Two-Device Authentication for Credit Application Prepopulation
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Solution Overview
Problem
The process of applying for a credit account is often abandoned due to the need to fill out numerous and error-prone forms, which is tedious and time-consuming, leading to high abandonment rates and increased frustration for applicants.
Innovation Solution
A method for seamless credit account acquisition using a mobile device, where personal information is pre-populated through automated searches, reducing the amount of data the consumer needs to input and enhancing fraud protection by sourcing information from reliable sources.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Loss of time
If automated searches and pre-population are used to reduce data input, then the number of keystrokes and time required are reduced, but the device complexity and automation extent increase
Solution Approach 1:
The system performs automated searches and pre-populates application fields with customer information before the user completes the application. This preliminary action reduces the time and keystrokes required by users while the complexity is managed through automated processes.
Solution Approach 2:
The system automatically searches for and retrieves customer information from multiple sources without requiring manual data entry by the user. The automated search functionality and pre-population process enable self-service that reduces user effort and time investment.
2Reliability
If multiple authentication factors are required for fraud protection, then security is enhanced, but the ease of operation and completion process becomes more complex
Solution Approach 1:
Device identifiers and user identifiers are collected and verified during the application process before final account creation. This preliminary authentication ensures fraud protection is in place before the user completes the application, maintaining security while streamlining the overall process.
Solution Approach 2:
The system uses device identifiers and user identifiers as intermediary authentication factors that bridge security requirements and user experience. These identifiers serve as mediators that provide fraud protection without creating excessive operational complexity for the user.
3Measurement precision
If automated information retrieval is implemented, then data accuracy and verification are improved, but the extent of automation and system complexity increase
Solution Approach 1:
The system automatically retrieves and verifies customer information from multiple external sources without requiring manual verification by users or operators. This self-service automation ensures high data accuracy while managing system complexity through automated processes.
Solution Approach 2:
The system implements verification processes that check retrieved information against multiple sources and provide feedback on data accuracy. This feedback mechanism ensures high measurement precision by confirming information validity before populating application fields.
Data Source
AI summary
A two device authentication for a credit application is disclosed. The method accesses, via a user's computing system, a web-based credit application and provides a phone number for a user's mobile phone. Receives, on the user's mobile phone, a code from the web-based credit application and provides the code to the web-based credit application, the code indicative of a second device authentication of the user. Receives, at the web-based credit application, a first device identifier (ID) associated with the user's computing system, a second device ID associated with the user's mobile phone, and a user's ID. Utilizes the first device ID, the second device ID, and the user ID to obtain a user specific information useable for populating the web-based credit application; and prepopulates the web-based credit application with the user specific information.