Prove Identity helps Synchrony complete digital credit card applications

By Edlyn Cardoza

Prove Identity, Inc., a leader in digital identity, recently announced it has facilitated 25 million “radically simple” customer credit card applications with Synchrony, a premier consumer financial services company. Synchrony leverages Prove’s Pre-Fill and Identity solutions to dramatically simplify its customer application and account opening processes by reducing the number of fields a customer must complete by 80% compared to previous application processes. With Prove’s identity verification and cryptographic authentication capabilities, Synchrony applicants can quickly verify their identities and get credit applications approved instantly.

Synchrony’s “radically simple” financing application process enables applicants to enter as little as the last four digits of their social security number (with the customer’s explicit consent) to autofill a digital application with authenticated data. The technology is powered by Prove’s Pre-Fill solution, which auto-fills online applications with verified information, and authenticates consumer identities to thwart account opening fraud, such as synthetic identity fraud.

“We are very proud to have completed 25 million customer transactions with Synchrony – they’ve been an excellent partner with us since 2018,” said Rodger Desai, Chief Executive Officer and Co-Founder of Prove. “Digital identity is essential to financial services, and our cryptographic authentication solutions ensure a frictionless experience for customers that also keeps them safe from fraud.”

Synchrony leverages Prove’s Pre-Fill during the credit card application process, passively confirming that the applicant’s submitted information is truly tied to the applicant. The Prove Pre-Fill solution automatically populates the application with the customer’s accurate and authenticated data. Where accessible, an impressive 93% of Synchrony digital customers choose to auto-fill applications with Prove Pre-Fill.

“Today’s consumers are seeking fast and easy ways to gain access to financing,” said Max Axler, SVP and Deputy Chief Credit Officer, Synchrony. “Our continuous technology investments deliver value to our partners and a seamless experience to our credit card customers, and Prove’s solutions allow us to streamline our digital application experience, while reducing potential fraud risks.”

Prove’s solutions are used by more than 1,000 businesses across diversified industries, including 8 of the top 10 banks, 3 of the top 5 retailers, 2 of the top 3 cryptocurrency exchanges, 2 of the top 3 healthcare companies, and 6 of the top 10 insurance companies in the U.S.