Case Study

BHG Wows Customers with Fast and Trusted ID Verification

A Direct Lender Adapts to Today’s Complex Digital Demands With Vouched

Background

Being Ahead of the Pack is Nothing New for BHG

By addressing the ways that traditional lending institutions were failing small and mid-sized businesses, BHG has become a leader in commercial lending. The company has provided more than $10B in financial solutions to businesses across the country.

Even before the pandemic, BHG recognized that the loan process had grown slow and cumbersome, costing businesses time and opportunity. As the covid pandemic took hold, the problem became acute. BHG knew it could do better. They wanted to provide customers with a superior level of service and speed when onboarding and applying for loans. The result was a convenient, frictionless, secure, and industry-leading digital experience.

“We were sort of fintech before fintech,” says Tyler Crawford, BHG Chief Operating Officer. “We deployed new low-cost and cutting-edge digital tools to win consumers by providing loans to companies that other banks could not service.”

So, it came as no surprise when BHG saw the growing benefits they could offer their customers through innovative digital solutions that dramatically reduce the time needed to onboard customers, process applications and deliver loan approvals.

“It’s focusing on what that the customer experience is like, listening to the customers on what they want, and creating the concierge-level experience they are looking for,” said Tyler.

The Challenge

If we can’t close the borrower the same day, we’re losing customers.

Al Crawford, BHG Chairman and CEO

Faster, Customer Friendly Onboarding

When opening a new account, bank customers expect a frictionless digital experience. BHG sought to replicate the in-person connection between bank and customer, but make it quick and even more convenient and secure. It required a cutting-edge solution that could verify identity documents in seconds and enable a seamless customer transaction.

“We investigated several platforms, but they were tough for the customer to use. They were clunky and didn’t get the selfie right or read the ID correctly,” Tyler explained.

Maintain Authentication to Avoid Bad Actors

Beyond the onboarding process, it’s vital for a bank to ensure security without compromising user experience. Authentication is cumbersome, annoying, and viewed as intrusive, but banks must meet KYC and AML regulations and they risk exposure to ID fraud without it. BHG saw the benefit of adding an innovative method of ID verification that counterintuitively enhanced the digital relationship with the customer.

“It was important to maintain KYC compliance and decrease the risk of fraud, yet continue to find ways to optimize the way we interacted with our customers,” said Tyler.

Increase Revenue

Integrating digital with personal financial services creates new and expanding ways for banks to grow market share and better serve customers. However, they must respond quickly to deliver approval and maintain communication with the customer. Lengthy and arduous identity validation processes frustrate customers and produce abandonment, hurting a lender’s reputation and bottom line.

The Solution

Award-Winning AI-Driven ID Verification

Vouched offers the most secure way to stay ahead of fraud and identity theft while enhancing the customer experience. Vouched analyzes a customer’s identity document and conducts a fraud investigation so that the bank, in just a few seconds, has a deep understanding of the validity of that individual. Vouched plugs into any platform, language or app, works worldwide, and is entirely device-agnostic. Fast and easy to implement, community and regional banks can deploy Vouched’s trusted ID verification tools same-day, enabling them to provide real-time service just like upstart fintechs.

“When working with the Vouched team and their awesome technology, we were able to feel comfortable with KYC and compliance issues and really decrease the risk of fraud,” said Tyler.

They understood the problems we were facing and worked hand-in-hand with us to embed the solution into our funding process.

Tyler Crawford, BHG Chief Operating Officer

The Result

A Win-Win-Win

BHG went live with Vouched in two weeks. Using Vouched, they found the identity verification solution that is the perfect combination of fast, sophisticated and affordable. Within months, more than 50% of BHG’s customers chose Vouched over in-person identity verification. Today, 100% of borrowers choose Vouched.

“It was definitely eye-opening to be able to have a win-win-win: to be able to save money innovating a new process; to be able to honestly strengthen our identity validation; and see a tremendous response from our customers because they could actually get their capital faster,” Tyler said.

Vouched delivers fast, safe and secure identity verification and KYC that BHG banks on to drive growth and win against competitors.

The ways we will continue to use Vouched will grow along with us. They are huge for the evolution of the digital banking world.

Tyler Crawford, BHG Chief Operating Officer
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