Socure and Lili, the banking app have aligned for fraud management and identity verification solutions. Socure ID+ platform from Socure will help Lili get trusted consumers and accomplish the targets while minimizing the cases of fraudulence. The platform has allowed Lili to provide competed services to small companies, and freelancers. With this platform, Lili customer base has increased from 30,000 to 550,000 in no time.
John Mearls, Head of Risk and Operations, Lili, stated, “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. Socure has helped us improve our scalability and security, and meet the needs of our customers, without introducing friction or latency.”
Lili offers one-stop banking solutions via its app that specifically targets owners of small enterprises and freelancers. Since these consumers are tech-savvy, so they need mobile banking services as easy registration for banking processes is highly needed today. It is also full of challenges when it comes to serving millennials and Gen Z who are not extremely exposed to frequent mobile banking.
Socure platform will enable Lili to give fraud protection accuracy, identity verification, and automation that allow the mobile banking app offers next-gen services. Socure is set to give graph-defined identity verification and fraud platform.
Johnny Ayers, Founder, CEO, Socure, cited, “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. 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.”
Read: Know Your Customer- A Crucial Check for Financial Institutions