Prove Identity, Inc. Helps Synchrony Fulfill 25 Million Digital Credit Card Applications
Prove’s industry-leading cryptographic identity verification and authentication solutions help reduce friction and fraud while improving customer experience
NEW YORK–(BUSINESS WIRE)–Prove Identity, Inc. (“Prove”), the leader in digital identity, today announced that it has facilitated 25 million “radically simple” customer credit card applications with Synchrony (NYSE: SYF), a leading consumer financial services company. Synchrony relies on Prove’s pre-fill and identity solutions to dramatically simplify its client application and account opening processes by reducing the number of fields a client must fill out by 80% compared to processes previous applications. With Prove’s identity verification and cryptographic authentication capabilities, Synchrony applicants can quickly verify their identity and get their credit applications approved almost instantly.
Synchrony’s “radically simple” funding application process allows applicants to simply enter the last four digits of their social security number (with explicit client consent) to automatically populate a digital application with authenticated data. The technology is powered by Prove’s Pre-Fill solution, which automatically populates online applications with verified information and authenticates consumer identities to thwart account opening fraud, such as synthetic identity fraud.
“We are very proud to have completed 25 million customer transactions with Synchrony – they have been a great partner with us since 2018,” said Rodger Desai, CEO and co-founder of Prove. “Digital identity is critical to financial services, and our cryptographic authentication solutions ensure a frictionless experience for customers that also protects them against fraud.”
Synchrony leverages Prove’s pre-fill during the credit card application process, passively confirming that the information submitted by the applicant is actually linked to the applicant. The Prove Pre-Fill solution then automatically populates the application with accurate, authenticated customer data. When accessible, 93% of Synchrony’s digital customers choose to auto-fill applications with Prove Pre-Fill.
“Consumers today are looking for quick and easy ways to access financing,” said Max Axler, senior vice president and deputy chief credit officer, Synchrony. “Our ongoing technology investments deliver value to our partners and a seamless experience to our credit card customers, and Prove’s solutions allow us to streamline our digital application experience, while reducing potential fraud risks.”
Prove’s solutions are used by over 1,000 companies across diverse industries, including 8 of the top 10 banks, 3 of the top 5 retailers, 2 of the top 3 cryptocurrency exchanges, 2 of the top 3 health care and 6 of the 10 largest. insurance companies in the United States
To learn more about Prove’s solutions for financial services, visit: prove.com/industries/fintech-lending.
About Prove Identity, Inc. (“Prove”)
As the world moves towards a mobile-first economy, businesses must modernize the way they acquire, interact with and empower consumers. Prove’s phone-centric identity tokenization and passive cryptographic authentication solutions reduce friction, improve security and privacy across all digital channels, and accelerate revenue while reducing operating expenses and losses. to fraud. Over 1,000 enterprise customers use Prove’s platform to process 20 billion customer inquiries annually across all industries including banking, lending, healthcare, gaming, crypto, e-commerce, marketplaces and payments. For the latest updates from Prove, follow us on LinkedIn.
Synchrony (NYSE: SYF) is a leading consumer financial services company with one of the most comprehensive digital product suites in the industry. Our experience, expertise and scale spans a wide range of industries including digital, health and wellness, retail, telecommunications, home, automotive, powersports, pets company and more. We have an established and diverse group of national and regional retailers, local merchants, manufacturers, buying groups, industry associations and healthcare service providers, who we refer to as our “Partners”. We connect our partners and consumers through our dynamic financial ecosystem and provide them with a diverse set of financing solutions and innovative digital capabilities to meet their specific needs and deliver seamless omnichannel experiences. We offer the right financing products to the right customers in the channel of their choice.
For more information, visit www.synchrony.com and Twitter: @Synchrony.