Face and Document Recognition in the 2020 Update of the TurnKey Lender Mobile App

News

The TurnKey Lender Mobile app is updated with Face and Document Recognition, this now comes built-in with TurnKey Lender Mobile.  To utilize these new features,  we have changed the loan application workflow and added several new updates.

The main features of the update are Face & Document recognition within the mobile appBased on insight and feedback, face and document recognition are most commonly used in developing economies such as Latam, Africa, and APAC.

Get in touch with TurnKey Lender team to get a personalized demo and a quote for your project.

Borrower Flow with New Face Recognition Technology

Borrower downloads the Mobile App (branded for your business) and completes the registration process with 4 simple steps:

  1. Enter email
  2. Upload ID
  3. Take selfie
  4. Answer 3-4 questions

TurnKey Decision Flow

While the application process is happening, TurnKey Lender AI proceeds with the decision-making process in the background performing the following steps:

  1. Analyze data with built-in AI-driven scorecard. (Some information on our expertise in building scorecards: Scorecard Development Methodology and Big Data Scoring)
  2. Document recognition 
  3. Phase recognition 
  4. Analyze data from a smartphone (Android only):
    1. Phone usage
    2. Roaming usage/price sensitivity
    3. Family relations/number of contacts
    4. Mobile data usage
    5. Inbound and outbound calls, SMS, data scraping
    6. Battery drain and phone activity
    7. Applications installed
    8. Many other
  5. Geolocation
    1. IP address lookup
    2. GPS location
    3. Traveling habits
  6. Network security check (third-party integration)
  7. Activity / Behavior
    1. Replacement of attachments
    2. Suspected copy/paste
    3. Abnormally fast typing
    4. Too doubtful about the loan term
    5. Suspected irresponsible behavior
  8. Anti-fraud rules
  9. Credit policy rules
  10. Internal credit history Rules (previous activity)
  11. External DB check – Open sanctions lists
  12. Credit bureau check (third-party integration)

Additional options for uncertain cases:

  1. Psychometric test (standalone Android App)
  2. More external data sources
  3. Co-borrowers/Guarantors

To schedule a demo of TurnKey Lender Mobile, TurnKey Lender ULM, or any stand-alone module please reach out today.

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