When the bottom line matters, greater account bookings and lower online fraud losses add up to a BIG win for one of the largest banks in the country.
Imagine you’re at the airport to catch a flight out of town, and absolutely dreading the normally endless security lines. However, to your utter amazement, that endless line of travelers is actually pretty short, and it’s moving – fast! Before you know it - BEEP - you’ve walked right through the security scanner without stopping.
Bewildered, you stare at the nearest TSA agent. “What just happened?”
She smiles back. “Have a safe flight.”
This is precisely the scenario that is becoming a reality – for our clients, for the industries we serve, and for businesses around the world. It’s truly a simple concept:
BETTER SECURITY with a BETTER CUSTOMER EXPERIENCE
This week, we released a new banking case study that spotlights how iovation reduced fraud loss in a big way AND improved the overall customer experience for one of the largest banks in the country.
Our client, which operates thousands of physical branches across the U.S., reports that iovation helped them more than double online account bookings and reduce customer friction BY HALF.
Remember that dream security line you just waltzed through? Our client is essentially doing the same thing for its banking customers. Here's how:
First, when a customer applies for a new bank account using a mobile device, iovation “scans” their device in a matter of milliseconds.
Next, we assess its reputation and riskiness almost instantly, based on the bank’s specified business rules, triggering what happens next to the application:
- Applications from trustworthy devices continue on seamlessly, in real time.
- Applications from high-risk devices are flagged for further review, or denied altogether
Of course, this is a simplified version of the process, but you get the idea.
It's all about Customer Authentication and Fraud Prevention working together in perfect harmony. In the end, the bank benefits from stopping more fraudsters (reducing losses), while good customers benefit from a smooth, seamless application experience (increasing gains).
It’s a terrific success story. We encourage you to download it now and share it far and wide.