Author: Ivan Cloar-Zavaleta | Senior Manager, Strategic Partnerships | Ekata
Last year, COVID-19 triggered a five-year digital quantum leap forward, bringing with it new risks. However, it also brought the rise of a new major differentiator: customer experience. Disruptive technologies continue to be important, especially for the creation of differentiated customer experience, but there is a massive delivery gap. While 80% of business leaders claim they deliver superior customer experience, only 8% of those customers agree. (Source: Bain, Qualtrics)
Ekata has partnered with Provenir to help financial service institutions around the world differentiate their customer experience by offering Ekata’s global dynamic identity verification data for real-time probabilistic risk decisioning in Provenir’s Data Cloud + Provenir Marketplace. Ekata is the one and only global data provider that can validate, link, and see online behavior patterns for these five core identity elements – name, email, phone, address, IP address in unison – around the globe.
Ekata and Provenir joint customers are already reaping benefits from this powerful partnership by:
- Reducing the time and resources needed for individual custom integrations with a one-stop shop and its ability to add multiple data sources via a secure, simple, drag-and-drop interface.
- Access in seconds to extensive identity data and risk indicators for passive authentication that enables automated approval processes and reduces customer friction behind the scenes.
- A fast and seamless platform for testing and integration of global identity data into workflows via a single low-latency API.
- Streamlining the onboarding experience for the underbanked, a growing sub-segment, who now account for $2B+ in spending but lack traditional credit histories.
- Detecting synthetic identity fraud through the power of dynamic data linkages and real-time prediction capabilities tracking anomalies in how elements are behaving individually and in combination with others.
Now, any Provenir customer can access the power of the Ekata Identity Engine via the Marketplace. The engines sophisticated data science and machine learning combine the differentiated technologies of two proprietary data sets, the Ekata Identity Graph (housing 1B+ global identities and 7B+ authoritative identity entities to validate, link and provide metadata for all five identity elements) and the Ekata Identity Network (seeing 16B+ identity elements through 6B+ global queries for comprehensive pattern analysis) to produce the unique scores, data attributes, and risk indicators that continuously show up in the top five performers of customers’ risk models and decisioning workflows.
Just confirming the data is valid and belongs to the submitter is not enough, patterns of behavior around these elements surface additional, critical insights. So, while the Identity Graph can tell us a phone number is valid and linked to a given owner, the Identity Network could reveal that that phone has been used with 50 different email addresses in the last 30 days in transactions at over 15 businesses in the global Identity Network—exposing the seemingly valid phone number as potentially risky. Having both datasets is critical to enable a truly comprehensive risk assessment.
The right identity verification data solution enables inclusive and frictionless experiences while, at the same time, ensuring customer privacy, control, and security. Embracing a modern, data-driven approach allows businesses to both stop fraud and provide a good customer experience.
Ekata and Provenir together can provide global businesses the right data and innovative technology to help them deliver on a truly differentiated customer experience for their end customers.
Learn more on the Marketplace.