Digital Account Opening Demo Video:
OneSpan Secure Agreement Automation helps financial institutions digitize account opening agreements – so you can sign up new customers and reduce application fraud during the digital account opening process.
Consumers want an easier way to open a bank account online or on their mobile device. They want to complete the application in a single sitting, without any hassles like paper forms or visiting the bank.
Banks that make new customers take unnecessary manual steps to open an account make it more likely an applicant will abandon the process altogether. Aite Group estimates that up to 95% of applicants abandon account opening because of a complicated process.
Though all age groups want easier banking, millennials want it most - 57% of millennials say they prefer to open an account online, so digital account opening has become paramount for financial institutions.
OneSpan Secure Agreement Automation Solves Remote Identity Verification Challenges:
The first step in a safe digital account opening process is identity verification, to protect you from application fraud.But that’s a challenge. How can your organization be sure that a remote applicant’s identity is genuine?
OneSpan Secure Agreement Automation combines digital identity verification and electronic signatures prevent fraud and make your agreements enforceable. Together, they transform and secure your digital account opening process.
Secure Digital Account Opening in Action - A Real-life Scenario:
So let’s see how it’s done with a new applicant opening a savings account. First, they go to the bank’s website and click “Open an Account.”
Since the applicant is remote, they’re asked to verify their identity digitally, by scanning both the front and back of their driver’s license or government-issued ID with the camera on their mobile device.
This is where application fraud is most likely, and catching it at this early stage greatly reduces your risk of mitigating it later. So, once the driver’s license images are captured, OneSpan uses AI and advanced authenticity algorithms to analyze them. This produces an authenticity score that tells you if the driver’s license is fraudulent.
OneSpan can add more authentication checks like PIN prompts or facial and fingerprint biometrics, to further validate the applicant’s identity. In this scenario, the applicant is asked to verify their identity using facial comparison. Easy enough; they just take a selfie. Behind the scenes, OneSpan Secure Agreement Automation extracts their biometric data from the selfie and compares it to the image in the authenticated ID, to determine if the user is physically and if they are who they claim to be. Once OneSpan has validated their digital identity, it presents the pre-contract information and the completed application for electronic signing.
Because OneSpan Secure Agreement Automation combines identity verification and e-signature capabilities, it captures the applicant’s data from their driver’s license and automatically imports it into the application form for signature.
Digital Audit Trails Provide Evidence of Customer's Actions:
Meanwhile, invisible to the applicant, Secure Agreement Automation is creating an electronic audit trail around this process. It is capturing every screen the applicant sees and every action they take – including the digital identity verification and signing steps we just showed you. In this scenario, the bank has selected a “click to sign” method for capturing the applicant’s consent and agreement to the terms of the new account agreement.
Next, the applicant registers their phone so OneSpan can recognize it as a trusted device. This extra step ensures a smooth authentication experience when they’re banking. To do this, the applicant is asked to create a secure PIN number. Now their mobile device is trusted, so it is automatically activated and synced with their new account.
OneSpan's Mobile Application Security Suite Helps Mitigate Risk of Malware:
Now that the customer is onboarded, OneSpan’s mobile application security controls can fortify the bank’s mobile app against tampering and help stop malware and banking trojans before they harm your customers or your organization. We also use behavioral biometric capabilities to invisibly monitor how the customer interacts with their device and application. Each tap, swipe and other motion across the device differentiates them from fraudsters – without getting in the user’s way.
OneSpan Secure and Protect Every Step in the Digital Customer Journey:
At OneSpan, we understand the importance of a great digital customer journey to drive revenue growth, and improve your customer experience. That’s why we protect every step of that journey – from digital ID verification to stop application fraud, to e-signatures to create enforceable digital agreements, to biometrics for stopping new application fraud and account takeover fraud, to mobile app security to protect your bank’s apps.
I hope we’ve shown you how to transform customer-facing processes and agreements, while protecting your customers and your business.