e-KYC digital onboarding made simple

Financial industry use case

Background Story

e-KYC solutions have been widely adopted worldwide and have use-cases across multiple industries. With e-KYC, consumers can apply for loans digitally and instantly access credit.

LendMN is the first AI & ML scoring-based micro-lending application in Mongolia. It has been one of the foremost leaders for inclusive financing and micro-investment models. LendMN has acquired a 45% of NBFI market share in just 24 months after its launch. Behind LendMN’s great success, the e-KYC solution has played a crucial role in enabling seamless digital onboarding and faster customer acquisition.

Problems of the traditional lending landscape

At the time of LendMN’s release, there were no digital solutions in the lending market, and when people want to get a loan, they had to go to traditional lenders, including banks. Traditional lenders have heavily relied on physical branches and lengthy paperwork just to apply for a loan.

As a result, the waiting time for loan approval was more than a week.

Also, same with other emerging markets, many people do not have enough credit score history to get a loan, and access to the physical branch was difficult for the most, resulting in low financial inclusion and service penetration. LendMN wanted to solve this problem and provide financial services to the underbanked who do not have access to nearby branches. Problems of the traditional lending landscape

In pursuit of digital onboarding Financial industry use case

To support the financial inclusion and serve the underbanked, eliminating physical branch-dependent tradition was necessary, and digital onboarding was perfect for this purpose. With digital onboarding in place, anyone with a smartphone & internet could apply for a loan in an instant without visiting the branch. In addition, to effectively detect fraudsters and protect their business in the emerging market, an AI-powered fraud
detection process as part of the onboarding was essential.

Birth of first and foremost, mobile-based instant lending service in Mongolia

After adopting an e-KYC solution by combining ID document reader, facial recognition, and other sophisticated fraud detection solutions, LendMN became the first mobile-based instant lending service in Mongolia. With the e-KYC solution, LendMN could offer instant loans to customers in under 3 minutes, including onboarding in one flow.

Furthermore, the e-KYC solution helped them enable easy and fast online verification. The fraud detection solutions – such as liveness detection, blacklisting – and admin dashboard made LendMN’s business more efficient, profitable and trusted.

About the e-KYC solution

AND Solution’s e-KYC solution is a bundle of independent modularized technologies for digital ID verification, fraud detection, and everything related to customer identity verification. Depending on the business’s needs, objectives, and challenges, you can use these modules together or independently to create a comprehensive e-KYC process.