Challenge:

A large Australian bank lender suffered from time-intensive manual reviews of potential customers, which included KYB requirements, basic credit worthiness checks, and owner verification.

Platform Solution:

DemystData designed better workflows to automate the verification process of KYB requirements as well as common underwriting criteria. The platform also powered access to existing data sources used by the client and incremental new sources to form a complete, best-in-class KYB solution.

Results:

  • The automation of processes for more than 50% of applicants, drastically increasing conversion and decreasing time and cost of acquisition
  • ~40% of manual verification checks avoided
  • An increase of ~4% in conversion rates through improved UI / UX