To support credit unions and banks in the US, Prove has teamed up with Backbase to enhance their customer onboarding processes. This collaboration aims to streamline identity verification and create a seamless customer experience.

By incorporating Prove Pre-Fill into Backbase’s AI-driven Banking Platform, financial institutions can now provide an enhanced account opening and digital lending process. Upon obtaining the customer’s consent, Prove utilizes their mobile number to automatically fill out online forms with verified data such as social security numbers, names, addresses, and dates of birth. This approach minimizes manual input errors and reduces the likelihood of form abandonment.

Better Onboarding and Security

The joint effort between Prove and Backbase is designed to offer a faster and more user-friendly onboarding process while maintaining strong security measures. The partnership underscores Backbase’s dedication to providing solutions that address real-world challenges faced by financial institutions and their clients.

The new solution also boosts fraud prevention by leveraging Prove’s Identity Graph, which helps in verifying customer information in real-time. This technology not only enhances the detection of fraudulent activities but also provides a more intuitive journey for customers.

This partnership addresses a critical challenge in digital onboarding while adding an extra layer of security. The advantages include quicker account creation through pre-filled forms with verified data, reduced fraud risks via Prove’s Global Fraud Policy, improved customer experience leading to higher conversion rates, and increased operational efficiency by decreasing the need for manual reviews.

The solution is currently accessible to financial institutions in the US through Backbase’s AI-driven Banking Platform. Its primary application is in account opening and onboarding, with additional features expected to be introduced shortly.