FinTech for the Greater Good – COVID-19 Vaccination

India, a country with over 1.3 billion people, faced a severe healthcare crisis during the second wave of the COVID-19 pandemic. According to the Ministry of Health and Family Welfare, the death toll stood at 400,000 as of July 1, 2021. Amid the fear of an impending third wave, studies suggest that COVID-19 vaccination could be the only way to prevent another disaster. Therefore, the country has taken up the arduous task of mass vaccination. As per data released by the Ministry, as of July 27, 2021, 433 million doses were administered, and 92.8 million people (6.8% of the country’s population) were fully vaccinated.

The government is striving to supply the required numbe …

Interoperability between Wallets and Cards to Empower the Financial Landscape in India

There was a time when cash reigned supreme—a trip to the shopping mall, watching a film at a movie theater, or dining at a fancy restaurant. However, with the rise of credit and debit card payments, ‘plastic’ money made its way into wallets. Digital wallets such as Paytm, PhonePe, and Google Pay (Tez) started gaining momentum, but it was the demonetization drive in 2016 that brought these disruptive players to the limelight.

People slowly began to lighten their pockets—not everybody carried a wallet full of banknotes. Mobile phones became the preferred mode for making payments. QR codes, be it Paytm, PhonePe, Google Pay, or new contend …

H1 2021 – Global FinTech Funding Round-up

Can one be optimistic about FinTech investments considering what has happened so far in 2021? 2020 had a massive impact on most businesses worldwide—COVID-19 transformed the way we conduct business. A quick look at the numbers indicates steady growth until now. 2021 could well be an explosive year for global FinTech investments. Just last year, in H1 2020, FinTech raised …

Digital Banking Innovations in Vietnam

Most Southeast Asian economies are leapfrogging to digital banking, thanks to the rising internet and smartphone penetration. The digital banking space in Vietnam is thriving on the back of rapid FinTech adoption, a booming e-commerce industry, and COVID-19 impact. In Q2 2020, visits to e-commerce apps reached 12.7 billion. The e-commerce Gross Merchandise Value is expected to rise to $23 billion in 2025. Online payments increased by 76% in Q1 2020, with the total value rising to 129% compared to 2019.

Vietnam’s Digital Readiness Reflects High Growth Potential

Revenue from digital financial services in Vietnam is expected to reach $3.8 billion by 2025. Mobile transactions in the country are likely to increase by 300% between 2021 and 2025, as per a report by IDC.

With a 30% banked population and just 2% of the adult population with a credit card, Vietnam has some of the fewest bank branches and ATMs in ASEAN. However, about 72% of the adult population owns a smartphone, and internet penetration is at 66%. The country has over 4.2 million digital wallet users spread across roughly 20 digital wallet brands. Vietnam is one o …

Thwarting Auto Lending Fraud with Auto-fill

Increased vehicle ownership has intensified auto loan fraud. Fraudulent income data and employment details, stolen identities, and fake collateral data for filling loan applications further complicate car finance fraud.

Auto financing companies undoubtedly help genuine consumers with their car purchases. However, there are fraudsters who pose as legitimate consumers to cheat lenders. Auto loan fraud in the US increased from $2.1 billion in 2010 to $7.3 billion in 2020.

A recent case of auto lending fraud, which involved 340 applications, led to a $5.5 million loss. Such incidents have increased over the past decade, exposing the vulnerability of the auto lending application process to fraud. 

Cumbersome paperwork, which involves the physical exchange of a borrower’s identification and financial data, makes auto lending highly susceptible to fraud. Synthetic identities are created by modifying Social Security Numbers, and in other instances, financial data is misrepresented to create fraudulent applications. Falsified information originates from the consumer directly or the dealer.

Auto Loan Fraud Manifests in Various Forms

An auto loan fraud is committed when identity, financial, or credit-related information is deliberately or inadvertently misrepresented in order to obtain a vehicle loan. Here are some common methods used by scamsters to commit auto loan fraud:

Document Fraud occurs when consumers provide false information in their KYC documents to either obtain credit or borrow more than they are eligible for.

Identity Theft occurs when fraudsters use stolen identities to take out auto loans in the names of individuals with good credit. 

Fraudsters create Synthetic Identities using fake and real information to establish a new credit bureau record that conceals their true identity and credit history. They usually create new credit profiles by fabricating Social Security Numbers or stealing SSNs of inactive profiles. 

Dealers or fraudsters often provide Fake Bank Statements or other Collateral, such as deposits, to ensure that the auto loan application is approved.

Auto lenders can prevent auto loan fraud by running foolproof identity checks. Automating the information retrieval and identity verification process is a critical step to ensuring robust fraud detection.

Auto-fill Thwarts Identity Takeover Fraud and Improves Onboarding Experience

Digital loan onboarding solutions can reduce manual processes by auto-filling verified data and automating identity verification. Vehicle loan applications require auto-filling Personally Identifiable Information (PII). With consumer consent, onboarding forms can be auto-populated with verified PII data from trusted sources. Auto-fill not only accelerates form-filling but also detects and flags PII data mismatch, thereby stalling potentially fraudulent applications. Auto-filling vehicle loan applications significantly reduces the number of applications that require manual scrutiny, resulting in increased efficiency and reduced operating costs.

Prove Pre-fill™ leverages phones and phone numbers to deliver verified data and accelerate application velocity while mitigating identity fraud. It uses a combination of Phone-Centric Identity™ and the PRO Model™ of authentication and verification to ensure the possession of the phone, reputation of the phone number used while onboarding, and ownership of the phone against verified personal data.

This article is a synopsis of a blog published by Prove.

Accelerate your onboarding

Contact us to learn how leading companies are using Prove Pre-fill to modernize the account creation process by shaving off clicks and keystrokes that kill conversion.

Kakao Bank Disrupts South Korea’s Financial Landscape

Digitization has fundamentally transformed the way we look at things—from work to entertainment to financial solutions. Financial players are now offering online services and customized offerings to cater to the new-age customer. Neobanks or challenger banks—financial services institutions that operate exclusively online—have found a foothold in the dynamic financial landscape by offering personalized, seamless financial solutions. Unlike traditional banks that spend on setting up physical branches, neobanks leverage low-fee models and offer customers a host of benefits including high interest rates on deposits, quicker transactions, and 24×7 real-time services.

Neobanks of the Future

How Trust Score™ Fights SIM Swap in the UK and Eliminates False Positives

The pandemic has forced individuals to opt for digital transactions over face-to-face interactions. Unfortunately, the proliferation in digital transactions has led to an alarming rise in online identity fraud, often executed by fraudulently taking over a consumer’s phone. 

A report by Atomik Research found out that 74% of financial institutions in the UK and the US experienced a surge in cyberthreats linked to COVID-19. About 37% of them believe their customers are now at greater risk of cybercrime or fraud. Identity theft, account takeover, and online fraud are forcing financial institutions to implement more stringent identity verification and authentication practices. However, strengthening fraud prevention leads to a high number of false positives, resulting in poor onboarding experience and customer service.

Fraudulent SIM swaps and the difficulty in quickly identifying them are the key reasons for false positives. SIM swaps are on the rise, especially in the UK. The highest number of SIM swap cases were recorded in 2018, where the cumulative loss was £2.9 million from 3,111 fraud cases. In the first half of 2020, 483 SIM swap cases were recorded in the UK, resulting in a loss of £839K; the average loss for a user amounted to £2,567. In 2015, there were just 144 cases of SIM swap fraud.

Currently, banks are collaborating with telcos to tackle SIM swap; they validate SIM swaps and porting data within a stipulated cut-off time. Original phone owners get enough time to contact their network provider when they discover that their SIM has been swapped without their knowledge. The downside is that customers who have legitimately ported their SIM cards fall into a false positive queue and are subjected to unnecessary delays in verifying their identity. 

Financial institutions can address SIM swap fraud by adopting a risk model that analyzes various device- and phone number-related attributes from authoritative sources at the time of a transaction and indicates the level of trustworthiness. Such a model leverages advanced algorithms on phone data and intelligence aggregated from multiple sources to assign a reputation score for an individual’s phone number—the higher the score, the higher the pass rate. A high score will also greenlight more genuine customers, thus eliminating false positives.

Prove’s Trust Score™ is a real-time measure of a phone number’s reputation that uses behavioral and phone intelligence signals to measure fraud risk and identity confidence. Trust Score performs many real-time checks, including a SIM swap check, to calculate a real-time Trust Score. A low Trust Score is an indicator to apply the appropriate authentication policy, such as rejecting the transaction, not sending the 2FA code by SMS, or redirecting them to manual scrutiny by an agent. 

Trust Scores run on a scale from 0 to 1,000, with a higher number indicating a higher Trust Score. Trust Scores over 630 are typically considered ‘high,’ and scores 300 and below are categorized as ‘low.’ Trust Score’s risk model examines phone intelligence signals such as phone tenure (SIM tenure, tenure of device), line attributes (active number, number porting, mobile status, available network status, and line type), account activity (change event occurrence velocity), and device activity (device ownership tenure) to calculate the level of risk.

This article is a synopsis of a blog published by Prove.

Accelerate your onboarding

Contact us to learn how leading companies are using Prove Pre-fill to modernize the account creation process by shaving off clicks and keystrokes that kill conversion.

Exponential Growth Fueling FinTech Unicorns

Over the years, the FinTech industry has expanded significantly through investments, acquisitions, buyouts, and partnerships. Hundreds of new FinTech startups have emerged, but only some have attained Unicorn status. The surge in the number of FinTech Unicorns is indicative of high investor confidence in FinTech and its tremendous potential. 

Our analysis suggests that the number of Unicorns has been rising exponentially, from 80+ in …

Credit Card Innovations in the Face of Competition

For most of us, memories of the first job include opening a new savings account and waiting for the first-ever credit card. Credit cards offer a world of privileges and value-added services, making cardholders feel empowered and important. Purchasing products and services without paying for them right away has an allure that cannot be matched by immediate cash payments.

Buying goods on credit has been a part of trade from the early times. As the society evolved with inventions, credit coins and medals came into existence, helping business owners recognize customers who made credit purchases. Over time, metal credit tokens transitioned into highly secure and compact plastic cards, which people now equate with …

Strengthening Identity Verification and Authentication With FIDO

Most online services use password-based authentication. Passwords and SMS-based one-time-passcodes (OTPs) are the two most popular methods of digital authentication. Compromised passwords, however, are responsible for 80% of data breaches.

Forgotten passwords not only increase operational overheads but also lead to cart abandonment, resulting in lost revenue. Although OTPs solve some of these problems, they are highly vulnerable to the rising number of man-in-the-middle attacks and SIM swaps

Passwords, in particular, pose a dual challenge of security and friction and need to be phased out.

A frictionless and phishing-resistant multi-factor authentication (MFA) is a must to overcome the challenges posed by passwords and OTPs. The FIDO (short for Fast Identity Online) Alliance, an industry consortium of over 250 leading companies promoting open standards for identity verification and authentication, addresses these challenges and has become the industry standard for passwordless authentication. FIDO protocols address the critical aspects of digital identity lifecycle management such as identity verification for account onboarding, account recovery, and user and device authentication.

Attacks on servers that store user credentials or malware-induced phishing attacks that impersonate local devices and steal credentials are responsible for most identity breaches. FIDO provides device-level local authentication by leveraging methods such as PIN, biometrics, or external hardware tokens, all interacting with the client device over a common, standardized interface. The authenticating device, i.e., authenticator, connects to the online server using a standardized, challenge-response-based cryptographic protocol based on a pair of public-key and private-key. Effectively, the user interaction via any of these authentication methods unlocks a private key dedicated to the online service in question—the online service stores only public keys.

The FIDO protocols consist of the following three sets of public-key cryptography-based specifications:

Universal Authentication Framework (UAF): The UAF protocol enables online service providers to offer their customers a variety of passwordless sign-on options—PIN, biometrics, and external hardware devices. The registration process on the online service prompts users to select an authentication method, and the authenticator creates a new key pair simultaneously. The private key is securely retained in the authenticator, whereas the public key is passed on to the online service and bound to the user’s account.

FIDO2: FIDO and W3C have jointly built FIDO2, a set of two open standards. W3C’s WebAuthn standard provides a standard API compatible with popular browsers and platforms, such as Android, to create and manage public keys. Typically used in a sign-on scenario, the online service sends a challenge to the sign-on client (a browser or app) using WebAuthn API, requesting it to sign the data with the private key. Subsequently, FIDO’s Client to Authenticator Protocol (CTAP) works between the authenticator and the client to enable either passwordless or MFA.

Universal Second Factor (U2F): This protocol complements traditional password-based security with a second factor based on external authenticator devices such as fobs and pluggable USB devices. Browsers and authenticator devices that conform to the protocol can automatically connect and communicate, thereby establishing a second-factor authentication.

FIDO simplifies authentication for consumers and protects against identity theft & identity takeover while ensuring compliance to regulations such as PSD2. 

This article is a synopsis of a blog published by Prove.

Accelerate your onboarding

Contact us to learn how leading companies are using Prove Pre-fill to modernize the account creation process by shaving off clicks and keystrokes that kill conversion.

Relevance of the EU Digital Wallet in the New Normal

The COVID-19 pandemic has necessitated the shift to digital, especially contactless payments. Reinforcing the need of the hour, the European Commission recently proposed a framework for a European digital identity wallet to enable citizens to prove their identity and transfer electronic documents from their European digital identity wallets by just tapping their smartphones. The proposed digital identity wallet will be available to all European Union (EU) citizens & residents and those operating businesses in the EU. The framework will offer citizens access to online services …

Quantum Computing in Financial Services – Report by MEDICI

Quantum Computing can be defined as exploiting the collective properties of quantum states to perform computation. The economic potential of traditional computing has already been leveraged. Hence, we need to explore other possibilities including Quantum Computing to handle the next generation of technological advancements. MEDICI has recently launched a comprehensive report titled Quantum Computing in Financial Services. This article shares some snippets from the report and provides a gist of the report’s content.


The report explores Quantum Computing and its impact on financial services, one of its core use cases. 

Although Quantum Computing can no longer be called the future of computing, as we are already developing these computers, its applications and full potential will be realized only after several years. The often-discussed Moore’s Law, which predicted the development of robust computer systems with more transistors, is coming to an end because engineers are unable to develop chips with smaller and more transistors. The creation of more powerful computers is regarded as the most crucial aspect of a computer system. Regardless, energy efficiency, device lifetime, and economic viability are just as important, requiring numerous transistors especially when it comes to large cloud data centers that power large portions of online web applications. These are among the many reasons why computer science engineers and corporations are forced to look beyond traditional systems and explore areas such as Quantum Computing.

Impact areas and Early Use Cases

Quantum Computing is expected to impact multiple areas in the financial services industry. D-Wave and Accenture have together identified over 150 use cases across industries, most of which belong to financial services. Top sectors in financial services where Quantum Computing can make a critical contribution are Investments, Insurance, and Lending.

Multiverse Computing, a Spanish startup, has a fairly mature quantum-inspired portfolio optimization tool that has shown to generate twice the average ROI compared to classical computational methods, risk and volatility remaining constant. Multiverse has worked with BBVA and Credit Agricole Corporate & Investment Bank in this area to achieve quantifiable results. As adoption improves and costs become manageable, one can expect digital-centric fund platforms and robo-advisors to become active users of quantum in the realm of investments.

Quantum Supremacy and Hardware Manufacturers

In 2012, John Preskill, a professor of theoretical physics at the California Institute of Technology, proposed the term Quantum Supremacy—the point where quantum computers can do tasks that classical computers cannot.

Google rose to prominence in the Quantum Computing world in 2019 when it announced that Sycamore, its state-of-the-art quantum computer, achieved “quantum supremacy.” The quantum computer carried out a specific calculation beyond the practical capabilities of regular, ‘classical’ machines.

IBM has been exploring superconducting qubits since the mid-2000s, increasing coherence times and reducing errors to enable multi-qubit devices from 2010. It claims to have built the first quantum computer on the cloud in 2016. In 2017, IBM announced that it would add two 20-qubit machines to its quantum cloud. The same year, the company declared that it had constructed a 50-qubit quantum processor. As of 2020, IBM made a total of 28 quantum computers available. 

IBM has launched IBM Quantum—an initiative that uses IBM’s full-stack approach, including Quantum Computing systems, together with software tools and cloud services to build quantum systems for business and science applications

A detailed analysis is available in our new ‘Quantum Computing in Financial Services’ report. You can access the full report here.

Adoption of Quantum Computing

Quantum Computing is currently confined to laboratory experiments by a select few technology companies and niche startups. The commercial adoption of the technology is at least a decade away.

However, this does not essentially imply a long wait before we put Quantum Computing to use. For the next five years, the most likely approach would be to combine the power of both classical and Quantum Computing into a hybrid computing framework. Hybrid computing uses the exponential computing power of Quantum Computing to solve parts of a complex problem and combines them with classical computing methods to solve other parts. In early 2020, CaixaBank developed a machine learning algorithm leveraging hybrid computing to do better credit risk profiling based on a limited set of 1,000 user profiles. 

Although the availability of a competent quantum computer is many years away, Amazon Web Services, Google, and Microsoft provide cloud-based quantum simulation capabilities for researchers and developers to try out potential applications. Amazon Braket is a managed Quantum Computing service run in partnership with D-Wave, IonQ, and Rigetti. The availability of cloud-based computing infrastructure and classical computing is expected to fuel adoption and accelerate learning in this decade. The industry expects that during this period, quantum computational power will grow fast enough to start implementing specific algorithms and simulations to solve some of the most complex problems in financial services.


We have barely scratched the surface of Quantum Computing. Cloud-based Quantum Computing, a new field that allows users to use these quantum-powered computers through the internet, is focusing on making Quantum Computing more accessible. With the limitations of traditional computing getting amplified and vast amounts of data being generated every second, the rise of Quantum Computing systems to fill the gap is inevitable. Both corporations and governments are focusing on developing Quantum Computing. India announced a $1 billion fund for the National Mission on Quantum Technologies and Applications. In 2020, the White House Office of Science and Technology Policy, the National Science Foundation, and the Department of Energy in the US announced a $1 billion fund to establish 12 AI and quantum information science research centers nationwide. Companies and governments are working together to lead the next wave of innovations in computing systems. Innovations and higher processing power need to ensure that these systems can solve real-world problems.

The ‘Quantum Computing in Financial Services’ report is a detailed study on the various aspects of Quantum Computing and its impact on financial services. It profiles some of the major quantum hardware and software providers. You can access the report here.

About the Report

In July 2021, MEDICI published the ‘Quantum Computing in Financial Services’ report, a comprehensive study based on MEDICI’s proprietary financial services data, deep market intelligence derived from years of tracking the segment, and secondary research that was refined through brainstorming sessions and in-depth interviews with segment experts to extract valuable market signals from the noise, identify market trends, and develop viewpoints for the report.

Here’s what more you can expect from the ‘Quantum Computing in Financial Services’ report by MEDICI:

This 42-page report by MEDICI analyzes the following in detail:

  • What led to the exploration of Quantum Computing?
  • Complementary fields of computing being explored
  • History of Quantum Computing
  • Data representation in Quantum Computing
  • Quantum supremacy and key players
  • Impact on financial services
  • Quantum Computing in financial services—Adoption & Early Use Cases 
  • Limitations
  • Conclusion

Grab your copy of the full report here.

How Online Retailers Can Drive Revenue Using Phone-Centric Identity™

In the ’90s, during the “heyday of the mall as a cultural symbol and a commercial powerhouse,” an adolescent’s identity was often intimately tied to where they spent their time and money in the shopping center. Local teens hanging out at malls, purchasing high-end items, became the ultimate brand ambassadors for retailers: loyal, passionate, and unpaid. Here’s what malls did: retailers monetized consumers’ desire to be part of the brand, and consumers reveled in the shopping experience the retailers provided.

Malls are no longer a cultural force in the US. “Economic downturn, the rise of internet commerce, and the decline of the suburbs—even just the opening of newer malls, which cannibalize older ones,” are some reasons why malls are shutting down in droves. With retailers increasingly pivoting to digital due to the COVID-19 pandemic, the question of how to foster the next generation of loyal and passionate customers without malls and the ‘real-life’ communities of unpaid brand ambassadors looms large.

Online retailers are doling out retail memberships to drive revenue by creating the next generation of ardent fans in the digital sphere. Research shows that loyal customers contribute to a 22% increase in cross-sell revenue and a 13–51% increase in up-sell revenue. Sephora’s loyalty program, which has 17 million members in North America, contributes to 80% of the company’s sales.

Amazon Prime, a hugely popular premier retail membership program, charges customers $12.99 a month in exchange for free one-day and two-day shipping on millions of items and includes other benefits. A recent poll found that Amazon Prime members spend “an average of 1,400 US dollars on the online shopping platform every year, compared to 600 US dollars spending of non-Prime members.” The Amazon Prime case study illustrates that successful retail membership programs “boost engagement, increase retention, and encourage brand advocacy.

What makes some paid retail membership programs more successful than others? According to McKinsey, high engagement levels are a clear indicator of a successful retail membership program: “good paid programs have a continuous flywheel of interaction that elevates the program’s value” by turning prospects into customers and then ultimately promoters. A smooth onboarding process is instrumental in keeping the flywheel spinning even faster.

Retailers must obtain a consumer’s personal information such as name, telephone number, email, and home address to administer a successful program and create targeted marketing campaigns. However, with every additional piece of information requested, a consumer becomes more impatient and may even abandon the procedure. A study by Annex Cloud shows that 70% of consumers abandon loyalty program sign-ups due to the tedious nature of the process.

Prove’s Pre-Fill™ onboards customers quickly and painlessly by leveraging Phone-Centric Identity™ techniques that auto-populate forms with personal information from verified data sources. Customers simply need to confirm the fetched data. Pre-fill significantly reduces keystrokes required to fill out a form and thwarts identity fraud by stopping bad actors from entering fraudulent information into the forms. 

Consumers are spoilt for choice on e-commerce platforms, making it more challenging for retailers to inspire brand loyalty. Paid membership programs, however, are one way retailers are trying to retain repeat customers. High engagement rates, which can be achieved through great incentives and a seamless onboarding process, are crucial to a thriving paid membership program.

‍This article is a synopsis of a blog published by Prove.

Accelerate your onboarding

Contact us to learn how leading companies are using Prove Pre-fill to modernize the account creation process by shaving off clicks and keystrokes that kill conversion.

The End of an Era – LIBOR

We cover more than 60+ sub-segments in FinTech – but we do not stop there; we also cover topics beyond FinTech, such as InsurTech, RegTech, PropTech, WealthTech, BankTech, AgriTech, and the enabling technologies enabling innovation such as AI, Blockchain, etc.

How FinTechs Can Leverage Identity Auto-fill to Improve Customer Experience and Drive Sign-ups

There’s no escape from the annoying paperwork plaguing day-to-day activities such as applying for a loan, opening a checking account, or signing up for a credit card.

‍For many years, brick-and-mortar banks have tried to make form filling (government-mandated paperwork) less painful by offering free pens and unlimited coffee to prospective customers. For the past few years, however, an increasing number of FinTechs have been offering solutions for completing complex financial transactions easily on personal devices. Websites of leading neobanks or digital lending services assure quick, frictionless onboarding and an intuitive user experience.

The COVID-19 pandemic has only accelerated the switch to digital in the financial services industry. J.D. Power reports that 30% of consumers have increased the use of mobile banking apps, and 35% are using online banking more than they did during pre-pandemic times. With the surge in digital activities, digital-native FinTechs are compelled to combat application abandonment and reduce identity fraud.

‍Unfortunately, as evidenced by the high customer abandonment rates impacting the industry, many FinTech firms have been unable to deliver frictionless onboarding. The reason? Regulatory mandates surrounding customer identification and the reluctance to design the application process from first principles hamper smooth customer onboarding.

‍Today, FinTech companies spend massively on marketing to lure individuals away from their trusted bank only to lose them to less-than-satisfactory onboarding processes, resulting in lost revenue and high customer acquisition costs. One study found that the industry-wide average onboarding success rate for FinTech and e-money is 74%, implying that over a quarter of applicants drop out. About 14% of FinTech companies surveyed think that maximum drop-outs occur in the initial stages of form-filling when the name, address, and other personal details are asked.

Fortunately, there is hope for FinTech companies committed to enhancing their onboarding strategy and improving customer experience.

Addressing Customer Onboarding Hitches with Identity Auto-fill

‍Leveraging technologies that ensure frictionless customer onboarding without violating regulatory measures will be critical to solving FinTech’s current onboarding issues. ‍

Prove Pre-fill™ radically transforms the digital onboarding experience. In traditional onboarding flows, a customer fills out a form with personal information, which is then verified by the financial institution. However, Prove Pre-fill uses Phone-Centric Identity™ to auto-populate forms with personal information from verified data sources while ensuring KYC compliance. Customers simply confirm the pre-filled data. This new flow drastically reduces the number of keystrokes required to fill out a form (a metric that measures customer fatigue) while preventing identity fraud by stopping bad actors from entering fraudulent information into the forms. On the back end, it even reduces the need for costly manual reviews of applications. 

Here’s how identity auto-fill benefited a Tier 1 issuer:

  1. 15% increase in signups, on average
  2. Reduction in the number of keystrokes in online onboarding by 80%
  3. $200 million increase in annual revenue

Prove Pre-fill is a proven tool for FinTechs to accelerate onboarding, reduce application abandonment, prevent fraud, and enhance overall customer experience.

This article is a synopsis of a blog published by Prove.

FinTech Investments by Top Tech Companies

Compared to large financial companies, tech companies are more interested in FinTechs. Tech companies continue to invest heavily across FinTech segments to strengthen their presence across the financial ecosystem. Our recent articles discussed FinTech investments by top insurance companies over the past three years. In this article, we’ll discuss the leading tech companies that have made significant investments in FinTech startups, namely Google, Salesforce, Mastercard, VISA, and PayPal. We’ll also explore the pre- and post-pandemic investing behavior, focus areas, target geographies, and venture capital funds.


Google has closed 69 FinTech deals since 2018, including 24 follow-up rounds. The company has invested in 45 startups directly and through Google Ventures and Gradient Ventures (its venture units), accelerators, and business groups. Google invests in early-stage, growth-stage, and later-stage companies. Our research suggests that its investments have increased over the past three years. Despite the COVID-19 pandemic, the company invested the most in 2020 (closed 24 deals, up from 16 deals in 2019). Stripe, Collective Health, Plaid, Lemonade,, Ethos, and GoCardless (~$1 billion) are FinTech Unicorns backed by Google.

Google has primarily invested in three segments: InsurTech, B2B FinTech, and Cybersecurity; these segments accounted …

Ripple and the Future of Inter-Bank Money Transfers

Technology is now synonymous with innovation, transparency, and seamlessness. Most of our day-to-day activities, from grocery shopping to conducting banking transactions, are powered by technology and have migrated to the online space. Unfortunately, the unbridled use of smartphones exposes us to cybercrimes that can compromise our online integrity and even cause financial damage. Cybersecurity breaches continue to be a menace.

Enter blockchain technology—a system of recording information that, to a large extent, prevents miscreants from changing, hacking into, or cheating online systems. Blockchain is crucial for the financial services industry, one of the key targets for cybercriminals. It enables financial services to become more inclusive, secure, transparent, and effi …

NIBSS – Africa’s Premier Real-Time Payments System

Real-time payments are among the most significant financial innovations of the past decade. The rapid adoption of these payment systems has fueled digital economies worldwide. Today, 56 nations have enabled real-time payments. Some developing economies have leveraged digital and real-time payments to leapfrog their journey in payments technology.

Real-Time Payments in African Countries

Kenya and Nigeria were the early adopters of real-time payments systems. Kenya’s M-Pesa was the first mobile money transfer service in Africa that registered rapid mass adoption. M-Pesa played a massive role in the financial inclusion of the largely unbanked Kenyan population. M-Pesa’s success demonstrated the potential of faster digital payments in Africa. However, mobile money still dominates the African electronic payments market. Sub-Saharan Africa has over 1.4 million mobile money agents. The growth of regulated real-time systems across the continent has been slow. Among the 54 African countries, four have national real-time payment systems.

Ghana’s GhIPSS Instant Pay (GIP)

Although GIP offers P2P, B2B, and G2P payments, it does not have an open-access API interface. Regardless, it continues to grow steadily, volumes almost quadrupled and value registered a six-f …

New Payments Platform – Modernizing Australia’s Payments Landscape

Technology, a harbinger of revolution, has shaken up the global payments space. For decades, customers have visited banks to access their funds and used largely physical instruments for payments. However, the new digital payments paradigm has paved the way for a seamless, safe, and efficient payments industry. This pivotal shift has not only benefited customers but has also become a game changer for micro, small, and medium enterprises (MSMEs) by enabling transaction efficiency.

Australia has jumped on the FinTech bandwagon to offer value-providing services to companies and individuals. Over the past decade, the country has witnessed several economic reforms and cultural, business, and technological upheavals such as the establishment of the Roya …