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).
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.
“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.
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.”
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.
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