Top 5 UK bank utilise Hello Soda to improve their ID and verification processes
PROFILE ID is now being utilised by a top 5 UK bank to improve accuracy and efficiency of their identity verification processes for students and those new-to-country.
By utilising our verification software PROFILE ID in branch, the bank can enable these consumers without formal identity or proof-of-address documents to-hand to set up new accounts by connecting their social media accounts to create a smoother, digitalised application process. PROFILE ID analyses the thousands of data points available to corroborate their stated identity, providing confidence indicators based on:
1) Corroborative data (consistencies in name, age, location, employment etc.)
2) Quality of data (is the account likely to be real? Looks at interactions with connections & depth of data)
3) Quantity of data (is there enough data available to be confident that the user is who they say claim to be?)
PROFILE ID provides the means for the bank to on-board more customers by offering an alternative way to verify identity when consumers bring no, or inadequate proof-of-identity into branch, instead of asking those customers to return another time or worse, turning them down. This means the account set-up process is more convenient for both customers and in-branch staff, reducing labour costs and contributing to greater customer acquisition and retention.