Credit card company Yendo supports financial inclusion and redefines onboarding and fraud prevention with Socure
Issuing lines of credit to new customers calls for an accurate and efficient application experience
95%+
Conclusive decision rate for applicants
87%
Conversion of users who begin capturing their IDs
25%
Reduction in manual review
Problem
- Yendo’s former identity verification provider led to manual review times and inaccuracies that slowed down its customer application process
- The company required a more advanced identity verification solution that could scale to meet its needs
Solutions
- Yendo implemented Socure Verify+ as a KYC solution
- The company also adopted DocV for document verification
- Additionally, Socure’s Sigma Synthetic was enabled to detect synthetic fraud
Results
- Yendo immediately saw improved identity verification efficiency with Socure
- Their onboarding experience with Socure was seamless
- Yendo considers Socure’s technology critical to its future company growth
Preventing fraud undoubtedly helps the bottom line, and being able to onboard customers with a lower amount of manual work and a higher confidence level [...] is imperative to grow our high-volume business at scale.
Jason Tucker, Chief Compliance Officer, Yendo