Remote Document Verification: Why it works

Developments in technology, alongside consumer desire for a convenient purchase experience, are shaping purchasing behaviour in every generation ¹. Richard Brassey, Head of Business Partnerships, Barclays Partner Finance, notes that ‘when it comes to finance…what is offered in-store, needs to be reflected online.¹ ’

Remote Document Verification allows you to mitigate fraud remotely as part of the finance application process. This help to make the process more efficient for you and a positive experience for your customers who can use their mobile to photograph ID and take a selfie. No need to visit a store or complete lengthy scan and email processes.

For customers, convenience is the most important ‘why’ for many when shopping online ³. This is why making the application journey as seamless as possible is so important and where RDV can help. Many customers that may otherwise have been referred to manual underwriting teams for a decision, and have a break in the purchase journey, will now receive near real-time decisions once they’ve submitted ID online.

For our partner clients, introducing RDV could help to minimise drop out in the online purchase journey, but it can also help to combat online fraud with applicants having to provide both photographic ID and a comparable selfie. It also means that our clients are able to offer flexible billing and shipping addresses, delivering direct to an alternative address, and enabling click & collect options for products purchased using finance.

How does it work?

Customers going through an application for finance identified as higher risk applications are likely to be referred to a team of underwriters for manual assessment (often slowing the process down by 24-48 hours). With RDV in place, these customers could be verified online in real-time.

Customers move seamlessly into the online RDV process from the application stage and submit photographs of their additional ID along with a suitable selfie.

At Barclays Partner Finance, we use a leading 3^rd party provider to link to multiple fraud and criminal databases to perform checks on the documents, while the selfie is linked to facial comparison software to confirm their identity.

The impact that RDV could have

For our client that has implemented RDV, this additional capability has delivered a higher overall acceptance rate, an overall decrease in the levels of manual underwriting referral and a faster application journey for customers receiving automated quick decisions, enhancing the overall customer journey. 

This has resulted in:

• An uplift in accepted/successful applications that would have previously been declined with alternative shipping addresses
• Almost 90% of customers who go through RDV receive an instant decision
• Removal of majority of manual referrals for a faster, seamless 24/7 process
• Seamless referral process minimising journey drop-out

Why RDV is crucial for a compelling customer journey

As one of the UK’s largest retail finance partners, we’ve helped millions of customers spread the cost of their new purchases using our personal finance loans. Offering a range of point of sale finance products, we help our clients grow their customer base and drive sales.

We are committed to evolving alongside the changing needs of customers in the retail sector. Innovation, use of technology and data are core to our strategy making it easier for our clients to sell and their customers to buy.

Building RDV into our customer-led finance applications is one of the ways that we’re helping our clients confidently offer finance at point of sale. 

We know things are uncertain at the moment, and the retail sector has been particularly impacted by coronavirus with a huge shift in the way retailers can sell, and customers can shop.

We’re working hard to support our clients and their customers affected by coronavirus by offering three month payment holidays for all eligible customers on POS finance with us. Remember that payment holidays are subject to individual eligibility criteria, suitability and terms and conditions. Interest in line with current rates will still be charged.

For clients who also have other services with us, we are offering payment holidays (subject to individual eligibility criteria, suitability and terms and conditions. Interest in line with current rates will still be charged) to customers who have mortgages and loans with us and are arranging overdraft facilities for customers who bank with us.

To find out more about our latest customer-led finance application journeys with Remote Doc Verification built-in, please contact your account manager.

References

[1] Source: Barclays Partner Finance Reimagining the Omnichannel Experience report, 2019

[2] Source: Barclays Partner Finance Reimagining the Omnichannel Experience report, 2019

[3] Source: Barclays Partner Finance Reimagining the Omnichannel Experience report, 2019