Equifax UK has teamed up with OneID, a pioneering digital identity provider, to enhance customer onboarding processes.
This collaboration has led to the integration of Equifax’s Apply+ and OneID®’s advanced identity verification technologies, creating a robust solution designed to streamline the credit application journey.
The development of this new product responds to a crucial need within the financial services sector for more efficient and secure customer identity verification. Traditional methods often involve cumbersome document uploads, leading to high abandonment rates. Equifax UK and OneID® are addressing this challenge by eliminating the need for physical ID documents, instead leveraging Open Banking data to authenticate identities.
Equifax UK specialises in data analytics and credit scoring, providing essential services that support financial institutions in managing credit risk and verifying customer information. Their expertise in creating detailed credit profiles is well recognised in the industry.
The newly launched product harnesses both companies’ technologies to significantly reduce the time required for customer onboarding. By integrating real-time access to verified banking data, Apply+ can pre-fill application forms, which has shown to increase conversion rates dramatically, in some cases up to 90%.
In addition to speeding up the application process, this solution also promotes financial inclusion. It caters to individuals who may lack traditional forms of identification, thereby broadening access to financial services and products.
The integration of Equifax’s Apply+ with OneID®’s digital identity verification has also demonstrated significant improvements in operational efficiency for financial institutions. It reduces reliance on manual checks and streamlines the entire customer journey from start to finish.
Equifax UK Chief Strategy and Innovation Officer Craig Tebbutt said, “Application abandonment remains a persistent challenge across the lending industry, but our Apply+ technology provides a streamlined and secure onboarding process that enhances operational efficiency for clients and strengthens consumer trust in the digital ID verification process. Leveraging the power of Open Banking, we’re able to reduce friction in the onboarding process as well as reliance on manual document checks, leading to improved customer experience and boosting financial inclusion.”
OneID CEO Paula Sussex said, “Apply+ is a natural extension of Equifax’s innovative identity and fraud solutions suite. Integrating this with our technology offers a transformative solution for lenders and consumers alike, supporting consumers on their credit application journeys to safely and securely access the finance they need with minimal friction.”
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