Case Study: PROFI CREDIT

• PROFI CREDIT is one of the biggest non-banking lenders in Poland, providing accessible loans to a wide range of consumers.
• The company noticed an increasing number of fraudulent attempts to sign fraudulent contracts. To combine both efficiency and security, PROFI CREDIT started to look for an automated identity verification solution.

The Challenges

When it comes to traditional financial institutions, loan applications can take weeks, and maintaining excellent credit is one of the challenges clients face when trying to secure a loan. PROFI CREDIT aimed to minimize the struggle by increasing the chances of getting a loan approved.

Additionally, PROFI CREDIT needed to find a way to maintain the highest level of security without compromising on user experience.

By providing its clients access to their funds almost instantly, PROFI CREDIT offers much quicker financial solutions than traditional institutions. Naturally, to maintain a quick loan application process, PROFI CREDIT had to implement a user-friendly identity verification solution.

The company’s approach to fraud prevention assesses the risks from different channels, ensuring that the clients and their assets are secured. Before implementing automatic ID verification, PROFI CREDIT’s main goal was to recognize fraud attempts and apply effective measures to prevent them.

“Our customers expect safe and quick lending services, which puts us in a challenging spot,” says Jaroslaw Czulak, Chief Marketing Officer of PROFI CREDIT.

“We knew that the new KYC service would benefit our business and the whole fraud prevention package. With iDenfy, we’ve managed to reach this goal and exceed expectations.”

Moreover, PROFI CREDIT wanted to add an extra layer of security and implement an ID verification solution to ensure compliance with Know Your Customer (KYC) regulations when welcoming clients.

The Solution

PROFI CREDIT selected iDenfy because of the easy-to-use dashboard and all of the KYC compliance tools in one place. iDenfy’s efficiency and cost-effective verification process secured the decision for the partnership.

“A critical factor in ensuring customer satisfaction is a secure KYC process. iDenfy’s digital onboarding solution is not only safe but also scalable. We can approve many customers without making it necessary to meet in person,” explained Jaroslaw Czulak, CMO at PROFI CREDIT.

Currently, the sign-up process takes less than a minute:

• iDenfy’s fully automated, AI-powered engine is based on the zero-fraud policy, and it’s backed up by real-time human supervision.
• iDenfy’s four-step ID verification guarantees a smoother onboarding experience for PROFI CREDIT’s customers.

iDenfy’s algorithms use phone or PC cameras, making it easy for customers to take a selfie and a photo of their identity documents. The advanced image scanning technology and Liveness Detection ensure that the user is physically present.

iDenfy matches the person’s face with the document and cross-checks the details with various databases to ensure accuracy for PROFI CREDIT.

All financial industry players are obliged to know their customers properly. iDenfy removed the challenge of the ever-changing compliance landscape. Now, the fraud prevention business secures PROFI CREDIT’s data throughout the full course of the business relationship.

The Results

PROFI CREDIT cast around independent identity verification options and found iDenfy’s solution to be the best fit for the customers. As the company explains, iDenfy’s self-service biometric identity verification tool enhanced its customers’ remote offer approval process.

By integrating iDenfy’s ID verification solution,  PROFI CREDIT achieved positive changes to its internal compliance operations, including:

• A fully automated verification system. With iDenfy, users can enjoy a faster and more user-friendly onboarding process, reducing friction and facilitating quicker entry into the banking services.
• Improved efficiency and better approval rates. PROFI CREDIT’s internal compliance team can make informed decisions using detailed data log sets from iDenfy, greatly enhancing KYC efficiency and increasing user verification approval rates.

It’s essential for PROFI CREDIT to verify the growing volume of customers without lowering the levels of efficiency or security. iDenfy helped PROFI CREDIT to reach this goal. According to PROFI CREDIT, the benefit of using iDenfy’s AI-powered KYC system is that its ID verification resolves complex operational matters and limits the need for manual authentication.

🟣 More About PROFI CREDIT

• PROFI CREDIT offers an alternative solution to difficult-to-obtain credit lines and cash loans from commercial banks or other financial institutions in the para-banking sector.
• The business focuses on today’s customer’s needs, allowing clients to save time and skip the complicated creditworthiness assessment processes based on physical documentation.
• PROFI CREDIT is also known for its fast application process and highly personalized customer experience, as well as customized loan structures. The financial service provider has been functioning in the Polish market since 2004.