Close Brothers Motor Finance has recently incorporated remote identity checks into finance applications.
The remote checks, provided by Lexis Nexis, replace existing telephony security systems, and use biometrics to validate the customer’s identity and determine if the ID is genuine. This allows customers to receive a pass or fail outcome immediately without having to speak to a member of the team. Customers are sent a link via SMS and are able to complete ID checks at a time of their choosing. They will upload photographic ID and a ‘selfie’ photo within 48 hours of their proposal being accepted.
The new system also includes more robust fraud prevention and has already identified and prevented several ID fraud attempts since its launch at the start of April. Research conducted by Close Brothers Motor Finance in 2022 found that 10% drivers had been the victim of fraud during a car buying process, indicating a need for improved level of protection for both buyers and providers.
John Cassidy, Director of Commercial Partners at Close Brothers Motor Finance, said: “This ID checking tool is tried and tested within financial services and has a good track record of success.
“The new checks remove a known pain-point for our customers, partners and colleagues which in turn provides a much more efficient process, which also adds an increased level of security against any potential fraud. Feedback from customers, dealers and colleagues has so far been very positive, and has highlighted the improvement to the customer journey.
“Close Brothers Motor Finance continues to find innovative solutions to maximise the user journey, whilst also bringing benefits to our dealer partners.”
