Equifax UK has formed a partnership with digital identity provider OneID to integrate Equifax’s ‘Apply+’ to create a solution, the aim of which is to reduce onboarding times and increase application conversion rates.
The integration of ‘Apply+’ into OneID’s digital identity verification will enable customers to verify their identities without the need for traditional ID documents, by using Open Banking and existing bank account data for authentication in the application process for financial products.
Typically, organisations require customers to take a photograph of an identity document – such as a passport or driver’s licence – and upload it for review.
‘Apply+’ uses real-time access to verified data to pre-fill application forms with bank-verified information, with onboarding times reduced to only 30 seconds and, in some cases, resulting in a 90% conversion rate.
Given that many UK adults do not have traditional identity documents, the new solution will also boost financial inclusion by enabling better access to credit products.
Craig Tebbutt, chief strategy and innovation officer at Equifax UK, said: “Application abandonment remains a persistent challenge across the lending industry, but our Apply+ technology provides a streamlined and secure onboarding process that enhances operational efficiency for clients and strengthens consumer trust in the digital ID verification process.
Paula Sussex, chief executive officer of OneID
“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.”
Paula Sussex, chief executive officer of OneID, added: “Apply+ is a natural extension of Equifax’s innovative identity and fraud solutions suite.
“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.”
Equifax UK and OneID won Best Industry Partnership at the Open Banking Expo Awards 2024 held on 15 October in London, while Equifax also won in the Best Sector Initiative category.
