In 2015, one of the country’s leading marketplace lenders used GIACT to process more than 350,000 loan applications. Here’s how we helped them verify identity and reduce risk, in order to safely generate more revenue.

Payment Challenge:

Peer-to-peer lenders face the same high risks as conventional financial institutions. Our client wanted to increase revenue by improving the loan approval process. They needed real-time account and identity information to make fast loan decisions, while still meeting stringent Know Your Customer requirements.

GIACT Solution:

GIACT provided accurate customer information in real time—we also identified data discrepancies for correction at the point of enrollment, allowing our client to accept more qualified applicants.

By the Numbers:

89% of applications passed immediately.

7% of enrollment applications were flagged as having data discrepancies such as misspellings, nicknames, or improperly entered data. With real-time customer intelligence, GIACT was able to verify the information and eliminate false positives so there were no delays in application processing. For applications that required further validation, our client was able to request the information during the initial enrollment process to increase the approval rate and improve the customer experience.

4% of applications were flagged as high-risk based on the lender’s thresholds, enabling them to mitigate risk, control fraud, and optimize portfolio performance in real time.

GIACT Mitigated $180 Million in Losses by Flagging High Risk Applicants

Results:

  • Improved loan approval process
  • Mitigated losses
  • Increased revenue
  • Enhanced competitive position

GIACT is committed to helping the financial service industry increase revenue and reduce risk. Let us develop a custom solution for your company.