Case Study: Leading US Challenger Bank achieves 85% auto-acceptance and 90% overall approvals with Socure

US Challenger Bank Switched to Socure to Increase Auto Approval Rates, Decrease Friction

Leading US Challenger Bank, launched in 2013, was rapidly opening hundreds of thousands of accounts but faced high drop-off and customer friction from a legacy identity verification process that auto-verified only 62% of applicants and relied heavily on KBA/out-of-wallet questions. Many applicants were younger or thin-file customers underserved by credit-data–based KYC, so the bank turned to Socure and its identity verification platform to reduce friction and improve digital account opening.

Socure replaced the legacy KYC flow with its machine-learning digital identity verification platform (single API, sub-second responses), dramatically increasing auto-acceptance from 62% to nearly 85%, raising overall acceptance to 90%, and cutting the need for out-of-wallet questions by over 60%, while reducing manual review and improving customer satisfaction. Socure’s solution delivered measurable gains in conversion and streamlined the bank’s account-opening process.