Socure Redefines Customer Onboarding and Identity Verification for Banking App Lili
Socure’s ID+ Platform Powers 1,700% Growth in Customer Acquisition through Graph-defined Identity Verification, Higher Auto-approvals, and Superior Fraud Detection
INCLINE VILLAGE, Nev.–(BUSINESS WIRE)–Socure, the leading provider of digital identity verification and fraud solutions, today announced that the Socure ID+ platform has enabled the leader in mobile financial services for freelancers and small business owners, Lili, to accelerate the acquisition of “good” customers and achieve record growth while reducing fraud. In less than two years since it began using Socure ID+, Lili has expanded its customer base from 30,000 to 550,000 while shutting out bad actors.
“Socure was pivotal to supporting a huge surge in our growth during the past few years, eliminating false positives and facilitating onboarding of the younger population who are traditionally difficult to verify,” said John Mearls, head of risk and operations at Lili. “Socure has helped us improve our scalability and security, and meet the needs of our customers, without introducing friction or latency.”
Lili is an all-in-one banking app designed for freelance workers and small business owners that promises a tech-savvy audience, “Three minutes and you’re in business!” Rapid and easy banking registration is critical, but can be challenging to deliver for a customer base that includes Gen Z and millennials, many of whom have thin or nonexistent credit footprints and histories, making them hard to identify in digital channels.
Faced with the need to onboard new customers at immense scale and speed, Lili required a solution that provided identity verification and fraud prevention accuracy, automation, and user experience they needed to support a high-growth, high-risk, and high-user-expectation landscape. The company adopted Socure ID+, the industry-leading graph-defined identity verification (IDV) and fraud platform, after a thorough evaluation against other IDV solutions. The platform, which provides fraud prevention, synthetic identity detection, KYC, and document verification, was far and above the most comprehensive, frictionless, and accurate solution to prevent identity fraud, maintain compliance, and propel Lili’s growth.
“Our solutions are built to verify more good customers in real time and reduce manual reviews at scale, a demand that is only increasing among high-growth organizations that provide solutions in the new digital economy,” said Johnny Ayers, founder and CEO of Socure. “Our platform provides unmatched accuracy, enabling digital-only clients like Lili to onboard customers at a record pace without the burden of lengthy, costly manual reviews that deter good customers.”
Highlights from the partnership and 1,700% customer growth include:
- Making hard-to-identify easy: Lili’s legacy IDV approach did not accurately verify traditionally independent, mobile-first freelancers and new economy workers. Socure combines more than 17,000 model features, redundant data sources, patented identity resolution and clustering technology, and a continuous feedback loop of consortium network data from over 1,000 customers to provide the highest-assurance assessments of new users in the market, including Gen Z, millennials, and new-to-country individuals. This graph-defined approach enabled Lili to scale its growth while applying a new level of hyper-precision to the process of identifying and onboarding every good customer across all ages and demographics.
- Jumps in auto-approvals: Socure increased Lili’s customer auto-approval rate by more than 13% and drastically accelerated onboarding time, as “good” customers were able to be automatically and accurately identified.
- In-depth account insights: Socure solutions provide a unified, comprehensive view of a digital identity, based on unparalleled coverage of identity data, giving Lili more in-depth insights, redundancy checks, and risk scoring, which enabled the company to more accurately run their own analysis of the data behind the decisions. They also experienced a dramatic downturn in false positives, as Socure seamlessly met the verification needs of Lili’s unique customer base.
- Architected to scale: Lili was able to provide seamless and scalable onboarding through deployment of risk scoring, KYC/CIP, document verification, and more, all through a single platform that can handle limitless growth.
“We find Socure’s overall technology, modeling, and data attributes amazing and supportive of Lili’s risk appetite and onboard decision-making,” said Mearls. “It’s incredibly helpful to have a computer vision-driven ID document verification solution with layered risk assessment so we aren’t relying on our Compliance, Risk, or Operations teams to manually review and decide whether someone has grown a beard since their last driver’s license photo. This frees up our time and resources, and delivers much more accurate results than any other method of ID verification we tested.”
To read a full case study, visit https://www.socure.com/resources/case-studies/lili.
Lili is an all-in-one banking app designed for freelance workers and small business owners. Combining business banking services with real-time expense tracking, tax tools, and financial insights, Lili empowers independent workers with the tools they need to streamline and simplify their finances while saving time and money. Founded in 2018 by serial entrepreneurs with 20 years of fintech experience, Lili is headquartered in New York and serves over 550,000 customers in all 50 states. Lilli was named one of the 50 Most Innovative Companies in the World by Fast Company in 2022. To learn more, visit Lili.co.
Socure is the leading platform for digital identity verification and trust. Its predictive analytics platform applies artificial intelligence and machine learning techniques with trusted online/offline data intelligence from email, phone, address, IP, device, velocity, and the broader internet to verify identities in real time. The company has more than 1,000 customers across the financial services, government, gaming, healthcare, telecom, and e-commerce industries, including four of the top five banks, seven of the top 10 card issuers, three of the top MSBs, the top payroll provider, the top credit bureau, the top online gaming operator, the top Buy Now, Pay Later (BNPL) providers, and over 250 of the largest fintechs. Marquee customers include Chime, SoFi, Varo, Public, Stash, and DraftKings. Socure customers have become investors in the company including Citi Ventures, Wells Fargo Strategic Capital, Capital One Ventures, MVB Bank, Voyager, and Synchrony. Additional investors include Accel, T. Rowe Price, Bain Capital Ventures, Tiger Global, Commerce Ventures, Scale Venture Partners, Sorenson, Flint Capital, and Two Sigma Ventures, and others.