The Unexpected Way That Leading Firms Are Reducing Fraud by 75% While Accelerating Onboarding by 79%

The COVID-19 pandemic dramatically accelerated the adoption of a digital-first mentality with more consumers than ever accessing digital banking and e-commerce in their daily lives. Of course, fraudsters were not far behind in taking advantage of these shifts in behavior, and fraud losses have soared as a result. These two trends have highlighted the need for disruptive technology in the identity verification market—modern tools that can securely verify customer identities and prevent fraud while also providing the seamless experience that consumers expect.

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Prove CEO Rodger Desai recently joined Shirley Inscoe, Strategic Advisor at Aite-Novarica Group to discuss what these modern tools look like and how forward-thinking firms are using them to create faster, safer, and easier customer experiences. Their case study walkthrough looked at how three leading companies—in the fintech, credit/payments, and healthcare spaces—have used Prove’s Pre-Fill onboarding solution to achieve the following results:

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• Company A reported a 78.7% decrease in average onboarding completion time (47 seconds to 10 seconds) with Prove Pre-FiIll as well as a 28.8% increase in total applications approved (from 73% to 94%).
• Company B said that its append rate is now “significantly higher” with Prove Pre-Fill, and its application completion rate doubled (with Prove Pre-Fill used in conjunction with another vendor).
• Executives with Company C credit much of the company’s new patient registrations to the use of its user-friendly mobile registration process powered by the Pre-Fill product. Company-C experienced a 151% increase in new patient registrations since Prove Pre-Fill was implemented.

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During their discussion, Desai touched upon an additional benefit of Prove Pre-Fill that has been rather unexpected for some of Prove’s customers. Several Prove customers have reported that Prove Pre-Fill has 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.

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“What was surprising to us was that the 7% of folks who said no [to Prove Pre-Fill] contained all of the fraudsters. Because if I’m pretending to be Kaitlyn but I don’t have her phone in my hand, I have to say no thank you to Pre-Fill and type in her info by hand. So it effectively provides a VIP lane for the good, which is most customers and transactions, and sequesters the questionable for further inspection.”

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Watch the full webinar here to learn more

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Inscoe then gave an overview of each case study Aite-Novarica put together based on her interviews with five different executives at the three companies. She also gave some commentary on her own personal take after speaking with Prove customers: 

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“One comment I’d like to make about all of the executives I spoke with—because I am a former banker, and one of my responsibilities in my career was to be the person responsible for making sure we were leading edge compared to our peers—as I talked to the executives at these three firms, they all spoke so highly of Prove, the process to implement Prove, how easily that implementation process went, how quickly it went, the support that was provided, and I couldn’t believe my ears because as an ex-banker, we always found something to criticize about any vendor,” explained Inscoe.

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“As a disclaimer, we at Aite-Novarica Group never endorse any vendor,” she continued. “I am simply reporting what was shared with me by these firms but it was very impressive because again, I don’t think I’ve ever talked to users of any product where I didn’t hear any complaints… So I just have to say that I was extremely impressed after talking to all three of these clients.” 

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“As one executive said to me when I interviewed him, ‘Prove really set a new bar by which we should measure all vendors’ because he was so impressed with the support provided, the team at Prove, their dedication to making sure the client was pleased.” 

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If you’d like to see how Prove Pre-Fill can help your organization mitigate account opening fraud while also accelerating your onboarding, contact us through the form below.