Socure and ServiceNow create the banking experience of the future
INCLINE VILLAGE, Nevada–(BUSINESS WIRE)–Socure, a leader in digital identity verification and anti-fraud solutions, today announced integration with ServiceNow’s Financial Service Operations product. Financial institutions that leverage the integration between ServiceNow Financial Services Operations and Socure’s Identity Verification Platform will quickly onboard more accounts, deliver differentiated customer onboarding experiences, reduce risk, and lower acquisition costs of customers.
Socure’s integrated digital identity verification technology will provide key decision elements for customer onboarding workflows built with ServiceNow Financial Services Operations. Socure’s graph-defined identity verification and fraud platform combines advanced machine learning and artificial intelligence with all elements of a consumer’s identity to deliver the verification and verification solutions. most accurate and robust identity proofing, Know Your Customer (KYC) and fraud risk prediction tool on the market. . Banks, Credit Unions, Wealth Managers, Asset Managers, Neobanks and FinTechs can now deliver more immediate and convenient customer onboarding experiences with digital identity verification built into operations financial services.
Financial institutions can significantly increase auto-acceptance rates, reduce false positives, and reduce friction. They can optimize the digital customer experience at the application level, account update, password reset, high-value transactions, and throughout the customer lifecycle. ServiceNow’s built-in integration with Socure allows financial institutions to easily integrate Socure APIs into workflows developed with Financial Services Operations.
“Frictionless account onboarding and fraud prevention are critical to Socure,” said Evan Rabinowitz, vice president of business development, Socure. “Our recently launched integration with ServiceNow Financial Services Operations provides best-in-class identity verification technology and revolutionizes how our joint customers can securely add new consumers to their ecosystem. »
“In today’s digital first landscape, new account openings at financial institutions are exploding. Consumers and businesses now expect an effortless onboarding experience from their financial institution or they will find an alternative,” said Tammi Shapiro, vice president and chief financial services product officer at ServiceNow. “With Financial Services Operations, our goal is to create those simplified, effortless experiences that go from how a customer interacts with their financial institution to how they are served and satisfied upstream, starting with onboarding. We chose to integrate with Socure’s identity and fraud verification platform because of its industry-leading accuracy. This built-in capability helps deliver seamless onboarding experiences and reduces fraud for new accounts, while maintaining regulatory compliance..”
Product highlights of the Socure ID+ platform include:
Graph Defined Identity Verification Platform
Socure has built the industry’s most comprehensive identity graph that analyzes and correlates all facets of a digital identity, using over 17,000 features, eight billion rows of data and a continuous feedback loop of decision outcomes of over 1,000 customers from all industries to provide the most trusted new user reviews on the market.
Socure’s patented inclusive KYC solution automates customer identity verification, enabling organizations to automatically approve up to 98% of customers while meeting compliance requirements. It uses advanced ML and search analytics to achieve the highest match accuracy in the industry, including up to 94% for hard-to-identify populations such as Gen Z, Millennials, Dark Credit, lightweight files and newcomers.
Accurate and robust protection against fraud risks
The Socure Sigma Fraud Suite provides machine learning models that are trained and refined through an automated process that adapts to emerging fraud trends and uses the most predictive features possible, leveraging both performance feedback good and fraudulent from a network of business customers across a variety of industries. It is continuously optimized to ensure the highest possible levels of accuracy when receiving customer data input which continuously improves model performance and is designed to capture multiple types of third-party and synthetic identity fraud. Socure captures up to 90% of fraud among the 3% most at-risk users and reduces false positives by more than 13 times compared to existing solutions.
Predictive verification of identity documents
Socure’s Predictive DocV provides automated, hyper-accurate and holistic decision-making in seconds by applying hundreds of predictive cues in addition to identity verification, liveness detection and biometric face matching, to reduce manual processes and user abandonment while identifying more good customers and eliminating fraudsters in real time. Cited as the best identity verification solution on the market by the Aite-Novarica Group, DocV verifies thousands of identity documents worldwide from 195 countries.
Screening with surveillance
Socure’s sophisticated matching algorithms, proprietary data, and true continuous monitoring deliver industry-leading accuracy and uninterrupted compliance with AML and KYC regulations. Customizable date of birth thresholds, unique HIDTA and HIFCA listings, and the ability to resolve to an individual by pairing with other Socure KYC datasets deliver best-in-class results.
Socure is the leading platform for digital identity verification and trust. Its predictive analytics platform applies artificial intelligence and machine learning techniques with reliable online/offline data intelligence from name, email, phone, address , IP address, date of birth, SSN, device, speed, behavior, physical documents and the wider internet to verify identities in real time. time, no matter how the identity is presented. The company has more than 1,000 customers in financial services, government, gaming, healthcare, telecommunications and e-commerce, including four of the top five banks, seven of the top 10 card issuers, three of the top ESM, top payroll providers, #1 credit bureau, #1 online gaming operator, #1 buy-it-now,-pay-after (BNPL) providers, and over 250 of the biggest fintechs. Marquee customers include Chime, SoFi, Varo, Public, Stash and DraftKings. Socure customers have become investors in the company, including Citi Ventures, Wells Fargo Strategic Capital, Capital One Ventures, MVB Bank, Voyager and Synchrony. Other investors include Accel, T. Rowe Price, Bain Capital Ventures, Tiger Global, Commerce Ventures, Scale Venture Partners, Sorenson, Flint Capital, Two Sigma Ventures and others.
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