We’re delighted to announce that Lendflow has partnered with Inscribe. Inscribe enables fintechs and financial institutions to automate document reviews and improve fraud detection, leading to increased efficiency and reduced operational costs. As a market leader, Inscribe is a strong partner to Lendflow’s advanced Credit Decisioning Engine.
Fraud is a growing problem for fintechs and financial institutions alike, specifically when it comes to document manipulation. So far in 2022, 10% of all financial application documents submitted in an online channel were manipulated, which is approx. 50% higher than 2021.
This increase in fraudulent activity puts all companies on notice, which leads to tighter application requirements that deeply hurt SMBs’ ability to access vital capital to power their growth.
Through our partnership, Lendflow’s embedded Credit Decisioning Engine unlocks the full potential of Inscribe’s fraud detection and document intelligence to optimize onboarding and underwriting performance. As part of our suite of credit decisioning resources, Inscribe will supplement our other data and service providers — from Fraud/KYC/KYB, to bureau and other business credit data — to help companies reduce fraud loss and improve efficiencies in order to better serve SMB customers.
Lendflow’s advanced data aggregation and analysis tools feed into customizable workflows that fit any credit underwriting criteria or policies. When borrowers provide bank statements as part of the application or credit approval process, the pdfs are automatically routed through Inscribe’s AI-powered fraud detection system where they are examined for authenticity on a variety of levels. The various scores provided by Inscribe are then used in Lendflow’s Data Orchestration tool to auto-send the bank statements for further cash flow analysis or to kill the deal before any additional dollars are spent in underwriting.
Stronger document verification decreases fraud and drives more cost effective credit analyses. With the help of Inscribe, Lendflow can help fintechs, lenders and traditional financial institutions to efficiently analyze application documents to determine fraudulent activity before running additional data points such as credit scores — driving faster turnaround times, higher degree of confidence and more complete credit evaluations.
At Lendflow, we’re constantly striving to help lenders place capital in the hands of qualified customers — partnering with Inscribe will get us closer to achieving our mission to enable every company to provide seamless financial experiences to their customers, empowering them to reach their full potential, faster.
If you’re interested in learning more about Lendflow schedule a demo today!