Why live with tenant frauds when you can rent to genuine customers?
- Payment default risk from customers
- Application dropouts and movement to competitor platforms
- Reputational risks involved in lending to a potential criminal
- Legal challenges due security deposited to wrong tenant accounts
Why live with tenant frauds when you can rent to genuine customers? The story of a happy client, a leading provider of shared spaces.Starting up, our client, a leading digital real estate business, never imagined that matching genuine tenants with home owners who were looking to rent would have such hidden challenges. They had covered their basics – offering ready-to-move-in properties in the proximity of leading IT parks and business hubs yet when it came to inspiring trust in owners, they realized they had some ground to cover. Due to lack of confidence in homeowners, it was challenging for our client to offer a seamless verification and onboarding experience to their PG tenants too. They needed a solution that could verify tenants in real time to minimize friction for them and assure homeowners on a range of parameters of a tenant’s profile.
- Identity Verification of tenants
- Bank Account Verification of tenants
- Criminal Record Check of tenants
- Credit-Worthiness Checks
- Reputational Checks (like criminal record checks)
- Document classification and document tampering detection
- Real-time verification for simplified due diligence
- Validating the identity through face match
- Enabling AI-based decision making
- Reduction in tenant onboarding time, improving the service pipeline
- Reduction in manual errors while application processing
- Seamless service provider experience
- Greater Reduction in reputational risk due to criminal entity being isolated in real-time
To inspire confidence in homeowners, it was crucial that multi-dimensional authentication of a tenant profile be carried out. This would cover basics like establishing real identity and performing criminal record checks to more advanced screening around financial fitness and reputation.
Therefore, we built a real-time platform for tenant screening for our client, equipped with the potential to carry out all checks they needed from a single place.
We built on technologies like OCR for text extraction from the uploaded images and face match algorithms for simplified identity verification. Criminal Record checks were performed using our proprietary databases, bank account was verified through Penny Drop method whereas financial history of the candidate was validated through bank statements, salary slip verification and credit worthiness checks. Facial recognition technology to match image of the tenant with the selfie, to prevent identity spoofing.
In some cases, employment checks to validate the payment capacity of the prospective tenant were also performed as per the request of the client.
The client was able to create a streamlined and real-time tenant screening process, ensuring quality services being offered through the platform without risking the customer’s / assets safety. This also helped them in generating a delightful experience for all the stakeholders in the marketplace ecosystem.