Socure brings anti-fraud biometric screening to Betterment partnership
More specifically, the collaboration aims to improve Betterment’s customer approval process to run fraud checks as well as help the firm verify identities faster and more accurately during the onboarding process.
“Frictionless identity verification at onboarding is crucial for business growth and protecting our customers,” comments Betterment Director of Operations Mark Kassardjian.
“Our old system involved a ton of manual work and wasn’t scaling with that growth. We were seeing a number of customer prospects come in the door but then drop off because they encountered minor friction.”
To tackle these issues, Betterment turned to Socure’s biometrics, experiencing a 30 percent increase in auto-approvals, as well as a substantial reduction in manual review rates.
“The fact that we could automate document review and also have risk scoring running in the background was super compelling,” Kassardjian says.
“Socure was the only provider who could give us that level of auto-approval accuracy, background risk score analysis, and reduction in manual reviews.”
The latter goal, in particular, was achieved by Betterment through the deployment of Socure’s Predictive DocV solution, which automates the verification process and authenticity checks of ID documents.
According to the partners, the guided image capture app and biometric face matching enable hyper-accurate selfie-to-ID photo comparison, then returns a response within seconds.
“The Predictive DocV solution has been a tremendous boon for productivity and enabled more efficient resource allocation,” explains Kassardjian.
“We’ve driven down rejection rates considerably while simultaneously keeping out more applications that would increase the amount of fraud we encounter.”
For more information about the Socure-Betterment collaboration, you can check out details pertaining to the case study on Socure’s website.
The partnership comes days after Socure entered a similar digital ID verification and onboarding partnership with Prime Trust.