured in CNN’s list of best cards with no annual fee, among other major media placements, but was eager to further elevate and differentiate its customer experience with best-in-class identity verification technology while also mitigating credit card application fraud (synthetic identity fraud at the time of account opening).

“We were looking to solve two primary challenges: reducing fraud through phone ownership and possession verification and improving the customer experience by reducing friction in the credit card application process,” said Brandt Smallwood, Head of Card at Bilt Rewards.

To achieve these goals, Bilt turned to Prove Pre-Fill, an award-winning onboarding solution that leading firms are leveraging to drive 79% faster onboarding, 35% less account opening abandonment, and 75% less fraud (based on third-party interviews conducted with executives at Prove customer companies). 

Bilt Mastercard’s Results Using Prove Pre-Fill

After implementing Prove Pre-Fill, Bilt Mastercard found that their credit card application pass rate increased to over 90%, resulting in a faster, more seamless experience for the majority of users that encourages more users to complete their applications.

“Prove allows us to validate phone ownership and possession for 90%+ of users while also allowing us to pre-fill meaningful pieces of the application for those users, reducing the number of steps the users need to go through to sign up,” said Smallwood.

Related: How Prove Pre-Fill accelerates onboarding by 79% while mitigating fraud

Why Bilt Mastercard Selected Prove

“While other solutions exist on the market, we found the Pre-Fill capability combined with the fraud prevention aspects that Prove offers to be differentiated and appealing, both solving a fraud/business need while also improving the customer experience,” explained Smallwood. 

Implementation Was Fast and Easy

Smallwood continued: “We also were very impressed by Prove’s ability to move quickly to implement the product. From green-light decision to live, we and Prove stood up the capability in about 48 hours. It was straightforward and the Prove implementations team was helpful and responsive in answering questions and getting it done quickly.” 

Prove Pre-Fill is a Differentiator for the Bilt Mastercard

Thanks to Prove Pre-Fill, Bilt Mastercard can offer its prospective customers a faster, easier, and safer account opening that aligns with its unique and modern value proposition right from the first interaction.

“We’ve been very pleased with the service and if the needs arose, would certainly consider other Prove solutions,” said Smallwood.

For more information about how Prove Pre-Fill can enhance your customer onboarding experience, head to our solution page here or request a demo today.

Create secure frictionless customer experiences using modern identity solutions

Join over 1,000 businesses that rely on Prove across multiple industries, including banking, FinTech, healthcare, insurance, and e-commerce. Contact us today.

Prove: the world’s most accurate identity verification and authentication platform

Trusted by 1,000+ leading companies to reduce fraud and improve consumer experiences. Contact us today to learn how you can frictionlessly secure your digital consumer journey — from onboarding to ongoing transactions.

Keep Reading...Read our latest white-paper on this subject!

Tap the button below to read our latest white-paper on the subject as industry leaders.

Accelerate your onboarding

Contact us to learn how leading companies are using Prove Pre-Fill to modernize the account creation process by shaving off clicks and keystrokes that kill conversion.

Create frictionless customer experiences

Get in touch to find out how we can help you identify your customers at every stage of their journey and offer them seamless and secure experiences.

Schedule a demo

Let our expert team guide you through our identity verification and authentication solutions. Select a date and time that works for you.

Schedule a demo

Find out how we can help you deliver seamless and secure customer experiences that comply with PSD2/SCA. Select a date and time that works for you.

Interested in more information about Prove Pre-Fill?

Download the Report

Download Aite-Novarica Group’s full report about Prove Pre-Fill, including a product overview, customer results, and how the product works.

Interested in more information about MFA?

Download the guide now to learn how you can improve security, cut down on fraud, and create the best possible customer experience.