Socure and ServiceNow Create Banking Experience of the Future
Integration of Socure’s Industry-Leading Platform and ServiceNow Financial Services Operations Helps Provide Frictionless Onboarding, Reduce Fraud, and Ensure Adherence to Compliance Mandates
Socure, the leading provider of digital identity verification and fraud solutions, announced an integration with ServiceNow’s Financial Service Operations product. Financial institutions that leverage the integration between ServiceNow Financial Services Operations and Socure’s identity verification platform will quickly onboard more accounts, deliver differentiated customer onboarding experiences, reduce risk, and lower client acquisition costs.
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Socure’s integrated digital identity verification technology will provide key decision inputs for customer onboarding workflows, built with ServiceNow Financial Services Operations. Socure’s graph-defined identity verification and fraud platform combines advanced machine learning and artificial intelligence with all elements of a consumer’s identity to deliver the most accurate and robust identity verification and proofing, Know Your Customer (KYC), and fraud risk prediction solutions in the market. Banks, credit unions, wealth managers, asset managers, neobanks and FinTechs, can now deliver more immediate and convenient client onboarding experiences with digital identity verification embedded into Financial Services Operations.
Financial Institutions can substantially increase auto-acceptance rates, reduce false positives, and reduce friction. They can optimize the digital customer experience at application, account update, password reset, high-value transaction, and across the customer lifecycle. ServiceNow’s pre-built integration with Socure enables financial institutions to easily embed Socure APIs into workflows developed with Financial Services Operations.
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“Frictionless account onboarding and fraud prevention are mission critical for Socure,” said Evan Rabinowitz, vice president of business development, Socure. “Our newly launched integration with ServiceNow Financial Services Operations provides best-in-class identity verification technology and revolutionizes the way that our mutual customers can safely add new consumers into their ecosystem.”
“In today’s digital first landscape, new account openings at financial institutions are exploding. Consumers and businesses now expect an effortless onboarding experience from their financial institution, or they’ll find an alternative,” said Tammi Shapiro, vice president and head of financial services product, ServiceNow. “With Financial Services Operations, our objective is to create those effortless, streamlined experiences that extend from how a customer engages with their financial institution to how they are serviced and fulfilled on the back end, starting with onboarding. We chose to integrate with Socure’s identity verification and fraud platform because of its industry-leading accuracy. This embedded capability enables delivery of frictionless onboarding experiences and reduces fraud for new accounts, all while meeting regulatory compliance.”
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