Case Study
Leading Micro Finance Company’s Identity Verification Process Streamlined By AuthBridge
About The Company
Established in October 2016, & headquartered in New Delhi, the client is furnishing its affordable micro-credit services to almost 17.5+ lakh women entrepreneurs from rural and semi-urban areas. The company has experienced substantial growth, reaching an Assets Under Management (AUM) exceeding Rs. 5,000 Cr. It has established a terrestrial presence with over 650 branches spanning 55,000 villages in 25 states.
Industry
Finance
Size
5,000-10,000
Key Results
Our customer-centric approach helped our client achieve fantastic results with a heavy drop in TAT as well.
- Nearly 2% of the sampled customer base were identified as repeat fraud borrowers applying under a different loan number through synthetic identities
- Considering the client had sanctioned over 1 million loans to date, this translates to a significant impact.
- By preventing fraudulent loans, AuthBridge’s solution protects the financial institution and promotes responsible lending practices.
Over 61 million loans are sanctioned through MFIs, emphasizing the immense potential of this use case. AuthBridge’s solution can significantly reduce fraud and improve loan recovery rates for the entire MFI industry.
Product and Key Checks Offered
The Challenges
The client was facing major challenges and issues with repeat borrowers using synthetic/fraudulent identities. This resulted in delinquencies and financial losses.
The Solution
Looking at the client’s needs and severity of the task at hand, AuthBridge conducted a comprehensive negative photo match exercise for the client’s existing customer base. This helped identify fraudulent borrowers through facial recognition technology.
- Identification of Fraudulent Borrowers: Through the negative photo match exercise, AuthBridge was able to identify instances where borrowers had used synthetic or fraudulent identities to secure loans from our client.
- Enhanced Fraud Detection: Our solution provided the client an additional layer of protection against identity fraud and more.
Conclusion
By transforming fraud check for our client, we empowered the client to focus on what they do best – thriving in their industry, knowing their customer ecosystem is built on trust, efficiency, and cost-effectiveness. Our AI-powered automation boosted speed and scalability and instilled trust, transparency, and compliance.
Case Study
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