In an era where digital banking demands both lightning-fast experiences and ironclad protection, financial institutions face a persistent challenge: streamlining customer onboarding without inviting fraud. Backbase, a key player enabling AI-powered banking platforms, announced a partnership with Prove, an identity verification technology firm.
This collaboration aims to overhaul the U.S. financial services landscape by embedding Prove’s Pre-Fill solution directly into Backbase’s ecosystem, enabling faster, safer account openings that could boost conversion rates and slash operational costs.
At its core, the partnership addresses the friction that plagues traditional onboarding processes.
Customers often abandon applications midway due to tedious form-filling and repetitive data entry, while institutions grapple with manual verifications that expose them to fraud risks.
By integrating Prove’s innovative tools, Backbase equips banks and credit unions with a seamless alternative.
With a customer’s consent, Prove Pre-Fill leverages their mobile phone number to instantly auto-populate online forms with verified details—including Social Security number, name, address, and date of birth.
This isn’t guesswork; it’s powered by Prove’s Identity Graph, a sophisticated, dynamic map linking devices, credentials, and identifiers to deliver deterministic identity confirmation in real time.
The mechanics are elegantly simple yet profoundly effective. Once integrated into Backbase’s AI-driven platform, the system cross-references incoming data against Prove’s vast, privacy-compliant database.
Simultaneously, Prove’s Global Fraud Policy layers on advanced risk controls, flagging anomalies before they escalate.
The benefits extend far beyond convenience.
For financial institutions, the integration could dramatically reduce drop-off rates, with early projections suggesting up to 30% faster account openings based on similar Prove deployments.
Operational efficiencies shine through fewer manual reviews, allowing staff to focus on high-value interactions rather than paperwork.
Fraud reduction is equally compelling: Prove’s technology has a track record of minimizing false positives, ensuring legitimate customers aren’t ensnared in security nets.
On the customer side, trust is paramount.
In a post-pandemic world where data breaches erode confidence, this partnership fosters transparency from the first touchpoint, turning onboarding into a welcoming gateway rather than a gauntlet.
Mayank Somaiya, VP of Marketplace at Backbase, said:
“By integrating Prove’s cutting-edge Pre-Fill technology, we’re helping banks and credit unions deliver faster and more intuitive onboarding while maintaining the highest levels of security.”
His words underscore Backbase’s broader mission: enabling over 150 global clients, from neobanks to incumbents, with composable platforms that adapt to evolving regulations like KYC/AML standards.Echoing this enthusiasm,
Scott Greenhut, SVP of Channel & Partnerships at Prove, highlighted the dual focus on acceleration and protection:
“Prove eliminates one of the biggest pain points in digital onboarding, while adding a layer of trust and security from the first interaction.”
Prove, trusted by giants like JPMorgan Chase and Capital One, brings battle-tested expertise in phone-centric identity solutions, having verified over 2 billion identities worldwide.
This alliance arrives at a pivotal moment. With U.S. digital banking adoption surging—over 70% of consumers now prefer app-based services, per recent FDIC data—institutions must balance innovation with compliance amid rising cyber threats.
The Backbase-Prove solution, now live across the U.S. via Backbase’s platform, targets account opening as its flagship use case but hints at expansive horizons.