Prove was joined by Experian, Bilt Rewards and other fintech, banking, and technology leaders at the iconic New York Stock Exchange last week to discuss how companies are using advanced digital identity techniques to drive revenue and gain market share.
The event began with a walk across the exchange’s famed trading floor, where guests participated in a viewing of the closing bell.
Guests then made their way to the NYSE’s historic Siebert Hall room (named for Muriel Siebert, the first woman to buy a seat on the New York Stock Exchange) to participate in a thought-provoking panel discussion moderated by Tad Nacheff, New York Regional Head of Capital Markets, NYSE.
The panel, featuring Rodger Desai, CEO, Prove; Marika Vilen, SVP, Global Identity & Fraud, Experian; and Brandt Smallwood, Head of Card, Bilt Rewards, discussed how companies are using advanced digital identity techniques to drive revenue and gain market share.
“What a fitting setting here at the New York Stock Exchange for this discussion,” said Desai. “If you look at the Fortune 500 just 25 years ago, we saw many of the older brands replaced by newer challenger brands, and some of those names have been very unexpected. In our view, over the next 10, 15 years you’re going to see names you might not expect because of how easy it is to do business with them online. Security of course matters and privacy matters but simply put, businesses that are easy to work with will have increasing market share compared to competitors. Ease and customer experience will be the next thing that reshuffles the Fortune 500 and digital identity is a key part of that.”
Smallwood also emphasized the importance of using digital identity as a tool to not only prevent fraud but also improve the consumer experience:
“There are two ways to approach fraud and identity verification,” Smallwood explained. “You might be forced to make a change because you're losing money to fraud and you end up adding friction to the customer experience. Or you can make a change where you keep the customer in mind, and you mitigate fraud but you also improve the experience too.”
“What I like about Prove is we needed to implement a way to stop fraud but with Prove’s Pre-Fill solution, we actually made our customer experience more frictionless and better,” continued Smallwood. “I think as long as there are companies that approach the problem of fraud, not just as “we have to stop this”, but “we have to stop this and do it in a way that improves the customer experience”, those will be companies that differentiate themselves.”
Vilen highlighted the need for partnership and collaboration as key to advancing digital identity:
Fraudsters are always evolving and finding new ways, said Vilen. “So that's why it's key to combine multiple signals. Not just one signal, for example, just document verification. You need multiple signals and that's the way to stay ahead of fraudsters. And that's also the way we believe that we can secure good customers so there's less friction in your customer experience, but also at the same time, stop fraud.”
The panel discussion was followed by cocktails, canapés, and conversation.
Guests enjoyed the evening’s signature drink - the Prove Potion!
🙏 A heartfelt thank you to everyone who joined us for this very special evening and thank you to Alexandra Perry and the whole NYSE team for helping us to create this unique experience for our guests.
For the full event gallery, please visit this link.
Panel quotes have been edited for brevity and clarity.
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