Mitek demonstrates facial recognition-based mobile lending solution
Mitek demonstrated its facial recognition-based mobile lending solution, Mobile Verify for Lending, Tuesday afternoon at the New York Hilton Midtown.
The new, five step digital lending solution enables lenders to verify identity and bank account information in real time to facilitate quick loan decisions with a simple process for borrowers.
When applying for a consumer loan from a desktop computer, the borrower must initially log into their online bank account and agree to have their account information shared with the lender.
The system sends a text message to the borrower’s smartphone instructing them on how to take four photos to complete the loan application process.
These images include front and back shots of their driver’s license, a selfie, and a photo of their pay stub or other trailing document.
Mobile Verify for Lending ensures a quick and easy digital lending experience for the borrower and provides the lender with real-time identity and bank account verification.
“Digital lending is predicted to be a $100 billion market by 2020,” said James DeBello, chairman and CEO at Mitek. “The new digital experience positions lenders to succeed in the digital channel by creating a process that is simple for borrowers and gives lenders identity verification, bank account verification and supports fraud mitigation and compliance in five easy steps.”
Earlier this year, Trulioo partnered with Mitek to release an ID document verification platform with facial comparison technology to further improve authentication capabilities.