Socure Impact Stories: Leveraging Socure's ID+ Platform for a Top 10 US Bank

Financial institutions are dealing with ineffective identity verification systems that send many customers to time-consuming manual reviews. This creates significant amounts of friction that cause headaches for banks and customers alike.

The bank, which processes over 600,000 new account applications per month, wanted to improve the customer onboarding experience for its customers and strengthen its identity fraud prevention measures. The bank’s old process forced 16% of applicants into fraud review while capturing less than 50% of fraud. Even worse, 6.7% of its applicants were sent to manual reviews by a customer agent, leading to unnecessary friction and potential customer dissatisfaction. This friction led to fewer new customers joining the bank every year and greater operating expenses for customer support.

To address these challenges, the bank evaluated Socure’s ID+ platform against its incumbent solution.

Socure Impact: Auto-Approving More than 10,000 New Booked Accounts Each Month

Socure’s ID+ platform promised a comprehensive solution with robust identity verification using a single API. The proof of value exercise aimed to quantify the potential benefits of adopting Socure’s solution across three key areas: friction reduction, risk mitigation, and net new account creation.

The evaluation revealed that Socure’s combined identity verification and fraud stack could reduce friction such as for all applicants by over 50% — significantly improving the overall customer experience. We estimate that, across the board, we can increase the bank’s new account openings by 128,000 per year.

Approving New Accounts

For known good applicants, Socure’s platform could auto-approve 80% of the accounts currently subjected to manual review, streamlining the process and reducing operational overhead. That enabled the bank to auto-approve an extra 8,220 customers per month without the need for manual review.

Identity Theft Detection

Socure’s advanced fraud detection capabilities demonstrated the potential to reduce identity theft cases by 50%, a substantial improvement over the bank’s existing system. This enhanced risk mitigation would be achieved while subjecting only 1% of applications flagged for identity theft to manual review, compared to a previous number of 16%, minimizing operational burden.

Account

The most compelling benefit? The potential for net new account creation among demographics typically forced into manual reviews due to poor identity verification coverage. Currently, 10.74% of these “unknowns” — 22,909 per month — are subjected to friction and end up in an unknown customer status. Socure’s platform could auto-approve approximately 57% of these accounts, and assuming existing take rates (82.3%), an estimated 10,694 new booked accounts could be generated monthly.

The Transformative Potential of Socure ID+

By reducing friction, mitigating risks, and driving new account creation, the bank could not only enhance the customer experience but also realize significant operational efficiencies and revenue growth opportunities.

As financial institutions navigate the ever-evolving landscape of digital transactions and fraud threats, innovative solutions like Socure’s ID+ platform offer a compelling value proposition. By leveraging advanced technologies and integrating identity verification and fraud prevention capabilities, institutions can strike the perfect balance between customer satisfaction and risk management, positioning themselves for long-term success in a highly competitive market.