Today’s financial services consumers don't want to wait – they inherently trust the company that onboards them first. Fintechs are obligated to balance this measure of trust in multiple avenues; they need to deliver a great experience that builds brand rapport, manage costly processes, and ensure their customers are who they say they are to help strengthen fintech fraud prevention.
"Considering the trust landscape in the UK and Ireland, the financial industry remains challenged. The incumbents are trying to preserve or rebuild trust, while fintechs are trying to acquire it," says Eddie Dillon, a former senior banking executive and now Founder and CEO at CreditLogic. "The actions of any single bank can contaminate the reputation and trust of the industry at large. Guilty by association is a difficult challenge to overcome."
For the team at CreditLogic, former financial advisors and lenders, they have first-hand knowledge of the frustrations and inefficiencies, and the challenge of building trust in the mortgage loan process all while managing brand experience, costs, and regulations. To deliver on their promise of instant digital lending experiences for today's consumers, they realised every minute counts. To build trust in the industry, they decided to partner with a company that could verify and authenticate identities in seconds with the highest level of assurance – they chose Mitek.
"Trust is a two-way street. In the old banking days, a customer had to wait weeks to set up an account because processes required time and manual effort to build that trust and verify an identity on paper," says Adam Desmond, Mitek's Country Manager for UK and Ireland. "Now, with platforms like CreditLogic using Mitek’s solutions, a customer can get a mortgage application in under a few minutes, and the lender gets high identity assurance in seconds. It's the perfect intersection of trust."
CreditLogic's AI and analytics open-banking platform empowers onboarding and processing consumer applications and transitions them to loan fulfillment for mortgage providers. Using Mitek’s Mobile Verify® solution, CreditLogic will be able to cut its loan processing time significantly and seamlessly onboard more customers than ever before.
Previously brokers and banks may have had the opportunity to meet with their customers physically, in today’s reality Mitek's biometric checks play a key role in supporting anti impersonation while also significantly reducing fraud. With Mobile Verify, CreditLogic has high assurance the person behind the device is the person on the identity document.
"Integrating the Mitek solutions has turned what used to be a sluggish process into a hassle-free one that can scale quickly, as our business does,” says Eddie Dillon, Founder and CEO at CreditLogic. “Unlike other solutions on the market, Mitek's Mobile Verify does not require its own native app, making the user experience frictionless and enabling us to better support lenders. We look forward to having shorter, real-time identity verification and onboarding more customers once Mitek's Mobile Verify is implemented."
"We are delighted to partner with CreditLogic and help more Irish-based consumers access loans faster and more securely," said Adam Desmond. "As Irish banks and brokers continue to transition to offer digital loan applications and onboarding, CreditLogic delivers the ability to open accounts and get answers to their loan applications within minutes."
With hundreds of evolving AI-based analytics, computer vision algorithms, and biometric facial comparison, Mobile Verify is a next-generation digital identity verification service designed for the world's leading marketplace and sharing platforms, banks, and financial services organisations. Mitek's layered approach to identity document verification combines smart automation with forensic agents' expertise as a fast and accurate way to verify consumers' identities.