New award-winning solution leverages Equifax and Open Banking to reduce onboarding times and increase application conversion rates.
Equifax UK has partnered with digital identity provider OneID® to create an award-winning solution which helps overcome the persistent challenge of customer identity verification and application abandonment in credit journeys.
By combining Equifax’s data sources with OneID®’s document-free digital identity verification, customers will be empowered to verify their identities without the need for traditional ID documents, utilising Open Banking and existing bank account data for authentication to create a seamless, secure, and efficient application process for financial products. Financial services institutions using the solution can shorten the verification and onboarding journey and improve efficiency for credit risk assessments.
Many organisations require customers to take a photograph of an identity document – such as a passport or driver’s licence - and upload it for review. However, research suggests that 68% of consumers abandon a financial application, 21% of which do so because the process took too long1. Meanwhile, almost one third of UK consumers will abandon an application process if forced to take action out of channel2.
Customers can complete applications in seconds, by leveraging real-time access to verified data, pre-fills application forms with bank-verified information. In some cases, this has resulted in a > 90% conversion rate, with onboarding times reduced to just 30 seconds. With many UK adults also lacking traditional identity documents, the solution simultaneously aims to boost financial inclusion by enabling better access to credit products.
Craig Tebbutt, Chief Strategy and Innovation Officer at Equifax UK, said: “Application abandonment remains a persistent challenge across the lending industry, but our technology provides a streamlined and secure onboarding process that enhances operational efficiency for clients and strengthens consumer trust in the digital ID verification process. Leveraging the power of Open Banking, we’re able to reduce friction in the onboarding process as well as reliance on manual document checks, leading to improved customer experience and boosting financial inclusion.”
Paula Sussex, CEO at OneID®, said: "The inclusion of Equifax’s innovative identity and fraud solutions suite is a natural extension to our products. Integrating this with our technology offers a transformative solution for lenders and consumers alike, supporting consumers on their credit application journeys to safely and securely access the finance they need with minimal friction.”
Equifax UK and OneID® won ‘Best Industry Partnership’ at the 2024 Open Banking Expo Awards.
Notes to editors:
About Equifax
At Equifax (NYSE: EFX), we believe knowledge drives progress. As a global data, analytics, and technology company, we play an essential role in the global economy by helping financial institutions, companies, employers, and government agencies make critical decisions with greater confidence. Our unique blend of differentiated data, analytics, and cloud technology drives insights to power decisions to move people forward. Headquartered in Atlanta and supported by nearly 15,000 employees worldwide, Equifax operates or has investments in 24 countries in North America, Central and South America, Europe, and the Asia Pacific region.
Equifax Ltd is one of the Equifax group companies based in the UK. Equifax Ltd is authorised and regulated by the Financial Conduct Authority. For more information, visit equifax.co.uk and follow the company’s news on LinkedIn.
About OneID®
OneID® is the only provider of truly digital, real-time identity services that create absolute certainty between a business and an individual in the fastest, cheapest, and safest way. Our digital ID services use the most advanced counter-fraud measures to help protect banks, businesses, and consumers from online identity fraud. By streamlining existing ID processes, including payments, direct debits, onboarding, and more, we help businesses reduce operational costs, increase sales, and improve customer engagement.
As the only UK Identity Service with access to bank-verified data, around 50 million adults are already set up to use OneID® for real-time verification. OneID® is government-certified, registered with the FCA, and a BCorp business.
Media contacts
Emma Henderson +44 7921 992072
Max Gibson +44 7557 287035
Sources
1 - Signicat Battle to Onboard 2022
2 - FICO Survey 2020
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