Authentive for banking and lending

For over 200M new lending and credit accounts in US annually, ensuring borrower authenticity is a critical first step for banks, lenders and mortgage brokers. To collect and verify applicant details, institutions rely on multiple approaches which collectively cost billions of dollars each year, and all have their own challenges.

1. Applicant provided documents: These documents can be easily modified or fabricated using services available online. Fraudulent documents are the leading cause of losses due to bad debt. Document fraud detection, even when used, does not work reliably due to limited capabilities and false positives.

2. Employment and credit reports: Institutions buy employment, income and credit reports from data brokers which are known for privacy and security issues. At times, these data brokers have incorrect or no data at all resulting in lost business for institutions and locking out consumers from participating in the financial ecosystem. For example, employment data brokers only support 50% of US workforce missing many employed applicants and completely excluding self-employed and gig workers. Credit bureaus have no or incomplete data on 45M consumers.

3. Data scraping from online accounts: Some institutions integrate with fin-tech providers to collect and verify applicant assets and income which require applicants to share account credentials. This has consumer privacy, safety and data oversharing issues. Additionally, with connection providers taking corporate accounts for data scraping, the risk of data breach is not limited to just payroll data but all corporate systems which employees have access to at a company.

Even after accepting these risks and challenges, institutions still incur significant overhead:

4. Verification costs for each applicant even when the application does not convert into a loan. For mortgages, less than 50% applications convert into loan originations causing millions in verification spend to be wasted.

5. Integration and processing costs for fetching consumer reports from fragmented data sources which increases operational complexity and cost while reducing agility and customer satisfaction.

At Authentive, we are addressing these challenges with a comprehensive solution to empower business to receive authentic applicant data instantly and accurately at up to 80% less cost.

• Every applicant submitted document is authentic and has no possibility of fraud. Our patent pending platform enables applicants to submit documents directly from the sources with complete privacy and safety using a private session and end to end encryption.
• We support all required documents including bank statements, paystubs, credit reports, tax returns, W2s, 1099 forms and more. This reduces the operational cost and complexity by bringing all data collection in one place.
• We accelerate the application and underwriting process by using AI models to automate document submission and data extraction to help create a complete credit profile for the applicant.

Reach out to our team to discover how Authentive can transform your loan origination process and give you an edge in the market.