CASE STUDY

Credit card company Yendo supports financial inclusion and redefines onboarding and fraud prevention with Socure

Issuing lines of credit to new customers calls for an accurate and efficient application experience.

Gaining access to the financial ecosystem isn’t always easy, especially for those with thin credit files. Yendo, a credit card provider, is on a mission to reshape the lending industry. Frustrated by title and personal loan companies that hit people with high interest rates and fees, Yendo helps its users build credit by using the value of their vehicle to gain access to credit ranging from $450 up to $10,000. A Yendo card works like a regular credit card, but taps into the user’s vehicle equity to get higher limits at low rates than title or payday loans.

The Challenge:

Inefficiencies in manual review issues and inaccuracies in the customer application process were slowing down onboarding.

The credit card industry is highly regulated, requiring stringent identity verification and fraud prevention measures.

By promising a seamless verification process, Yendo helps users access credit when they need it — fast. But when the company’s identity verification provider led to long manual review times and inaccuracies, Yendo’s customer experience suffered.

Problem

• A low automatic verification rate
• Lack of a robust document verification solution
• Inaccuracies in public record checks

Solutions

• DocV for document verification
• Sigma Synthetic to detect synthetic fraud

Results

• 95%+ conclusive decision rate for applicants

Yendo faced significant workflow bottlenecks and verification inaccuracies with its prior provider, slowing down onboarding and straining resources. As a result, legitimate customers often faced delays, and friction in the application process meant some were even turned away.

Switching to Socure brought immediate, measurable results. Yendo reduced the volume of applicants sent to manual review by roughly 25%, cutting down onboarding time significantly. Additionally, improved efficiency in the verification process helped Yendo achieve an increase in customer satisfaction scores, ensuring applicants faced fewer delays and greater trust in their onboarding experience.

By using Socure Verify for KYC, Yendo was able to accurately verify applicant identities while maintaining compliance with the Bank Secrecy Act (BSA) and anti-money laundering rules (AML).

However, the benefits didn’t stop at identity verification. To accurately verify government document submissions and perform a live, friction-free selfie check, Yendo uses DocV on 100% of applicants.

Results

• A 95%+ conclusive decision rate, and less than 5% resubmit rates.

With DocV, Yendo also achieved an 87% conversion of users who begin capturing their IDs. Additionally, 99% of users who successfully capture an image went on to complete the flow in the first attempt.

Results

• 87% conversion of users who begin capturing their IDs
• 25% reduction in manual review

Yendo's experience with Socure highlights the critical role of advanced identity verification in fostering financial system access for all. By offering frictionless onboarding and faster access to credit, Yendo can extend credit opportunities to a broader range of customers, particularly those who might have been traditionally underserved by the financial system.

Explore how Socure minimizes manual reviews, enhances fraud prevention, and supports fair financial access.

Socure is the leading provider of digital identity verification and fraud solutions. Its AI and predictive analytics platform applies artificial intelligence and machine learning techniques with trusted online and offline data intelligence to verify identities in real-time. Socure is the only vertically integrated identity verification and fraud prevention platform with both IAL2 and FedRAMP Moderate certifications, delivering advanced levels of assurance and the highest standards for security and compliance. The company has more than 2,000 customers across the financial services, government, gaming, healthcare, telecom, and e-commerce industries, including four of the five top banks, the top credit bureau and more than 400 fintechs. Organizations including Chime, SoFi, Robinhood, Gusto, Public, Poshmark, Stash, DraftKings, and the State of California trust Socure for accurate and inclusive identity verification and fraud prevention.

By using Socure's suite of compliance and identity verification solutions, Yendo can now help more users enter and thrive in the digital economy.