Aite-Novarica Group recognized Prove Pre-Fill™ as an innovative technology that helps companies remove friction from onboarding processes to drive revenue with more sign-ups while also mitigating fraud
NEW YORK, NY, Sept. 15, 2021 – Prove, the modern way for businesses to enable their customers to prove their identities with just a phone, announced today that it has won a 2021 Aite-Novarica Fraud & AML Impact Innovation Award for its perception-challenging Prove Pre-Fill™ solution. Presented by Aite-Novarica Group, a global advisory firm providing mission-critical insights to the financial services industry, the award recognizes Prove Pre-Fill in the User Experience category as a game-changing solution that actually removes friction by adding more security.
“Fraud prevention professionals are often challenged with the level of friction that their risk controls inject into the end-to-end customer life cycle so as not to significantly disrupt the customer experience,” said Jim Mortensen, Strategic Advisor at Aite-Novarica Group. “Prove’s Pre-Fill solution is well-positioned to address these challenges with its ability to both authenticate individuals and markedly reduce friction through its auto-fill capabilities.”
Prove Pre-Fill helps companies drive more sign-ups and mitigate account opening fraud by auto-filling forms with authenticated identity data. Used across financial, FinTech, insurance, healthcare, cryptocurrency, retail, and marketplace industries, Prove Pre-Fill has been shown to deliver an 80% reduction in fields that need to be completed by users, resulting in increased customer sign-ups and reduced fraud.
Learn more about Prove Pre-Fill here.
Aite-Novarica Group’s Fraud & AML Impact Innovation awards program looked for organizations deploying new initiatives, products, and upgraded capabilities for more effectively and efficiently countering escalating financial crime threats and bringing our industry one step closer to next-generation financial crime-fighting innovation.
The award winners and finalists were selected based on the following criteria:
“We're extremely proud of the feedback that we've heard from clients about Prove Pre-Fill being a ‘game-changer’ solution that actually removes friction by adding more security,” said Greg Bonin, Prove’s CTO. “That's pretty revolutionary because typically, adding more security means more friction, but with Prove Pre-Fill, we can make onboarding easier and faster for new customers by also making it more secure. With Prove Pre-Fill, our clients have seen an avg. of 80% fewer fields that need to be filled out during onboarding, which translates to more signups and more revenue. They also protect against account opening fraud at the same time, and interestingly, fraudsters tend to self-identify by opting out of Prove Pre-Fill, which helps make it easier to identify them.”
The winners were selected by a global panel of both internal and independent experts on fraud and AML. The identification of any Aite-Novarica Group award winner or finalist is not an endorsement by Aite-Novarica Group of any vendor, product, or service. The awards will be presented during Aite-Novarica Group’s Financial Crime Forum taking place virtually on September 14 and 15, 2021.
Prove is the modern way for businesses to enable their customers to prove their identities with just a phone. We offer phone-centric solutions that enable our customers to acquire new consumers and engage with their existing consumers by removing friction while bolstering security and enhancing consumer privacy & consumer choice. Our solutions are used by more than 1,000 businesses across diversified industries, including banks, financial services, healthcare, insurance, and e-commerce. For the latest updates from Prove, follow us on LinkedIn.
Aite-Novarica Group is an advisory firm providing mission-critical insights on technology, regulations, strategy, and operations to hundreds of banks, insurers, payments providers, and investment firms—as well as the technology and service providers that support them. Comprising former senior technology, strategy, and operations executives as well as experienced researchers and consultants, our experts provide actionable advice to our client base, leveraging deep insights developed via our extensive network of clients and other industry contacts.
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