Friction is your worst enemy when it comes to applicant onboarding. With Plaid, we’ve seen an increase in automatic qualifications for our applicants by 30%+. Instant verification of an applicant’s identity and ability to repay, better user experience and lower fraud all in one integration.”- JOSHUA TATUM, CPO & CO-FOUNDER
New identity verification experience
Plaid recently announced the launch of a brand new identity verification experience. Plaid is pioneering a “verify once, verify everywhere” experience that enables speedier verification while still being KYC compliant for digital banking, much how e-commerce companies have delivered on the promise of “one-click” checkout. Identity Verification, which debuted last year, streamlines the onboarding process for clients, increases the number of verified users, and cuts down on fraud with a single Plaid integration.
Since then, Plaid Identity Verification has been selected by hundreds of businesses in the lending, wealth, proptech, and banking industries. Many of these businesses report success rates of 90% or higher, which is an increase of up to 50% from their previous suppliers. Until recently, users had to go through the complete identity verification process every time they wanted to sign up for a new digital banking service.
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“verify once, verify everywhere”
Whether you’re establishing a bank account, asking for a loan, purchasing a vehicle, or renting an apartment, verifying your identity is a required first step in utilizing any digital financial tool or service. Plaid now offers users the option to safely save their identity verification information. Plaid can reliably identify returning user when they sign up for more Plaid-powered applications. After we have verified the user’s identification via security checks on their phone number and mobile device, we streamline their experience by giving them the option to rapidly review and submit their previously stored identity information for verification.
Having a positive identity verification experience with one app is no guarantee of a similar result with others. For new users, we do further checks in accordance with your preferences, including their personal information, device histories, data sources (such as mobile network providers), and input behaviors to make sure nothing gets missed. To further guarantee that each user is tested against the necessary tests according to your specific success criteria, we constantly update Plaid’s risk checks depending on the needs and risk levels of your organization. Plaid has observed a 70% average opt-in rate from early testing, and customers are already taking use of their stored identification information to apply for many residences at once. This new experience is also halving the time it takes to complete a verification session, all without compromising security.
Advantages of a Comprehensive Onboarding Platform
By consolidating your onboarding process with Plaid, you can speed up user experiences throughout our network and get a more complete understanding of a user’s risk across their identity, bank accounts, and transactions. Now, Plaid can tell whether a consumer is attempting to connect an unauthorized bank account when they go through the identity verification process.
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For enhanced safety, Plaid’s cross-reference the identity verification information obtained during the onboarding process with your bank account details. A “match” score is shown on the Plaid dashboard next to the account owner’s name, email, phone, and address. Integrating Plaid Identity Verification into the rest of Plaid’s stack enables us to offer value-added capabilities that single-provider identity solutions can’t.
This not only wastes time, but also creates unnecessary obstacles that may cause some users to abandon the onboarding process altogether. It’s hardly shocking that almost six out of ten Americans have abandoned a registration process midway due to its length or complexity. Customers of Plaid Identity Verification may now use the breadth of the Plaid network to streamline the onboarding process for verified users and boost signup rates.
Constantly improving methods of identity verification
To ensure that you have the finest identity verification experience possible, they are always innovating our product and optimizing our network to provide you faster experiences and more risk insights. An improved anti-fraud engine that may prevent the use of fake or stolen identitiesTwo new risk signals have been added to determine whether or not an identity is fake or stolen by examining factors such as the number of people sharing the same email address or phone number, the longevity of a Social Security number, and the presence of duplicate numbers.
Their anti-fraud engine performs these tests and returns a score that indicates how likely it is that an identity has been stolen, faked, or otherwise manipulated. Their anti-fraud engine already analyses properties across email, phone, device, and behavior to assist you reduce fraud and enrol more good people; these additional signals augment this current functionality. Thay have increased the number of ID document kinds and languages they offer to help you authenticate users at scale and attract new consumers of any background.
Front-end support for Spanish, Portuguese, Japanese, and French has been added, and they can now validate green cards and temporary ID cards like B1/B2 visas. Redesigned from the ground up, Plaid document capture experience now helps direct the user’s focus, optimizes picture file sizes, and works with a wider variety of devices, all with the goal of increasing conversion. The new enhancement has increased the success rate of verification by as much as 10%. By integrating Plaid throughout your whole onboarding process, from user sign-up to account linking to fund transfers, you can provide a seamless experience for your customers and get a more complete picture of their risk.
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