Socure, a provider of digital identity verification and fraud solutions, has been integrated into the Financial ServicesNow product to help banks with onboard accounts, reduce risk, and lower client acquisition costs.
Socure’s integrated digital identity verification technology will provide key decision inputs for customer onboarding workflows, developed using ServiceNow Financial Services Operations. Socure’s graph-defined identity verification and fraud platform combines advanced artificial intelligence with all elements of consumer identities for identity verification and verification, identify your customer (KYC), and fraud risk prediction. .
The merger is designed to help financial institutions raise automatic acceptance rates, reduce false positives, and reduce friction. They can optimize the digital customer experience with the application, account update, password reset, high-value transactions, and throughout the customer lifecycle. ServiceNow’s pre-built integration with Socure allows financial institutions to embed Socure APIs in workflows built using Financial Services Operations.
“Conflict-free account onboarding and fraud prevention are critical to the mission for Socure,” Evan Rabinowitz, vice president of business development at Socure, said in a statement. “Our newly launched integration with ServiceNow Financial Services Operations provides the best in identity verification technology and changes the way our customers can safely add new consumers to their ecosystem.”
“In today’s digital-first landscape, new account openings at financial institutions are exploding. Consumers and businesses can now expect an effortless onboarding experience from their financial institution or they can find an alternative,” he said. Tammi Shapiro, vice president and head of financial services products at ServiceNow, in a statement. “At Financial Services Operations, our goal is to create effortless, streamlined experiences that range from how a customer interacts with their financial institution to how they are served and fulfilled in the back, starting with onboarding .We have chosen to include the Socure identity verification and fraud platform because of its industry-leading accuracy.This embedded capability enables the delivery of hassle-free onboarding experiences and reduces fraud for in new accounts, while meeting regulatory compliance. “
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