Product: Secure Agreement Automation
OneSpan, a global provider of trusted identity, e-signature and secure transaction solutions, launched Secure Agreement Automation, a cloud-based technology suite designed to reduce fraud by digitalizing the account opening process. The solution combines identity verification, workflow, end-to-end audit trail and e-signature features through open APIs. Combining these technologies into a single service level agreement (SLA) can help financial service providers reduce risk, lower costs and acquire customers within minutes, company representatives stated.
Michael Magrath, director, global regulations and standards at OneSpan, observed that today's consumers expect a frictionless experience when opening new accounts on mobile devices. "Growing demand for mobile banking places additional pressure on financial institutions to deliver digital services," he said. "Digital-only banks have been more responsive to this need."
Mobile phone account takeovers rose from 380,000 in 2017 to 679,000 in 2018, according to Javelin's 2019 Identify Fraud Study. As identity crimes and application fraud attacks escalate, service providers need solutions that balance security with exceptional service, Magrath noted. "In the age of remote and mobile applications, lengthy application processes add friction and create a suboptimal customer experience," he said. "Financial institutions are reporting record application abandonment rates, ranging from 65 to 95 percent."
The Secure Agreement Automation platform uses digital identity verification methods to confirm identities and obtain legally binding e-signatures while sustaining an end-to-end audit trail throughout the process, from identity verification to account signing. This helps participating financial institutions fight fraud, verify identities and maintain compliance by fulfilling know your customer (KYC) and anti-money laundering (AML) requirements.
Julie Conroy, fraud and AML practice research director at Aite Group, said, "Solutions like Secure Agreement Automation promise a win-win, by bringing automation to streamline onboarding while also facilitating the requisite fraud and KYC controls."
Secure Agreement Automation enables participating organizations to transform previously manual processes into secure omnichannel experiences, OneSpan representatives stated. The solution can be integrated with OneSpan's Trusted Identity (TID) platform, which includes complementary technology solutions such as risk analytics, intelligent adaptive authentication and mobile application security capabilities.
The Secure Agreement Automation platform includes the OneSpan Identity Verification Hub (V-Hub) with multiple identity verification options. V-Hub users can selectively layer the platform's verification methods according to their individual markets and customer demographics. Options include multifactor authentication, facial recognition and other biometrics schemes.
"The identity verification hub's combined capabilities significantly reduce false positives and consumer abandonment rates," said Tim Bedard, director, security product marketing at OneSpan. "And all are available through a single provider, SLA and API integration."
Bedard pointed out that the solution can run a 360 degree profile on an identity, using what he described as a "one-to-many approach" to produce higher pass rates. The system's built-in failover automatically activates when identity checks fail or verification providers are unavailable, eliminating the need for manual intervention and reducing customer abandonment. The platform is continuously updated as new verification methods come to market; white label versions are available, he noted.
"Our mission at OneSpan is to transform and protect the customer journey, from an applicant's first interaction throughout the entire digital customer journey," Bedard said. "Secure Agreement Automation fulfills our promise to help financial institutions reduce costs and increase growth by establishing trusted identities, devices and transactions throughout the entire customer lifecycle."
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