Equifax UK has partnered with digital identity provider OneID to integrate Equifax’s Apply+ to create an award-winning solution which helps overcome the persistent challenge of customer identity verification and application abandonment in credit journeys.
By integrating Equifax’s Apply+ into 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, Apply+ 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 Apply+ 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: “Apply+ is a natural extension of Equifax’s innovative identity and fraud solutions suite. 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.”