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Prove’s Scott Bonnell & Experts Offer Prescriptions for Reducing Onboarding Complexity

Kaushal Ls
February 23, 2024

Scott Bonnell, Prove’s Chief Revenue Officer, recently hosted a webinar with a panel of customer acquisition and fraud experts to discuss the critical use of identity verification methods to increase customer acquisition efforts. Bonnell was joined by Josh Welle (Associate Partner, McKinsey & Company) and Sachin Tandon (Global Banking Industry Strategist, Amazon Web Services) for a discussion about the steps that leading brands are taking to flip the traditional model on its head and leverage modern identity verification tools to improve the onboarding process up to 79% faster while also reducing account opening fraud by 75%.

Digital onboarding has become one of the most critical factors of an effective customer growth strategy. A recent survey indicates that more than half of consumers would opt out of signing up for new services if the identity verification process is sluggish. Historically, companies have perceived identity verification procedures as obstacles to acquiring new customers, causing friction and disrupting the customer journey. However, contemporary companies are challenging this notion by embracing specialized identity verification tools. These tools not only combat account opening fraud but also generate new revenue streams.

The participants pointed especially to the complexities in the financial services sector, where a variety of compliance and verification checks can lengthen the process and frustrate customers. These issues help to illustrate what customer experience and fraud teams are dealing with in today’s environment and form the basis for the discussion. The webinar broke down and drilled into the following topics:

Friction and Complexity Should Not Be the Onboarding Normal

Customers have a visceral distaste for anything that increases friction in the onboarding process. Studies underscore the gravity of these challenges, with abandonment rates soaring as potential customers balk at the prospect of cumbersome procedures. In this realm, understanding and mitigating friction and complexity are essential for businesses seeking to forge enduring relationships with their digital customers. Concerns include:

  • Lengthy Application Processes: Complicated forms, excessive data gathering, and sluggish verification procedures dissuade potential customers. Studies reveal that more than 50% of prospects abandon applications due to time-consuming procedures.
  • Lack of Omnichannel Support: Inconsistent experiences across platforms and the necessity for manual verification exacerbate delays and customer dissatisfaction.
  • Lack of Personalization and Understanding: The one-size-fits-all approach fails to tailor onboarding experiences to individual needs and alienates customers.
  • Poor Communication: Insufficient instructions, updates, and progress tracking leave customers feeling uninformed and uncertain.
  • Legacy Systems and Siloed Data: Outdated technology leads to inefficiencies and obstructs a holistic customer view, hampering personalization efforts.
  • Strict KYC/AML Requirements: Necessary regulations to combat fraud contribute to complexity and friction during onboarding.
  • International Complexities: Diverse regulations and processes across jurisdictions complicate onboarding for global customers.

A Better Approach to Onboarding and Fraud Reduction

Yet, even with these challenges, the group sees hope with effective identity verification solutions. For example, financial services leader Synchrony is using Prove's cryptographic authentication model and is seeing a surge in approved accounts. The company is witnessing enhanced completion and approval rates while experiencing a mere fraction of the fraud compared with the legacy tools they had used previously. 

Bonnell explained the PRO (Possession Reputation and Ownership) approach used by Prove: “Our customers see pass rates in excess of 90% with 3 basis points of fraud. The key to our success is leveraging the unique relationship between the customer and their phone and its SIM card. Understanding the ownership of the phone, the tenure of that relationship, and confirming the possession of the phone creates a high bar for security.  By confidently asserting that it is the right person, we unlock unlimited possibilities for how to engage with you for our customers.”

To learn more about the current state of customer onboarding and how to optimize it while mitigating fraud, check out the webinar, Increasing Customer Acquisition: Modern Approaches to Identity Verification.

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