Socure Impact Stories: Leveraging Socure’s ID+ Platform for a Top 10 US Bank
Blog post from Socure
A bank processing more than 600,000 account applications monthly evaluated Socure’s ID+ platform to replace an identity verification process that routed 16% of applicants to fraud review, captured less than half of fraud, and required manual agent reviews for 6.7% of applicants. In a proof-of-value assessment, Socure estimated its combined identity verification and fraud tools could cut applicant friction by more than 50%, auto-approve 8,220 additional customers per month who would otherwise face manual review, and reduce identity theft by 50% while limiting manual review of flagged applications to 1%. The platform was also projected to approve about 57% of applicants previously classified as unknown, potentially producing 10,694 additional booked accounts monthly, or roughly 128,000 annually, while reducing operational costs and improving customer onboarding.
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