Socure has upgraded its flagship Know Your Customer solution with the addition of several new matching utilities. The new features will further improve the platform’s auto-approval rates, especially for Gen Z and millennial users who are often more difficult to identify.
In that regard, the new Socure features should help compensate for the fact that younger users have a less extensive customer history than those in older generations. The additions include a new address normalization system, as well as date of birth matching and name matching capabilities, all of which allow organizations to verify key pieces of personal information with more accuracy and more confidence during the onboarding process. Socure claimed that its address normalization tool is more accurate than the US Postal Service and Google Maps, while the date of birth and name matching tools are compatible with multiple configurations and can take common errors into account.
Socure has also released a tool that will auto-fill a user’s personal information based on the last four digits of their Social Security number (SSN). The feature will allow people to fill in forms more quickly and enable a more streamlined onboarding experience. Socure itself is now an approved provider of the Social Security Administration’s (SSA) Electronic Consent Based Social Security Number Verification service, which cross-references user-submitted information with personal information stored in the government’s SSA database.
According to Socure, the new features will benefit anyone with a smaller paper trail, including gender-neutral individuals and immigrants who may be new to a country. The update will raise the auto-approval rate for hard-to-identify groups to 94 percent, compared to the platform’s 98 percent rate for the general population.
“Hard-to-identify individuals don’t have a deep credit, utility, or post-paid mobile operator history so it makes them extremely difficult to verify using traditional methods,” said Socure founder and CEO Johnny Ayers. “Socure is uniquely suited to answer this growing demand and we are both strategic and essential to companies that view doing business online with this audience as critical to their success.”
Socure recently released a new identity verification solution tailored to the needs of the Buy Now, Pay Later sector. The company is now valued at $1.3 billion after receiving an investment from Capital One back in June.
August 10, 2021 – by Eric Weiss