Cyber Security

Digital identity verification tech to fast-track credit applications

2nd July 2019
Lanna Cooper

Flexi-Fi has announced its new partnership with Mitek. Flexi-Fi will use Mitek’s Mobile Verify as part of its customer application process to make access to funding more secure, faster and affordable for its customers - whatever their needs may be. For more than ten years, Flexi-Fi products have positively impacted the lives of its customers, who often borrow to pay for professional degrees, dental treatments or to renovate their homes.

Mobile Verify’s ability to prove the authenticity of a user’s ID document is helping the Flexi-Fi credit assessment team make decisions in seconds and with more confidence thereby lowering the risk of re-payment default.

This is expected to result in an increase in daily applications which is welcome news to retailers. The technology will also keep Flexi-Fi’s partners - including Harvey Norman, Homebase and Compu b in compliance and ensure data privacy.

PJ Byrne, CEO at Flexi-Fi, said: “The integration of Mitek’s Mobile Verify functionality into our application process has dramatically improved customer experience and has resulted in quicker application processing times which will be welcome news to retailers and customers alike.”

“Mitek also saves us time and resources as our credit assessment team is able to make more accurate decisions in real time. The team can trust the technology to verify the ID document online and therefore focus their time on the merits of a credit application.”

Rene Hendrikse, EMEA MD at Mitek said: “Applying for credit can be lengthy and intimidating. When you need a loan that would help dramatically improve your life in a sustainable and positive way, the last thing you need is a long wait, or to feel like you’re being judged. Flexi-Fi’s investment in identity verification technology eliminates this fear - by automating the verification process it speeds decision-making and ensures security and confidentiality. Overall, it takes the many inconveniences of the traditional credit application process out of the equation.”

Flexi-Fi offers a simple way to pay for purchases with multiple retailers. Mitek’s technology helps protect Flexi-Fi’s customers from identity fraud losses and fight against account takeovers, all while dramatically improving the customer journey.

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