An inefficient loan origination process can limit your ability to open new channels, markets, and provide new lending products. A hybrid loan origination model, which combines both automated and manual steps, guarantees that the overall process is only as fast as the slowest manual step. It can also create bottlenecks in the overall process that limit scale due to the required human component. The challenge is that most manual process steps are there to validate customer data with trustworthy data sources. Eliminating these manual steps by digital verification with trusted digital data directly from a trusted source reduces the overall cost of your loan origination and significantly improves the overall customer experience.
As businesses and consumers shift to digital channels, they are placing greater emphasis on automated straight-through processing, user experience, and consumer self-service. To profitably scale their loan portfolios banks and credit unions must adopt digital solutions that remove low-value repetitive manual processes and deliver scalable automation. IDVerifact can significantly improve every loan origination process from retail to commercial to corporate. We measure our overall impact across five key areas:
1. Improve your customers’ experience by expediting loan approvals easily and thoroughly through process automation with passive and digital verifications.
2. Reduce your fraud through enhanced verification processes for your customers identification, address, work, income, assets, liabilities, or collateral-related information and searches.
3. Lower your credit risk by gathering rich data on the prospect such as their business tax data, income streams, and their ability to repay the loan through our CRA solution.
4. Provide flexibility for your customers by generating customized composite use cases across a broad solution catalogue to pivot to new providers, solutions and use cases to address constant change, jurisdictional variants, and customer preference.
5. Create agility while sourcing, on-boarding, and reselling third party identity and digital attribute providers.
So, what is the solution?
We know that there are many providers that offer one or two of those solutions, but are there any that provide ALL of them? Automated downstream manual verification with a single IDVerifact integration.
Passive validations of:
- Device fingerprint
- Location dynamics
- Behavioural biometrics
- Collective Intelligence
Maintain compliance and KYC with direct validations of:
- Physical identity document verification and identity validation
- Digital identity verification
- Credit bureau single and dual source verification
- PEP and Sanctions verification
Improve your overall credit scoring and digital verification of lending conditions with:
- Employment verification
- Income verification
- Credit bureau verification
- Banking transaction detail
- Accounting data detail
- Criminal history
- Application of third party scoring models
- Social KYC