The partnership leverages OneID’s document-free digital ID verification system, integrated with Equifax’s data sources, with the goal of improved customer onboarding.
OneID has partnered with Equifax UK to launch a new digital identity system for application abandonment in credit journeys.
The partnership leverages OneID’s document-free digital ID verification system, integrated with Equifax’s data sources, with the goal of improved customer onboarding. It will enable more secure verification processes, reducing the friction often encountered in onboarding new customers, particularly in regulated industries such as finance and telecommunications.
Paula Sussex, CEO at OneID, said: The inclusion of Equifax’s innovative identity and fraud solutions suite is a natural extension to our products. 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.”
To improve customer onboarding, OneID’s digital identity service allows individuals to verify their identity in real time, without the need to share sensitive data repeatedly.
“Application abandonment remains a persistent challenge across the lending industry, but our technology provides a streamlined and secure onboarding process that enhances operational efficiency for clients and strengthens consumer trust in the digital ID verification process,” said Craig Tebbutt, chief strategy and innovation officer at Equifax UK.
“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.”