NEW YORK--(BUSINESS WIRE)--Today at Finovate Fall, ID Analytics LLC, a leader in consumer risk management, announces the launch of ID Connect™ 2.0, the latest version of the company’s digital enrollment product. ID Connect 2.0 significantly reduces data entry and friction in the new customer application process and helps companies boost conversion rates without increasing risk. Since implementing ID Connect 2.0, one ID Analytics enterprise customer has reduced its in-store account opening time by several minutes, and a leading online marketplace lender has improved its conversion rate by nearly 10 percent.
According to Javelin’s 2017 report, “Digital Account Opening Still Has a Long Road to Reality,” only 8 percent of mobile device users applying for a credit card online successfully completed the entire application form. ID Connect 2.0 shortens the application process and reduces the time and effort needed to apply. Using information from the ID Analytics’ ID Network®, one of the nation’s largest networks of cross-industry consumer behavioral data, ID Connect 2.0 authenticates a consumer’s identity and returns the PII needed to complete applications without increasing risk to the organization.
ID Connect 2.0 is available in two versions for in-store and online channels:
- ID Connect Photo—Enterprises are able to capture an image of a government-issued ID card and verify the accuracy of the data and the identity. ID Connect reads both the front and back of a photo ID, extracts and validates the data from the consumer’s ID, verifies the identity in the ID Network, and returns the complete personal identifying information (PII) for the individual. This includes information found on the ID such as name and date-of-birth, as well as associated PII not included on the ID such as the applicant’s social security number (SSN), email address, and phone number.
- ID Connect Resolution—Enterprises can ask consumers for any combination of limited personal information, and ID Connect will automatically complete the new account application form. In addition, ID Connect will conduct robust identity verification on the consumer.
The solution leverages the unique visibility of the ID Network, with over 1 trillion data elements and details on more than 4.2 million client-reported attempts at identity fraud. The ID Network provides a current and comprehensive perspective of event and consumer risk to both validate that the consumer is who they say they are and to return the full information needed to complete the application.
“ID Connect 2.0 converts more prospects into customers, while managing risk, by accepting either minimal PII or an ID from the consumer and returning that customer’s full PII and validated identity,” said Aaron Kline, vice president of Innovation and New Ventures at ID Analytics. “The result is a great, safe customer experience.”
ID Analytics at Finovate Fall
Aaron Kline and Tim Manglona will conduct a live demo of ID Connect 2.0 at Finovate Fall on Tuesday, September 12, between 10:45 a.m. and 12:05 p.m. ET. For more information on ID Connect 2.0, please visit idanalytics.com/idconnect.
About ID Analytics LLC
ID Analytics is a leader in consumer risk management with patented analytics, proven expertise, and near real-time insight into consumer behavior. By combining proprietary data from the ID Network®—one of the nation’s largest networks of cross-industry consumer behavioral data—with advanced science, ID Analytics provides in-depth visibility into identity risk and creditworthiness. Every day, many of the largest U.S. companies and critical government agencies rely on ID Analytics to make risk-based decisions that enhance revenue, reduce fraud, drive cost savings, and protect consumers. ID Analytics is a Symantec company. Visit www.idanalytics.com to learn more.
ID Analytics and ID Network are registered trademarks of ID Analytics LLC. All other trademarks and registered trademarks are the property of their respective holders.