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Industry Banking and Lending

Protect your online banking platform from fraud

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Running a digital bank comes with a lot of risk

Cyberattacks

Cyber attacks are 300 times more likely to occur in the banking and lending industry than in any other industry. This issue is particularly salient in the lending space. Not only is it important to avoid funding bad actors, but you must ensure to lend to customers who intend to pay the money back⁠.

Increased regulatory scrutiny

KYC compliance regulations are becoming more stringent as service digitization becomes more important. With the threat of fraud in the banking and lending industry, increased scrutiny is being applied to ensure compliance and the safety of users.

Bad users defaulting on loan payments

Users will take out loans and sometimes are unable or do not intend to repay them. If KYC is not performed correctly, identifying these defaulters becomes a hassle, costing the company time and money.

Our Solutions

With one integration Smile Identity can help

Fraud detection and prevention

Keeping fraudsters at bay increases your platform’s trust. SmartSelfie™, our proprietary facial verification solution, is embedded in our products to enhance fraud detection: 85% of fraud attempts are automatically rejected by our machine learning algorithms, while the remaining attempts are flagged by machines and screened out by highly trained human reviewers.

Keeping updated with local regulation

We are connected to 16+ identity authorities across major economies in Africa. With varying regulations in different African countries we also provide an advisor role keeping on the lookout for changes to ensure that you are always ahead of the requirements.

Identifying bad actors

Each SmartSelfie™ includes a liveness check that is powered by 6 AI-based anti-spoof models and is backed by real-time human review ensuring the fraudsters are flagged immediately.

  • Basic KYC

    Verify that the personal information submitted by your users matches what is stored in the ID authority database. We return a value of match, partial match, or no match.

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  • Enhanced KYC

    We query a user’s identity information at an official ID authority, using their ID number, and returns that information.

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  • Biometric KYC

    We match a user-submitted selfie to the photo on file in an ID authority database, so you can be sure that your users are who they say they are.

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  • SmartSelfie™ Authentication

    We authenticate your users with our innovative facial verification technology which combines face matching, liveness and spoof checks, all with a high rate of accuracy.

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  • Document Verification

    We verify the authenticity of 142 IDs across 100 countries to validate the identity of your customers.

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  • Business Verification

    Directly access government business registries in Nigeria, Kenya and South Africa in real-time.

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We appreciate the relationship we have with key partners through Smile Identity. They help us to stay a step ahead of our competitors and understand regulations. If we have any questions regarding KYC or identity, Smile Identity are the experts we reach out to.

Chirag Garg

Chirag Garg

Product Manager, Umba

Find out how you can start verifying your users in under 4 seconds.

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