Increase Thin-File Customer Acquisition Rate with Account Opening API 1.1

Customers have hundreds of choices for their banking needs — and once they choose, they aren’t likely to switch. This makes capturing customers early key to achieving revenue goals.

An increasing population of thin-file customers (someone with little or no credit history) is entering the market: more than 50% of digital account applicants are 35 or younger. In order to ensure these customers don’t choose a competitor who makes it simpler to open an account, assessing risk beyond traditional data is fundamental.

Account Opening API 1.1 builds on the utility of Account Opening 1.0, which was released in October 2020, to help you determine the overall risk of an applicant — enabling you to tailor the onboarding experience for customers to increase customer acquisition rates without inviting more risk. By providing the inputs of name, phone, address, email, and IP, you receive data and insights powered by the Ekata Identity Engine to sort applicants into risk groups that in turn determine the amount of friction to introduce to their onboarding experience.

What’s New: Identity Data that Enables Quicker Decisioning

With Account Opening API 1.1, you’ll keep all of the attributes available in Account Opening 1.0 while getting additional responses:

  • Email signals — Get insight into when an email domain was created to help you zero in on risk.
  • IP risk score — See how risky an IP address is, with higher scores denoting more risk.
  • IP location — Gain visibility into the location of the IP address at the country and subdivision levels alongside other metadata and insights to combat IP spoofing.
  • Match phone to address — Confirm that the phone number provided during account opening is associated with the consumer’s address.

These new attributes bolster the powerful decisioning data and insights the Account Opening API provides to financial institutions during the account opening process.

Next Steps

We’re committed to building products that make your risk-decisioning process easier. To see how our Account Opening API can help your company meet its customer acquisition goals, reach out to your Ekata representative or contact us directly.

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