Accelerate new account openings and streamline transactions

Streamline customer onboarding and transactions while enhancing fraud prevention with modern identity verification and authentication solutions.

79%
Faster onboarding‍
35%
Less onboarding abandonment
28%
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.

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.

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.

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.

Frequently Asked Questions

How do banks use Prove for identity verification?

Banks use Prove to streamline new account openings, authenticate transactions, and prevent fraud. Prove's solutions — including Pre-Fill, Identity, Identity Manager, and Auth — enable 79% faster onboarding, 35% less abandonment, and 28% more auto-approvals. Nine of the top ten US financial institutions rely on Prove.

Is Prove used by major US banks?

Yes. Nineteen of the top twenty US banks use Prove for digital identity verification and authentication. Over 1,000 financial institutions trust Prove to reduce fraud while improving consumer experiences across digital banking channels.

How does Prove help banks meet KYC compliance?

Prove helps banks meet KYC (Know Your Customer) compliance requirements by providing real-time identity verification against authoritative data sources, TCPA compliance assistance through accurate phone number management via Prove Identity Manager, and streamlined onboarding flows that capture verified customer data from the start.