Early Warning Blog

Jim Mortensen, vice president of Identity Solutions

Recent Posts

Fostering New Account Growth through Advances in Digital Identity Assessment

Posted by Jim Mortensen, vice president of Identity Solutions on Nov 07, 2016

Online Account Opening Growth in 2017

We can all agree that the “bank of the future” will look and act differently than traditional brick-and-mortar institutions, but just how distant is that future? While we’ve seen account openings begin to shift away from the branch, Aite Group reports that by next year, 28% of new accounts will be opened online and 8% will be opened on a mobile device (an anticipated increase of 5% and 2% from 2015, respectively).1 In an increasingly faceless environment, validating a consumer’s personally identifiable information, their devices and related risk is vital to ensure the optimal customer experience as well as safety and soundness in the financial system. Are you ready for this shift?

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Topics: Authentication, Identity, Digital Identity Assessment

Early Warning Exhibiting at the 2016 MBA Annual Convention and Expo

Posted by Jim Mortensen, vice president of Identity Solutions on Oct 06, 2016

Traditional methods of verifying borrowers’ liquid assets continue to cost lenders millions each year – not to mention, this process is growing increasingly susceptible to financial misrepresentation and fraud. Early Warning will be at the 2016 MBA Annual Convention and Expo October 23-25 in Boston, showing lenders how they can transform the lending experience for borrowers while lowering costs and risks.

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Topics: Asset Search and Verification, Mortgage

Top Five Trends in Home Loan Origination

Posted by Jim Mortensen, vice president of Identity Solutions on Sep 08, 2016

  1. Recognizing the problems associated with manual underwriting steps:

The traditional loan origination process is well-known for including several manual, paper-based underwriting steps that cost borrowers in time (and stress) and lenders in resources. According to a recent J.D. Power Survey, 68 percent of customers have to provide additional documents after completing the loan application process, and 48 percent of customers were asked to provide the same document more than once. The outdated process isn’t just costly for the borrower. MBA’s Quarterly Mortgage Bankers Performance Report found that inefficiencies in the home loan origination process drove personnel expenses to an average of $5,131 per loan in the fourth quarter of 2015, compared to $4,674 per loan in the third quarter of that same year. Loan production also stalled to 2.4 loans originated per production employee per month.

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Industry Experts Rank Early Warning as Top Provider in Digital Identity Assessment

Posted by Jim Mortensen, vice president of Identity Solutions on Aug 19, 2016

The term “Digital Identity” has been popularized to link a consumer to his or her transactions online. The definition itself varies by generation, signifying the important evolution taking place. Millennials tend to associate their digital identity to online activities, social media data or biometric information while their predecessors tend to classify personally identifiable information such as a Social Security number, Driver’s License information and banking identity information as the core elements that make up their identity credentials. In truth, a consumer’s digital identity has evolved to encompass all of these things and more.

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Topics: Authentication, Identity

Securing the Mobile Wallet Experience

Posted by Jim Mortensen, vice president of Identity Solutions on Jul 14, 2016

Last month, Al Pascual, senior vice president, research director and head of fraud & security at Javelin, authored an article, “Mobile Wallet Fraud: This is Just the Beginning,” as part of our ongoing conversation on this topic and in conjunction with a recent report, white paper and webinar on the subject. In that content, Pascual raises awareness of the projected growth in mobile wallet adoption, forecasted to grow to just under 90 million by 2019. However, for consumers yet to adopt mobile wallets, concern for security is cited as the primary reason. Pascual also points out the opportunity for fraudsters to enroll compromised card-not-present credentials onto a mobile wallet as the transition to EMV diminishes the opportunity to commit fraud at the point of sale.

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Topics: Mobile Wallet Fraud