Case Studies

Mortgage broker fast-tracks loan applications with IDVerse technology

Download PDF version here – IDVerse x Australian Medical Finance – Case Study

Perth-based mortgage brokerage Australian Medical Finance specializes in providing home loans for medical industry professionals. Driven by the rapid increase in interest rates over the past year, demand for mortgage brokers is on the rise as borrowers look to refinance their home loans. Brokers have consequently been looking for ways to increase efficiency and productivity, with many adopting digital ID verification to fast-track loan applications.

The challenge

Australian Medical Finance wanted to focus on removing the burden of identity verification for its customers when they apply for a loan. Time-poor
medical industry professionals want a process that is quick, easy, and efficient.

Many banks have been slow to introduce modern IDV technology, with some still requiring face-to-face meetings or videoconferencing for ID verification. While some financial institutions are using it internally, others have yet to make IDV tech part of the process for third parties, putting brokers at risk of
getting left behind.

By introducing IDVerse’s Digital Identity Verification solution, Australian Medical Finance would make user verification effortless, and be able to focus on scaling their business without the compliance and operational

The Solution

IDVerse builds intelligent tools that protect users from identity fraud while enabling a seamless user experience. When entering the IDVerse verification process, an Australian Medical Finance client receives a link via a text message before being prompted to take a photo of their face, scan an ID such as a passport and driver’s license, and confirm their details.

The Results

Managing Partner Alex Brownbill says the technology gives brokers a competitive advantage by streamlining the mortgage application process, saving time and money by eliminating the need for phone calls or meeting
the client via video call or in person. IDVerse’s secure solution to identity verification has eliminated fraud as a concern for Brownbill’s clients. Its technology has third-party protections built into its agreements that ensure
the product remains accessible, and that data is safe and secure at all times, with recourse if there are any incidents or breaches.

10 minutes< 1 minuteSavings increased
Decreased loan
application onboarding from days to 10 minutes
Decreased time
to do Verification
of Identity (VOI)
Annual broker savings
to process loan applications

About IDVerse

IDVerse helps you quickly scale your business globally. Our fully automated solution verifies new users in seconds with just their face and smartphone—in over 220 countries and territories with any ID document—without the
burden of human intervention.

We empower true identity for people around the world. Through our Zero Bias AITM-tested technology, we are pioneering the use of generative AI to train deep neural network systems to protect against discrimination on the
basis of race, age, and gender. We are the first company to achieve 99.99% accuracy in independent lab testing.

Download PDF version here – Download PDF version here – IDVerse x Australian Medical Finance – Case Study

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