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How Bilt Mastercard Boosted Onboarding Pass Rates to 90% with Prove

Goal : Streamline onboarding; fraud
mitigation; improve customer experience

Industry:  FinTech

CHALLENGE :

Bilt Mastercard was eager to elevate and differentiate its customer experience while reducing fraud in the credit card application process.

SOLUTION :

Using Prove Pre-Fill® hosted on AWS, Bilt achieved faster, more seamless customer application completions.

90%

Pass rate for their credit card applications

The Bilt Mastercard is a revolutionary credit card that enables cardholders to earn points by paying their rent at any apartment in the US with no transaction fees. Bilt has gained popularity since launching in June 2021 and was featured in CNN’s list of best cards with no annual fee, among other major media placements, but was eager to further elevate and differentiate its customer experience with best-in-class identity verification technology while also mitigating credit card application fraud (synthetic identity fraud at the time of account opening).

“Prove allows us to validate phone ownership and possession for 90%+ of users while also allowing us to pre-fill meaningful pieces of the application for those users, reducing the number of steps the users need to go through to sign up,”

Brandt Smallwood,
Head of Card at Bilt Rewards


Webinar:

How to Onboard 90% of Customers Quickly & Securely

Faster, easier, and safer account opening enhances Bilt’s unique value proposition

“While other solutions exist on the market, we found the Pre-Fill capability combined with the fraud prevention aspects that Prove offers to be differentiated and appealing, both solving a fraud/business need while also improving the customer experience,” explained Smallwood.

Up and running
in 48 hours

Smallwood continued: “We also were very impressed by Prove’s ability to move quickly to implement the product. From green-light decision to live, we and Prove stood up the capability in about 48 hours. It was straightforward and the Prove implementations team was helpful and responsive in answering questions and getting it done quickly.”

“For us, Prove is one of the few...possibly the only...fraud solution we have that actually reduces friction. What we find so powerful about Prove is it also validates possession of your device. So, as a fraudster, you would not only need to know the information, but you have to prove that you have access to the phone that's being entered, and that's a pretty powerful tool to stop fraudsters,” said Smallwood.

Brandt Smallwood, Head of Card at Bilt Rewards

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