CASE STUDY

Leading US Challenger Bank Switched to Socure

Two co-founders launched a leading US Challenger Bank in 2013 to make banking better for all consumers by helping its members avoid bank fees, save money automatically, and achieve financial peace of mind.

Consumers began rapidly switching from traditional banks to their challenger and soon the bank was opening hundreds of thousands of bank accounts per month. While they attracted many new members, they quickly realized that many good customers were being turned away or dropping out of the application process due to a cumbersome identity verification process that included friction-heavy KBA, or knowledge-based authentication.

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