Mitek Launches Mobile Biometric ID Verification System for Online Loan Applications

At this week’s FinovateFall conference, Mitek has announced a new solution tailored for the fintech crowd. Called Mobile Verify for Lending, it’s a simple user verification system for online loan applications.Mitek Launches Mobile Biometric ID Verification System for Online Loan Applications

When an applicant requests a loan from a desktop browser, they are then taken to their online banking service and asked to log in. Once their account information is shared with the prospective lender, an automated text goes to the applicant instructing them to take pictures of the front and back of their driver license, a pay stub or similar document, and a selfie – all of which is then uploaded so that Mitek’s facial recognition and document verification technology can make sure that everything matches up.

It’s a solution reminiscent of Jumio’s online identity verification service, which itself has proven highly successful among a range of clients seeking to establish online identity verification using mobile devices and biometrics. That in turn suggests there is a considerable market appetite for such a solution, and with Mitek’s offering made specifically for online lending, it may well have raised some eyebrows when the company demoed the solution on the FinovateFall main stage this past Monday.

September 14 – 2017 by Alex Perala