Top 10 Bank Significantly Reduces Fraud Loss from Online Account Applications

Challenge:

The bank’s legacy account application process was frustrating its customers, which slowed the account booking rate and impacted profits. Plus, the bank was not fully on board with offering operations on mobile devices.

Solution:

Device reputation scoring was implemented at the very beginning of the account application process, which offered the best opportunity to reduce customer friction.

Result:

The bank saw a significant reduction in fraud loss, and more than doubled account bookings while reducing customer friction by more than 50%.

“We have reduced customers’ friction in the application process by half. Right now, most of our applicants receive a real-time decision.”
– ‘Jen’, Vice President