The activities of loan companies are inextricably linked to the fraud risks specific to this niche, ranging from fake passport photos to people applying for a loan who physically resemble the legitimate passport owner. Often there are cases when loans are being granted to fraudsters with the involvement of unscrupulous bank employees.
There was no way to automate the loan process for a long time. Until recently, every new loan required several manual checks creating a significant load on managers.
The main goal of CreditMarket (FC “FSC”) in their cooperation with us was to avoid manual photo verification when issuing loans. To solve this problem, we introduced a facial recognition system based on neural networks of the world's best cloud platform. The application of top technology guarantees the high quality necessary for the financial industry.
We have created a technical solution for CreditMarket that performs several functions:
The platform determines the percentage of client’s similarity with their previous photos stored in the system and the document image. With a sufficient percentage of similarity, the verification process occurs automatically, and the loan granting takes place faster, respectively.
The implemented face recognition system already allows CreditMarket to:
The finance company “Financial Solutions Centre” provides loans under the brand name “CreditMarket”, acting on the basis of the license of the National Commission for State Regulation of Financial Services Markets (National commission) AB No. 580561 issued on January 11, 2012.
FC “FSC” (TM “CreditMarket”) is one of the leaders in the consumer credit market and is actively competing with the largest retail banks in Ukraine.
CreditMarket offers credit lines for various purposes: the purchase of household appliances and electronics, furniture, building activity, repair work, and other needs. At present, CreditMarket actively provides consumer loans and also supports the development of the private sector.