In our quest to offer the banking industry an innovative mobile application that helps make the process of opening a bank account easier, faster and more reliable than ever before, we knew a seamless unionof technology and data was fundamental to our success.
We also knew the solution had to try to overcome many of the challengestypically inherent in opening a demand deposit account (DDA) online, such as helping verify the identity and suitability of an applicant, doing it fast enough so that the customer wouldn’t desert the process before completing it, and allowing them to fund the new account without having to walk into a bricks and mortar bank branch.
The resulting solution also needed to appeal to Millennials, who are coveted by banks and accustomed to getting high-speed services at the tips of their fingers via their mobile phones, tablets and PCs.
These were the top-of-mind issues that partners Equifax and Zoot Enterprises considered on the way to creating MobilityPlus™ earlier this year. We knew Equifax had the data to help instantly verify and authenticatethe information provided by DDA applicants, serving as the high-horsepower back end of the solution. And we knew that Zoot had a front-end system along with robust decisioning technology that could elegantly and powerfully bring Equifax’s data to the forefront so that banks and their newest customers could benefit.
Recognizing the reluctance of consumers to download a native app prior to being a customer, our solution was built using mobile web and HTML 5. Many of the capabilities previously only available in a native app can now be utilized in a mobile browser. HTML 5 provides customers a richer experience, and is more intuitive and free flowing than prior technologies.
Again, the solution was designed to keep usability a high priority for bank customers while seeking to maintain a high level ofsecurity and compliance for the institution.
Once we decided on the interface technology, we set out to build an authentication and anti-fraud process that would help satisfy the stringent demands of banks, regulators and today’s customers. Mobility Plus, a browser-based solution, begins with the customer using their mobile device’s camera to snap a picture of their driver’s license or other acceptable photo ID. This feature collects the necessaryinformation and pre-fills the application form.
Equifax data then helps to verify the information using a non-invasive search-match analysis coupled withknowledge-based identity questions and automated, streamlined OFAC screening, which helps provide a more secure experience.Equifax verification services retrieve, in real time, highly predictive data, includingalternatives to payment information to help give banks more flexibility on the types of knowledge-based identity questions.
Weenhanced the authentication process even further to run a check to determine if the mobile device belonged to the consumer and/or had ever been used in fraud. The authentication process is flexible and can be made as rigorous as a bank desires. The goal is for the solution to be able to align with a financial institution’s risk policies.
The solution also needed to be affordable to banks. So it was built to retrieve all of the data housed and analyzed by Equifax at one time. In the end, the bank is only paying for the data used and not for repeated attempts to get different slices of data.
In an attempt to curb the number of drop-offs by consumers unwilling or unable to complete the application process, a lot of time was spent on the MobilityPlusinterface to help optimize usability. Zoot designed the user interface to help ensure that data is easierto enter and correct, and that error messages are clearly explained.
Another technological advantage to MobilityPlus is its funding capability. This is important because a majority of traditional online applications halt at the point of funding. It is hard enough to acquire new customers without losing them when they are in the middle of the application process. To help remedy this, we leveraged technologiesthat have the ability to access the mobile device camera for the customerto take a picture of a credit card or check to begin the funding process. The solution also uses data collected earlier in the application session so that a customer doesn’t need to re-key information during funding.
The technology and data behind MobilityPlus not only opens and funds a DDA – instantly boosting household engagement for banks – but it also aids in identifying point-of-sale opportunities to cross-sell other products, such as credit cards. For credit cards, it may be accomplished through an instant prescreen capability.
Even better – especially for a bank’s IT department – is that the entire solution is hosted. That means banks don’t have to store loads of data. Nor does the solution rollout become another big project – or headache – for the IT team.
Instead, with minimal IT resources, no brick and mortar requirement, and a sleek mobile interface that’s easy and dependable, MobilityPlushelps deliver what banks want most: stronger household engagement and profitability potential.