Prove, the leader in digital identity, and Backbase, the world’s first AI-powered banking platform, today announced a strategic partnership aimed at transforming how financial institutions onboard new customers in the United States.
The integration brings together seamless, identity verification and secure customer experience to address two of the biggest challenges in digital banking today: fraud prevention and onboarding friction.
By embedding the Prove Pre-Fill® solution into the Backbase AI-powered Banking Platform, banks and credit unions can now offer a dramatically improved account opening and digital lending experience. With a customer’s consent, the Prove Pre-Fill solution uses their mobile phone number to instantly populate online forms with verified information like their Social Security number, name, address, and date of birth. This eliminates the need for manual data entry, creating a smoother customer experience with fewer errors and lower abandonment rates.
“By integrating Prove’s cutting-edge Pre-Fill technology, we’re helping banks and credit unions deliver faster and more intuitive onboarding while maintaining the highest levels of security,” said Mayank Somaiya, VP of Marketplace at Backbase. “This partnership confirms our commitment to delivering innovation that solves real problems for financial institutions and their customers.”
The solution also fortifies fraud defenses at the front door. The Prove Pre-Fill solution verifies customer information in real-time using Prove’s Identity Graph - a dynamic map of linked devices, credentials, and identifiers that allows Prove to confirm identity deterministically. Due to the effectiveness of the technology, bad actors self-select out resulting in less fraud, while customers experience a seamless onboarding journey.
“We’re thrilled to partner with Backbase to help institutions accelerate digital transformation while protecting their customers,” said Scott Greenhut, SVP of Channel & Partnerships at Prove. “Prove eliminates one of the biggest pain points in digital onboarding, while adding a layer of trust and security from the first interaction.”
Key benefits of the partnership:
Accelerated account opening by pre-filling digital forms with verified identity data
Reduced fraud and enhanced risk controls through application of Prove’s Global Fraud Policy
Improved customer experience that increases conversion and builds trust
Operational efficiency with fewer manual reviews and faster onboarding
The integrated solution is now available to financial institutions across the United States via the Backbase AI-powered Banking Platform. The initial use case focuses on account opening and onboarding, with further applications to follow.