Over the past decade, the growth trajectory of digital business, especially for banks, financial services organizations, and digital marketplaces, has experienced a profound shift, with organizations increasingly prioritizing the efficient onboarding of businesses as customers. The challenge for these enterprises is that, while so much industry-wide effort has emphasized consumer onboarding, there has been very little focus on onboarding businesses. The process for B2B engagement is considered highly manual and time-consuming, but organizations know that the efficient onboarding of “good” businesses leads to higher revenue potential.
As companies expand their services or seek new revenue channels, it’s logical to incorporate other businesses as parts of their customer ecosystem. Business customers typically deliver higher volume transactions, more loyalty, and repeat business, they often purchase value-added services and products, and they tend to foster longer-term relationships.
Because of this, innovative financial services companies are seeking ways to acquire more B2B customers with tools and processes that deliver a rapid, seamless, and trusted experience. They’re learning that digital identity verification for businesses is the most effective way of identifying “good” business customers, and when done right, can deliver those customers faster than any other system.
The onboarding process is critical for this type of business growth, but there is a major distinction between onboarding individual consumers and onboarding businesses. For sure, identity is the critical element in determining the legitimacy of the customer entity for both types of users. However as onboarding of businesses is increasingly prioritized, customer experience teams can take advantage of best practices and business-specific tools to provide an effective path. Currently, most B2B onboarding experiences suffer from inefficiencies that include:
Prove has been delivering the most accurate digital identity verification platform for consumer identities for years, and is now delivering that same level of onboarding enablement to businesses. Prove Pre-Fill® for Business, powered by Prove Identity Network®, Prove’s identity platform, is delivering a new dimension to the business onboarding and verification process, offering a seamless experience while reducing fraud rates.
Prove Pre-Fill® for Business is the B2B counterpart to the Prove Pre-Fill® identity verification solution. It provides a comprehensive solution for organizations that want to onboard businesses by delivering faster onboarding, a decrease in abandonment, and a reduction in fraud (relative to attack rate). Business customers will get the same streamlined and frictionless onboarding experience, and organizations deploying Prove Pre-Fill® for Business can operate with the confidence that their identity verification solution is accurately confirming that data entered by a consumer matches data from a trusted source.
What’s especially interesting about Prove’s solution for business verification is that it delivers a radical shift from the methods that have been traditionally used to onboard enterprise customers. These methods were previously marked by a heavy reliance on back-and-forth checks, often requiring paperwork and documentation, and were lengthy and cumbersome. Each step in these legacy processes provided only incremental amounts of additional validation, and the length of time they required prevented the ability for both parties to transact. This resulted in frustration among businesses and caused many on the buy side to seek different vendors who could deliver goods and services with less operational friction.
Current trends reflect a global movement toward digitization, much of it accelerated by the COVID-19 pandemic which started in early 2020. This major global event prompted an urgent need for remote solutions, making digital onboarding a vital component of business continuity. Organizations realized that their ability to rapidly and seamlessly onboard new business customers directly correlated with their resilience and adaptability in the face of a very uncertain business future.
Fortunately, the existing model for onboarding was well established through consumer digital identity verification. As consumer expectations for immediacy and efficiency permeate the business-to-business (B2B) realm, companies are compelled to provide a user-friendly, rapid onboarding experience for their business customers. Failure to meet these expectations not only hampers customer satisfaction but also risks losing valuable opportunities to competitors who can offer a more agile onboarding process.
Business growth in this context hinges on the ability to capitalize on opportunities swiftly. In a highly competitive environment, where time-to-market is critical, companies that can digitally onboard new businesses faster gain a distinct advantage. The efficiency of onboarding directly influences the speed at which new customers can begin utilizing a company's products or services, translating into quicker revenue generation and a more rapid return on investment.
With this as background, the Prove team recognized the need for a solution that would enable B2B companies to achieve what their B2C counterparts have been doing successfully for years: combining speed with accuracy to ensure customer-provided information matches trusted data and do it in a rapid, frictionless way.
First, we sought input and collaboration with Prove customers and prospects and with a wide variety of top-tier banks, lending companies, marketplaces, and others that are seeking ways to dramatically increase business through volume B2B transactions. These types of companies are also all in markets that are highly susceptible to fraud. Customer trust is a critical issue, yet establishing it must not create any obstacles in the onboarding process.
With the feedback we received, it was clear that we had to extend the same fast, easy, and secure verification experience of Prove Pre-Fill® to business customers. Our solution is built to streamline the business onboarding and verification journey, providing a more seamless, efficient, and trustworthy experience. The aim is to enhance the overall integrity of the registration process for businesses.
In our work with B2B customers, we have and will continue to seek important input and apply that back into the continuous development of a solution that will give users material advantages. Our work is built around continuous learning of a few critical elements of B2B best practices and learnings, including:
We prioritize a mobile-centric strategy, establishing a rigorous level of confidence by linking individual applicants to their respective business entities. This approach effectively safeguards against fraudulent attempts to impersonate legitimate businesses, and it works for organizations in any sector. The checks that Prove Pre-Fill® for Business applies include:
Prove Pre-Fill® for Business verifies matches information received to data from a trusted source by cross-referencing it with the associated phone number through real-time, passive checks, ensuring a connection between the individual applicant and a business entity.
Effortlessly confirm business entities, EIN/TIN, documents, and more in real-time, empowering well-informed decision-making.
Every business possesses unique requirements for how they operate with customers, so Prove optimizes verification success rates by allowing users to adopt our suggested API configuration or customize it according to their specific business needs, considering both input and output requirements.
More companies are building customer trust with their customer growth efforts, and Prove Pre-Fill® for Business is delivering the foundation for how they operate in today’s economy. If you’d like to learn more about how Prove can help you improve and increase your business customers, learn more at https://www.prove.com/solutions/pre-fill-for-business.
Join over 1,000 businesses that rely on Prove across multiple industries, including banking, FinTech, healthcare, insurance, and e-commerce. Contact us today.
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.
Tap the button below to read our latest white-paper on the subject as industry leaders.
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.
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.
Let our expert team guide you through our identity verification and authentication solutions. Select a date and time that works for you.
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.
Download Aite-Novarica Group’s full report about Prove Pre-Fill, including a product overview, customer results, and how the product works.
Download the guide now to learn how you can improve security, cut down on fraud, and create the best possible customer experience.