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A top 10 financial institution observed that a high manual review rate for new customer applications was cutting into account opening numbers and lifetime value metrics. The organization experienced decreasing applicant lifetime values and the hard costs associated with conducting a high volume of manual reviews. A reduction in manual review could prevent ~3,000 accounts per month from abandoning the current application process.
By using Neustar's Digital Identity Risk to identify which applications should be flagged for manual review and which could be approved through a frictionless process, the institution was able to accomplish:
- 50 percent detection of fraud instances in auto approval subset of applications
- 35 percent reduction of manual review in manual review subset of applications
- 11 percent decrease in fraud for entire population
- 1 percent projected bookings increase