News Release: Equifax, Zoot Announce New Tech Product

Equifax Inc., a global information services firm, and Zoot Enterprises announced Monday plans for the release of Mobility Plus, an end-to-end service that leverages Equifax data and Zoot decisioning technology to ease the mobile account opening process while helping to minimize fraud risk.

MobilityPlus allows consumers to capture a photo of their ID on their smartphone or tablet to assist in auto-filling significant portions of their application. Within seconds, it performs a search-match analysis to help authenticate the consumer’s identity and determine whether the device in use may be associated with fraudulent activity.  

The announcement of the planned product launch is an outgrowth of a strategic relationship between Equifax and Zoot first announced in November 2014.

"We have created a solution that combines consumers’ need for a fast, simple, secure experience in opening a bank account, with banks’ need for an interface that allows them to engage in cross-sell and maximize account values in real-time," said Brad Jones, retail banking leader at Equifax. "Most importantly, financial institutions can feel more confident in using the mobile channel, because MobilityPlus helps to ensure that appropriate risk and fraud checks are in place."

Banks also can potentially grow cross-sell by utilizing the MobilityPlus instant prescreen capability – which is fueled by Equifax data and proprietary alternative payment information – to give more insight into applicants' financial history. This can be used at the point-of-sale to generate new DDA openings, or to cross-sell more credit cards or consumer loan products.

"We are proud to unveil our roadmap for this solution at CBA Live, where the agenda is focused on consumers and how to give them what they care about most – trust, simplicity, access and convenience," said Dennis Dixon, president of Zoot. "With Equifax, we have created a premier mobile tool to help banks grow their accounts, differentiate their businesses, and enhance the customer experience by enabling real-time approvals and offers."