OneSpan has developed Secure Agreement Automation, a cloud solution that digitises the entire process of account opening and reduces identity fraud. The solution is available via an API and connects to the OneSpan Trusted Identity (TID) platform.
The battle to attract and retain bank customers is decided on the basis of the quality of the digital experience. This requires ease of use, fewer customers who drop out and strong anti-fraud security. Secure Agreement Automation shows the realization of OneSpan promise. Financial institutions are helped to reduce costs and achieve growth by creating confidence in identities, devices and transactions. It’s about the whole digital process, says Scott Clements, CEO at OneSpan.
Different elements
According to the company, the solution combines several elements, such as identity verification via a hub, electronic signatures, workflow and an end-to-end audit trail. All delivered via an open API. In addition, by automating and securing the account opening process, financial institutions can acquire new customers in minutes. All this with less risk, lower costs and a better user experience.
According to OneSpan, banks estimate that the worldwide loss of fraud in 2018 amounted to more than 31 billion dollars. In the US, the loss for identity fraud rose from 3 billion dollars in 2017 to 3.4 billion dollars last year. Secure Agreement Automation reduces account opening fraud by automating the acquisition of new customers and positively identifying qualified customers throughout the application process.
Identity fraud increases
A special identity verification hub performs these different checks, such as credit checks, multifactor authentication and biometric comparisons such as facial recognition. This would result in fewer false positives and the ability to reduce the number of customers who drop out during the process. At present, the number of financial institutions varies between 65 and 95 percent, says OneSpan.
“Although identity fraud is still growing, research shows that improving the user experience remains the main driver for financial institutions to invest in solutions for the opening of new accounts. Solutions such as Secure Agreement Automation bring automation to streamline account opening and at the same time provide the necessary anti-fraud controls and for Know Your Customer, says Julie Conroy, Fraud & AML Research Director at Aite Group.
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This news article was automatically translated from Dutch to give Techzine.eu a head start. All news articles after September 1, 2019 are written in native English and NOT translated. All our background stories are written in native English as well. For more information read our launch article.