Credit card company Yendo supports financial inclusion and redefines onboarding and fraud prevention with Socure

Gaining access to the financial ecosystem isn’t always easy, especially for those with thin credit files. Yendo, a credit card provider, is on a mission to reshape the lending industry. Frustrated by title and personal loan companies that hit people with high interest rates and fees, Yendo helps its users build credit by using the value of their vehicle to gain access to credit ranging from $450 up to $10,000. A Yendo card works like a regular credit card, but taps into the user’s vehicle equity to get higher limits at low rates than title or payday loans.

The challenge: Inefficient manual review issues and inaccuracies in the customer application process slowing down onboarding

The credit card industry is highly regulated, requiring stringent identity verification and fraud prevention measures.

By promising a seamless identity verification process, Yendo helps users access credit when they need it — fast. But when the company’s identity verification provider led to long manual review times and inaccuracies, Yendo’s customer experience suffered.

Yendo faced a delicate balancing act: they needed to precisely verify the identities of prospective users — both in terms of information accuracy and confirming applicants’ claimed identities — while minimizing friction in the application process.

Yendo faced significant workflow bottlenecks and identity verification inaccuracies with its prior provider, slowing down customer onboarding and straining resources. As a result, legitimate customers often faced delays, and friction in the application process meant some were even turned away. These issues included:

• A low automatic verification rate
• Inaccuracies in public record checks
• Verification challenges in proving legitimate account ownership during fraud investigations
• Lack of a robust document verification solution

These challenges put Yendo at risk of losing legitimate customers due to excessive friction or inaccurate verifications, while also potentially approving fraudulent applications.

After evaluating several alternatives, Yendo chose Socure to revamp its identity verification process. This decision allowed them to implement a comprehensive solution:

• DocV for document verification capabilities and selfie validation
• Socure Verify for Know Your Customer (KYC)
• Sigma Synthetic to detect synthetic fraud

By adopting these tools, Yendo aimed to streamline its identity verification process and address the challenges with its previous provider.

The results: Immediate improvements in identity verification efficiency and accuracy

By implementing Socure Verify, DocV, and Sigma Synthetic, Yendo gained a more efficient and accurate identity verification solution to meet regulatory requirements and prevent fraud — all while offering its customers a more seamless experience.

Switching to Socure brought immediate, measurable results. Yendo reduced the volume of applicants sent to manual review by roughly 25%, cutting down onboarding time significantly. Additionally, improved efficiency in the identity verification process helped Yendo achieve an increase in customer satisfaction scores, ensuring applicants faced fewer delays and greater trust in their onboarding experience.

By using Socure Verify for KYC, Yendo was able to accurately verify applicant identities while maintaining compliance with the Bank Secrecy Act (BSA) and anti-money laundering rules (AML).

But the benefits didn’t stop at identity verification. To accurately verify government document submissions and perform a live, friction-free selfie check, Yendo also uses DocV on 100% of applicants.

The results? A 95%+ conclusive decision rate, and less than 5% resubmit rates.

With DocV, Yendo also achieved a 87% conversion of users who begin capturing their IDs. Additionally, 99% users who successfully capture an image went on to complete the flow in the first attempt.

Socure’s single API integration was a game-changer for Yendo, enabling a quick and seamless deployment that reduced setup time by roughly 50% compared to its previous provider. This simplified implementation allowed Yendo’s team to focus on serving customers faster, making the transition remarkably efficient and hassle-free.

Powering financial equity through efficient identity verification

Yendo’s experience with Socure highlights the critical role of advanced identity verification in fostering financial system access for all. By offering frictionless onboarding and faster access to credit, Yendo can extend credit opportunities to a broader range of customers, particularly those who might have been traditionally underserved by the financial system.

Yendo’s improved customer onboarding, with reduced manual reviews and higher confidence in applicant identities, has enabled efficient scaling of operations. This efficiency is crucial as Yendo pursues its mission to reshape lending and provide credit access to those often excluded by traditional financial services.

By using Socure’s suite of compliance and identity verification solutions, Yendo can now help more users enter and thrive in the digital economy.

Explore how Socure minimizes manual reviews, enhances fraud prevention, and supports equal financial access.