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In today's fast-paced financial landscape, financial institutions must stay ahead of the curve when it comes to account opening and onboarding. Digital account opening, empowering a prospective client to securely and efficiently open a new account, is key to how banks, credit unions and other financial institutions grow their business and expand their portfolio. Regardless of the time, money and other resources a financial institution invests in marketing to the right target prospect and tailoring an attractive offer, it’s worthless if that prospective customer can’t complete the process due to a poor account opening experience. Unhappy customers vote with their feet. A recent Experian study found that of the more 2,000 consumers surveyed who’d opened a new account in the last six months, 37% took their business elsewhere due to a negative account opening experience.   The choice of a reliable partner can make all the difference to your account opening and onboarding experience. The right partner must provide your financial institution with access to the freshest credit data; advanced analytics, scores and models to empower you to say yes to the right customers that meet your lending criteria; and industry-leading decision engines that make the best decisions and enable you to provide a seamless customer experience.  Moreover, the right partner will also help you in maintaining high levels of security without compromising user experience, all while adhering to regulatory compliance.  Recently, Liminal, a leading advisory and market intelligence firm specializing in the digital identity, cybersecurity, and fintech markets, released its highly anticipated Link™ Index Report for Account Opening in Financial Services, which evaluates solution providers in the financial sector, in the areas of compliance and fraud prevention for account opening. The report recognized Experian as a market leader for compliance and fraud prevention capabilities and market execution. Experian’s identity verification and fraud prevention solutions, including CrossCore® and Precise ID®, received the highest score out of the 32 companies highlighted in the report. It found that Experian was recognized by 94% of buyers and 89% identified Experian as a market leader.   “We’re thrilled to be named the top market leader in compliance and fraud prevention capabilities and execution by Liminal’s Link Index Report,” said Kathleen Peters, Chief Innovation Officer for Experian’s Decision Analytics business in North America. “We’re continually innovating to deliver the most effective identity verification and fraud prevention solutions to our clients so they can grow their business, mitigate risk and provide a seamless customer experience.”  You can access the full report here. To learn more about Experian’s award-winning fraud solutions, visit our identity fraud hub.  Download Liminal Link Index Report

In today’s age, where speed and convenience are paramount, lenders must transform their digital income verification experience to meet customer expectations. Leveraging the benefits of instant verification is crucial to delivering a seamless experience. However, there are situations where instant verification may not be available or unable to verify customers. This is where the value of incorporating user-permissioned verification into your workflow becomes evident.   Let’s explore the advantages of using a combination of instant and permissioned verification and how they can synergistically enhance coverage, reduce costs, improve efficiency, and deliver an exceptional customer experience.  Instant verification: The epitome of efficiency and experience  Instant verification technology enables lenders to access real-time customer data, making it the pinnacle of verification efficiency. Its ability to deliver immediate insights facilitates quick decision-making, ensuring a seamless and frictionless experience for lenders and customers. There are several benefits to streamlining your verification process, including:   Speed and efficiency: Eliminate the time-consuming process of manually gathering and analyzing data to expedite loan approvals and reduce customer waiting times.  Enhanced user experience: With real-time results, customers can complete their applications quickly and effortlessly, leading to increased satisfaction and higher conversion rates.  Reduced risk: Assess applicant information promptly, maintaining the security and integrity of lending processes.  Permissioned verification: Expanding coverage and engaging customers  While instant verification technology offers numerous advantages, it may not always be available or suitable for every customer. This is where permissioned verification plays a vital role. By integrating permissioned verification into the verification workflow, lenders can expand coverage and keep customers engaged in a digital channel, reducing abandonment rates. The benefits of leveraging permissioned verification include:  Convenience and speed: By granting permissioned access, customers avoid the hassle of uploading or submitting documents manually. This saves time and effort, resulting in a faster verification process.  Increased coverage and reduced abandonment: Permissioned verification ensures a higher coverage rate by minimizing the potential for customer abandonment during the application process. Since the information is retrieved seamlessly, customers are more likely to complete the application without frustration.  Privacy and control: Customers retain control over their data by explicitly granting permission for access. This enhances transparency and empowers individuals to manage their financial information securely.  Creating a verification "waterfall" for optimal results  To harness the combined power of instant and permissioned verification, lenders can establish a verification "waterfall" approach. This approach involves a cascading verification process where instant verification is the first step, followed by permissioned verification if instant verification is not available or unable to verify the customer.                                              Example of Experian Verify’s automated verification waterfall.  There are numerous advantages to adopting a “waterfall” approach, including:   Cost efficiency: Lenders who prioritize instant verification save on operational costs associated with manual verification processes. The seamless transition to permissioned verification reduces the need for manual intervention, minimizing expenses and improving efficiency.  Improved verification success rate: A verification waterfall ensures that alternative verification methods are readily available if the initial instant verification is unsuccessful. This increases the overall success rate of verifying customer data and reduces the likelihood of losing potential borrowers.  Enhanced customer experience: The combination of instant and permissioned verification creates a streamlined and frictionless customer experience. Customers can progress seamlessly through the verification process, reducing frustration and increasing satisfaction levels.  Propelling your business forward  In the dynamic landscape of lending, a combination of instant and permissioned verification technologies provides significant value to lenders and customers. While instant verification delivers unparalleled efficiency and experience, incorporating permissioned verification ensures expanded coverage, reduced abandonment rates, and a seamless digital journey for customers. By implementing a verification "waterfall" approach, lenders can optimize verification processes, reduce costs, improve efficiency, and ultimately deliver an exceptional customer experience.  Learn more about our solutions The advantages of instant and permissioned verification *This article leverages/includes content created by an AI language model and is intended to provide general information.

Are you looking for ways to make your financial institution more secure without adding unnecessary friction to the customer experience? Automated identity verification is an essential part of this process, safeguarding sensitive consumer information and helping to prevent fraud. This blog post will serve as the ultimate guide to automated identity verification so that you can understand why it's important and how it works. We'll cover all the details, like what automated ID verification is, how authentication software works with identifying documents, why automated identification technology is preferred over manual processes, and tips on implementing automation identity verification solutions into your business practices.   What is automated identity verification?  Automated identity verification is a secure, efficient process for verifying the identity of individuals or entities. This process is integral in various industries, especially the financial sector, to curb identity theft and fraudulent activities. It operates by using advanced analytics and authentication software that cross-references the provided data with a set of stored information. This technology eliminates  manual ID verification, saving time and improving accuracy. ID verification automation uses artificial intelligence and machine learning to compare identifying credentials against various authenticating sources.   Automated identity verification also comes into play for employment and income verification. Experian VerifyTM enables businesses through precise, real-time employment and income verification, ultimately helping businesses reduce risk, accelerate conversion and remove friction.   For a more comprehensive understanding of automated identity verification, you can visit Experian's Identity Verification Solutions webpage, which provides a deep dive into the intricacies of identity verification, including insights on its importance in modern business operations and how it keeps your business secure.  Benefits of automated identity verification for businesses and consumers   Automated ID verification has revolutionized the way businesses conduct their operations and interact with customers. For businesses, AIV offers a range of benefits such as:  Improved efficiency – businesses can automate the time-consuming process of identity verification, freeing up resources (staff) to focus on other critical tasks.  Enhanced security – the technology ensures that customer data is secure and accurate, minimizing fraud risks and/or data breaches.  Reduced costs – with the process being faster and more secure, costs are reduced as a byproduct.  On the other hand, consumers enjoy a hassle-free experience as they can verify their identity within seconds, without  physical documentation. This is essential for today’s consumers who expect frictionless experiences that keep them and their information safe.   Data from Experian’s annual U.S. Identity and Fraud Report reflects these sentiments: 37% of consumers moved a new account opening process to another organization because of a poor experience; 95% of consumers say it's important to be repeatedly recognized online by businesses; and 60% of consumers are concerned about their online privacy. With automated identity verification, businesses can build trust, streamline their processes, and ultimately improve their bottom line.  Furthermore, automated identity verification is a necessary component for businesses to minimize fraud risks in our evolving digital landscape. Living in an era where cybercrime is rampant, AIV safeguards businesses from potential fraudulent attempts and data breaches that could cause significant financial and reputational damage.   From a compliance standpoint, automated identity verification ensures regulatory compliance, which is critical, considering the stringent regulations regarding customer data protection. Non-compliance can lead to severe legal repercussions and financial penalties. For financial institutions, Know Your Customer (KYC) policies must include Customer Identification Programs. Experian can help across the entire customer journey, from onboarding through portfolio management, while reducing risk of non-compliance and providing seamless authentication.  Common challenges of automated identity verification   As more companies turn to artificial intelligence and automation to deliver superior customer service experiences, the challenges businesses face have multiplied. One of the most common issues is ensuring identity proofing and accurate information protection within their networks. Although account takeover prevention has become more advanced, fraudsters still use increasingly sophisticated methods to circumvent it. As such, businesses must continuously develop new strategies to overcome these challenges, ensuring that their AI-powered solutions continue to provide reliable and secure user experiences.  Types of identity verification solutions   As the digital world continues to evolve, automated identity verification solutions have become a crucial part of online interactions. These solutions not only enhance security measures, but also provide faster and more efficient ways of identifying individuals.   For instance, facial recognition is one example. Experian’s CrossCore® Doc Capture enables confident identity verification via facial recognition, which scans a person's face and compares it to their identification documents. Another type is voice recognition, which uses speech patterns to verify an identity. Additionally, document verification scans and validates various identification documents, such as driver's licenses and passports. It's essential to choose the most suitable AIV solution for your organization to ensure robust and reliable security measures.  How to implement an automated ID verification solution   It’s not new news that identity theft and fraud continue to be major concerns, particularly in an increasingly digital-only world.  Implementing automated identity verification solutions to safeguard against such threats can seem daunting, particularly for businesses with limited IT resources. However, the benefits of automated ID verification, such as increased accuracy and efficiency, make it a worthwhile investment. When choosing a solution,  consider factors such as the level of security provided, ease of implementation and integration with existing systems, and the ability to customize rules and settings. With careful planning and the right solution, , organizations can take a significant step towards improving their security posture and protecting their customers.  Best Practices for automated identity verification  Automated identity verification presents one way that financial institutions can increase automation. In doing so, organizations can improve accuracy, speed, and security in the verification process. One technique that has proven effective is the use of biometric technology, such as facial recognition and fingerprint scanning, to verify a person's identity. Additionally, utilizing various data sources, such as credit bureaus like Experian and government agencies, can increase the accuracy of verification. Implementing these best practices can not only save time and resources but also enhance customer experience by providing a seamless and secure verification process.  In summary, automated identity verification is a vital tool for businesses and consumers to enhance their safety and security when engaging with customers. Automated identity verification streamlines customer processes across the lifecycle by eliminating manual checks and lengthy delays. As technology continues to evolve, it’s important for organizations to remain mindful that the methodologies used within automated identity verification will rapidly change as well. The key is to stay ahead. Automated identity verification solutions offer many advantages for businesses who want to maintain their trustworthiness while staying competitive in an ever-changing market.  To learn more about Experian’s automated identity verification solutions, visit our website.    Learn More *This article includes content created by an AI language model and is intended to provide general information.