Industry: Financial Services
Use Cases: Fraud Detection, KYB Verification
Solution: Incode Omni (KYB Component)
- Swift and Highly Efficient Implementation: Faster and more streamlined implementation process.
- Zero Tolerance for Fraud: Eradicated instances of fraudulent activities.
- Seamless Onboarding: Eliminated manual activities, ensuring a smoother onboarding experience for customers without any additional costs.
- Cost Savings: Significantly reduced the expenses associated with client onboarding.
Uniclick by Unifin is a user-friendly digital platform designed to cater to the unique financial requirements of Small and Medium-sized Enterprises (SMEs) in Mexico. Offering a wide array of financial products leveraging seamless digital technologies and featuring a user-friendly interface, Uniclick is dedicated to spearheading a transformative shift in the business landscape for SMEs in Mexico, enabling them to access credit facilities effortlessly while fostering a sustainable and socially responsible digital ecosystem.
In recent years, the financial landscape in Mexico has undergone a revolutionary change, influenced by various factors. The rise in mobile phone usage and internet connectivity, coupled with the modernization efforts of financial institutions, government initiatives, and the aftermath of the COVID-19 pandemic, has paved the way for the widespread adoption of digital solutions aimed at making financial services more accessible, convenient, and efficient for users.
Key catalysts in this transition have been the integration of biometrics and client authentication. These technologies have played a pivotal role in providing customers with instant, highly secure, and personalized financial services, driving the country’s financial sector towards a more inclusive and technologically advanced future.
Uniclick, with a strong commitment to improving the financial services sector, identified the significant challenges it encountered in the industry. Their clear goal was to enable SMEs, even in remote areas of Mexico, to access credit facilities – fast and securely. By utilizing the flexibility of digital technology and introducing innovative identity verification solutions, Uniclick aimed to redefine financial accessibility, providing readily available financial products and services, and empowering SMEs nationwide. Their topmost priority remained the safety and security of users’ data, ensuring a trustworthy and seamless experience for all.
To make this vision a reality, Uniclick needed a dependable Fraud Detection and KYB (Know Your Business) solution, which was crucial to effectively combat fraud while also seamlessly integrating with their existing technology.
Uniclick found the perfect match in Incode Technologies, Inc., the leading provider of world-class identity solutions, thanks to the following:
- Proven Expertise: Incode’s impressive track record with flagship clients showcased their mastery in KYB, making them the obvious choice for the client’s needs.
- Effective Fraud Prevention: Incode’s solution is based on robust fraud prevention measures, minimizing the risk of fraud for Uniclick and its users.
- Cultural Fit: Uniclick and Incode shared a cultural fit, aligning their values and visions, making the partnership even more powerful for their respective projects.
Incode deployed its anti-fraud and KYB-compliant flagship solution for Uniclick, powered by Incode Omni – a fully automated, end-to-end orchestration platform that delivers the highest standard in security, user experience, and regulation. This platform incorporates proprietary AI, ML, and digital onboarding, authentication, and ID verification components.
Seamlessly integrated with Uniclick’s digital platform, the resulting all-inclusive identity verification solution enabled Uniclick to effortlessly identify the true owners and responsible parties associated with loan requests. This streamlined process not only eliminated the need for manual verification but also eradicated instances of fraud.
The importance of KYB compliance for Uniclick cannot be overstated, as these checks ensure the legitimacy of businesses and prevent involvement in terrorist or criminal activities, including money laundering. Failure to conduct KYB checks can expose global enterprises to fraudulent activity and government fines. One common difficulty Uniclick faced was accurately attributing loan requests to the rightful owners and responsible parties, particularly when the requestor might not be the majority owner or the person responsible for the loan. The implementation of Incode Omni, with its KYB-compliant features, provided Uniclick with a robust solution to effectively tackle this challenge, reinforcing their commitment to providing secure and trustworthy financial services.
Enhanced Credibility and Integrity in the Lending Process
Incode’s KYB-compliant, fully automated identity verification solution accelerated the identification of loan request owners, eliminating the need for physical visits and bolstering the credibility and integrity of Uniclick’s lending process. By ensuring strict adherence to regulations, it fostered a secure and trustworthy environment for users, while also streamlining procedures and instilling confidence among customers.
Greatly Reduced Fraud
Building financial trust was a fundamental aspect of Uniclick’s strategy, and their collaboration with Incode has yielded remarkable results by reducing instances of fraud to 0%. This achievement is particularly noteworthy, given the prevalence of fraud in similar financial products in Mexico. The solution’s utilization of fully automated technologies effectively mitigated potential risks related to human error, solidifying Uniclick’s position as a reliable and innovative financial services provider.
Streamlined and Secure Identity Verification Process
Uniclick’s adoption of Incode’s identity verification solution has led to a seamless and frictionless experience for their clients. The process incurs no additional cost for users, ensuring a hassle-free and straightforward interaction with the tool.
Conversion Rate Optimization
Uniclick successfully streamlined the user journey for their customers, which led to a noteworthy increase in successful conversions, delighting customers and boosting business growth and revenue.
The partnership between Uniclick and Incode has resulted in an exceptional success story, providing SMEs across Mexico with smooth access to financial services, while effectively combatting fraud, and ensuring KYB compliance. By leveraging Incode’s robust and innovative identity verification platform, Incode Omni, Uniclick achieved enhanced security and streamlined the verification processes, creating a trustworthy environment for their valued users. This collaboration exemplifies Incode’s unparalleled expertise in delivering customer-centric solutions that prioritize safety and regulatory compliance, making Incode Omni the optimal choice for businesses seeking to thrive in the dynamic financial ecosystem.
Moving forward, both companies are committed to further enhancing their collaboration, exploring new use cases, and utilizing Incode’s technologies to drive positive change in the financial landscape for businesses and customers alike.
Incode is the leading provider of world-class identity solutions that is reinventing the way humans authenticate and verify their identity online to power a world of digital trust. Incode’s revolutionary identity solutions are unleashing the business potential of universal industries including the world’s largest financial institutions, governments, retailers, hospitality organizations, and gaming establishments by reducing fraud and ultimately, transforming human interactions with data, products, and services.