Digital Lending Challenges: How Can You Know Your Customer When an Applicant is Remote?
FIs face a rapidly changing lending landscape where digital transformation is now a necessity to serve borrowers.
Knowing your customer is more difficult when an applicant is not face to face.
In this video, Conor Hickey, Director of Solution Engineering at OneSpan discusses how digital identity verification methods such as ID document verification and facial biometrics can be used to verify a remote customer’s identity online.
How OneMain enabled customers to close loans online with e-signatures
OneMain Financial provide direct-to-consumer loans to customers in North America.
- Needed the ability to close loans electronically – online and in branches.
- Had no ability to close loans online.
- Online competition threatened the company’s market share.
- Opened new online lending channel to increase volume of loans processed
- 99.1% customer adoption
- Now save 20 - 30 minutes of manual handling time per loan
- Saved paper stacks “as high as the Empire State building” every month and eliminated $500,000 in annual toner costs
- “Phenomenal efficiency gains” – no need to scan paperwork; all signed records are automatically exported from OneSpan Sign to the CMS
Meet today’s challenges with digital contactless loan origination
Lenders face unique challenges - high consumer expectations, intense competition, and obstacles to loan origination through in-person channels due to the pandemic.
Financial pressures on consumers have also increased demand for personal loans, bridge loans, and debt consolidation loans.
These challenges have accelerated the need for fast, secure, mobile-based lending. Lenders that fail to digitize their lending processes will struggle to keep up with these quickly changing conditions.
Enable digital-only loan origination with digital identity verification and e-signatures.
How BuyWay digitized credit applications to reduce contracting time from days to minutes
Buy Way Personal Finance is a Belgian finance company specializing in consumer credit.
- Needed to replace paper-based credit granting processes.
- The existing paper process was time-consuming, inefficient, and did not meet consumer expectations.
- Launched digital credit granting capabilities at point of sale (POS).
- Reduced in-store application time from 30 to 10 minutes.
- Reduced full contracting time from max. 20 days to 1 day.
- Implemented eIDAS compliant click-to-sign with SMS one-time passcodes.
- White labelled solution to enable seamless user experience.
"E-Signatures transformed the customer experience, because now we can get the client the help they need, in the time they need”
The Business Development Bank of Canada integrated e‑signatures with their mobile app to enable entrepreneurs to complete a loan or financing application in 15 minutes.
Hear first-hand from BDC’s Director of IT Solutions Delivery in this video.
Support business clients and entrepreneurs when they need it with fast, online lending
Get money to your business clients when they need it the most, with expedited, secure digital process for commercial loans and small business lending.
Leverage e-signatures to expedite loan processes and immediately detect stolen and synthetic identities with digital identity verification technology - including ID document verification and facial biometrics.
Retail Finance, Auto Finance and Leasing
Speed up finance applications with fast digital contracting and identity verification
The process of applying for consumer credit or finance on an asset, such as a car or appliance, is becoming faster and more secure as digitization replaces paper forms and manual ID-checks.
With compliance concerns paramount, agreement automation can also help ensure that financing processes are transparent and readily documented.
Digitize consumer credit, finance and leasing processes with online step-by-step solutions that increase loan volumes, reduce operational costs, and ensure KYC and e-signature compliance.
How MotoNovo Improved the Customer Experience for Auto Loans
"We were looking to improve on the scalability of the business, the compliant journey for the customer, and the customer experience. I would highly recommend OneSpan. I believe this is the future, and the more normal it becomes in our industry the better it's going to be for everyone."
— Dave Briggs, COO
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OneSpan can help you enable fast, secure, customer-centric online and mobile loan applications with our e-signature, identity verification and mobile security solutions.