Feedzai Adds Powerful New Dimensions to Customer-Centric Account Opening Solution
Feedzai’s updated machine learning-enabled Account Opening solution helps banks onboard customers with less friction, less fraud, and ultimately better customer acquisition rates.
Feedzai has launched new tools to help banks and financial institutions offer account opening solutions that are more customer-centric, with unparalleled fraud prevention. The machine learning-enabled account opening decision-making engine increases operational efficiency, increases top-line revenue, and allows banks to acquire more customers in real time with less friction.
Besides centralizing clients’ fraud management systems, Feedzai’s Account Opening solution provides machine learning, tailored workflows, as well as third-party integration and data enrichment to help banks offer that frictionless experience that is also scalable, and keeps both fraud rates and false positive rates low. Feedzai’s Account Opening solution now offers the following capabilities:
Powerful machine learning tools that enable companies to boost operational efficiency, make better decisions, and detect fraud effectively
- OpenML allows data scientists to choose how they want to work, either leveraging proprietary and external algorithms entirely within the Feedzai Platform, or using external tools to build models that are then imported to Feedzai’s Platform.
- AutoML shortens the traditional data science workflow by automating time-consuming tasks and enabling banks to reduce the time to build production-ready models by weeks.
- Genome quickly identifies and lets users easily act on fraud patterns, including those associated with synthetic identity fraud, that would have been difficult or impossible to uncover before.
Tailored workflows based on risk assessment to reduce friction, creating a more customer-centric experience for applicants
- The updated solution provides tailored workflows that leverage customized user journeys and trigger streamlined application processes based on applicants’ risk scores, creating personalized onboarding experiences for applicants.
- Step-up authentication is seamlessly integrated and extended to only applicants who must undergo them, reducing friction and increasing customer acquisition.
3rd party integration and data enrichment that gives users a holistic view, enabling banks to onboard legitimate customers and increase their lifetime value
- Feedzai’s third-party integration and data enrichers provide a holistic, full-picture view of an applicant, so banks no longer have to piece together the siloed views they often get from other third-party integrations.
- Banks can now use their CRM data to gain as much insight as possible into their applicants. They can also use cross-industry consortium data from Feedzai’s Risk Ledger to gain more visibility into fraudulent activity to ensure they aren’t acquiring fraudulent customers.
“As consumers demand to open accounts nearly instantly from their smartphones, many institutions are struggling to offer that ability in a way that’s both safe and scalable without the burdensome identification documents,” says Saurabh Bajaj, SVP, Product at Feedzai. “That’s what drove us to create new tools that specifically allow for this global digital transformation while keeping consumer experience and safety as the driving mission of our artificial intelligence technology.”
To learn more about Feedzai’s account opening solution and the technology that makes all of this possible, please click here: Account Opening.
About Feedzai:
Feedzai is the world’s first RiskOps platform, protecting people and payments with a comprehensive suite of AI-based solutions designed to stop fraud and financial crime. Feedzai is trusted by leading financial institutions to manage critical risk and compliance processes, safeguarding trillions of dollars of transactions while improving the customer experience and protecting the privacy of everyday users. For more information, visit feedzai.com.
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