Blend and Prove report 16% drop in application abandonment

Blend Labs (NYSE: BLND) announced results from its integration with Prove Pre-Fill, a solution that auto-populates digital account applications using mobile-verified identity data, according to a press release from the company.

Financial institutions using the combined solution reported a 16% average reduction in application drop-off and a 54% reduction in manual data entry fields that applicants must complete. The integration works by verifying applicants through their mobile devices and populating application fields with verified personal information.

BCU, a credit union with 360,000 members and $6.5 billion in assets, is cited as one institution using the solution. "By leveraging Prove within Blend, we have reduced manual data entry by 54% while maintaining confidence in the information provided," said Sri Aravamudan, Director of Digital Transformation at BCU.

Scott Bonnell, Chief Revenue Officer at Prove, said the results challenge a long-held assumption in the industry. "For years, financial institutions assumed they had to choose between reducing fraud and creating a seamless customer experience. The results of our work with Blend show that's no longer true."

Nima Ghamsari, Co-Founder and Head of Blend, said the gap between completed and abandoned applications often comes down to whether technology handles data entry on behalf of the applicant.

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