Banking

Accelerate New Account Openings and Streamline Transactions

Help customers onboard and transact faster – all while keeping fraud in check with a modern identity verification and authentication solution.

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🎉

The world's best banks trust Prove

Proven Results

79 %

Faster Onboarding
‍

35 %

Less Onboarding Abandonment

29 %

Increase in Auto-Approvals

How Prove Helps Banks

Frictionless onboarding with optional KYC checks

Challenge

Balancing a smooth customer onboarding experience with strong fraud controls often requires trade-offs. To attract new customers, Banks need a streamlined solution that puts customers first.

Solution

Prove Pre-Fill™ streamlines customer onboarding while reducing fraud (mitigating bad actors) by auto-filling applications with verified customer data. Allow your new users to have greater access from Day 1.

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Reduce risk & fraud from
high-risk transactions

Challenge

Regulations complicate customer experiences, and companies are trying to balance policy adherence and risk/fraud management with also providing a streamlined customer experience.

Solution

Prove Identity™ verifies customers upon registration and across each transaction with real-time, proprietary risk & fraud signals that prevent Account Takeover and other fraud vectors in real time. Optimize risk & fraud management while improving customer experience.

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Enable TCPA and Safe Harbor compliance with intelligent phone number management

Challenge

Compliance with the Telephone Consumer Protection Act (TCPA) is critical to avoid fines but maintaining accurate customer phone numbers is challenging. On average, companies only have valid and up-to-date numbers for 50% of their customers.

Solution

Prove Identity Manager™ is a registry of tokenized customer identities that manages, adds, and updates customer phone numbers enabling greater accuracy and contactability, and providing assistance in complying with TCPA.

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Streamline account access and password resets

Challenge

Customers expect frictionless digital experiences, such as account access and password resets. Banks need to balance customer experience with managing risk and fraud.

Solution

Prove Auth™ offers a suite of passive and active authenticators to adapt to almost any customer’s authentication scenario across low-to-high risk events, minimizing customer friction while keeping fraud at bay. Replace One-Time Passcodes (OTPs), go passwordless, or add a seamless second authentication factor.

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Augment risk scoring models with proprietary telephony signals

Challenge

Fraudsters constantly test methods to defeat anti-fraud measures like account takeover and SIM swap attacks. Many risk models fall short in their ability to accurately confirm mobile device possession at the time of the transaction and/or report real-time Reputation scores.

Solution

Prove Identity™ and Prove Auth™, “PRO” (Possession, Reputation, Ownership) augments risk scoring models. With Prove, device Possession is confirmed at the time of both registration and subsequent access to mobile banking services, and Reputation (“Trust Score”) is measured in real time based on billions of signals from authoritative, making it a powerful proxy for digital identity and trust.

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“Prove's solution saved our call center. We implemented it proactively before we began seeing this surge, and we are so glad that we did. It has enabled us to increase our number match rate and cut down significantly on call wait times. It has very clearly made a difference for us!”

CALL CENTER AUTHENTICATION EXECUTIVE

TIER 1 BANK

“We are thrilled to partner with Prove. There’s no denying the rapidly growing interest in crypto investing – however, the industry has been faced with two major issues – accessibility and security. Our partnership with Prove will provide a seamless onboarding process for new users, strengthening safety and security for our platform’s entire community.”

Ray Youssef

CEO & Co-founder @Paxful

“Prove’s phone-centric identity signals were instrumental in helping us to protect our user base against SIM swap fraud. They provided us with one of the key signals we needed in order to detect account takeover attempts, thereby protecting our customers from huge potential losses."

Director of Data Science and Risk

Leading Cryptocurrency Wallet

webinar

Modernize Onboarding While Improving Trust and Safety with Phone-Centric Identity

Companies lose 75% of potential customers during digital onboarding, and time-consuming identity verification is often to blame.

In partnership with Marketplace Risk, this webinar provides real-world examples of how leading companies are adopting modern identity techniques to tackle the most significant challenges in digital onboarding and improve customer trust and safety.

blog

Key Challenges in RegTech Adoption for Financial Institutions

Over decades of operations and fine payouts, it became apparent that existing compliance practices cannot effectively dodge the bullet, no matter how much is invested in the legal/compliance departments.

blog

How to Stop Digital Banking Application Abandonment

According to a recent study by Signicat, the percentage of European consumers who abandoned a digital banking application surged from 38% in 2019 to 63% in 2020.

blog

Cost of Bank Misconduct

The highest fines result from operational risks, a clearly addressable area for RegTech. The use of AI/ML in RegTech solutions by various startups and incumbent GRC solution providers provides an opportunity for banks to address these areas of concern more efficiently.

View more resources

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Learn how our Banking solutions can help your business grow.

Accelerate New Account Openings and Streamline Transactions

The world's best banks trust Prove

Proven Results

79

%

35

%

29

%

How Prove Helps Banks

Frictionless onboarding with optional KYC checks

Challenge

Solution

Reduce risk & fraud from high-risk transactions

Challenge

Solution

Enable TCPA and Safe Harbor compliance with intelligent phone number management

Challenge

Solution

Streamline account access and password resets

Challenge

Solution

Augment risk scoring models with proprietary telephony signals

Challenge

Solution

Talk to an expert

Prove Awards

Reduce risk & fraud from
high-risk transactions