How Crédito Real Turned Frustrating 30-Minute Document Reviews Into Seamless 8-Second Automation With Inscribe

Case Study

Credito Real is a Mexican financing company with more than 25 years' experience in offering innovative financial solutions to the segments generally underserved by the traditional banking system.

“Inscribe saves so much unnecessary work, literally thousands of hours, and it’s a no brainer to use it. The payback is unequivocally ROI positive.”
Mike Mulrooney, Project Director of Operational Efficiency
— Credito Real

10x

Faster to review documents for fraud

$100k+

Saved per month by detecting fraud earlier

CHALLENGES

Manual document review causing operational inefficiencies and fraudsters to slip through net

  • Crédito Real was targeting double-digit annual growth in its leasing business. To do that, it needed to be sure new applicants were legitimate, and fraudsters were detected as quickly as possible.
  • Their process for verifying supplied documents was causing friction and inefficiency. As things stood, every document was manually reviewed by analysts for consistency and accuracy of ID, income, addresses, tax declarations, and more.
  • With every document taking half an hour to review, it was eating up hundreds of hours a week. Inevitable human errors, combined with the fact more sophisticated fraud was hard for even the best analysts to spot, meant bad applications were slipping through.
  • When fraud was eventually found much further down the line, the business faced additional costs, such as legal fees and recouping goods back from fraudsters.
  • New Director of Projects in Operational Efficiency, Mike Mulrooney, was eager to transform the process. If Crédito Real could automate and improve fraud detection, they’d be more efficient, free up staff to focus on trustworthy clients, and scale without scaling their operational costs.
“Manually verifying documents was so labor-intensive and we were missing a lot of fraudulent applications. It became really obvious that we needed to automate our processes and provide more certitude.”

SOLUTION

Detecting more fraud faster with Inscribe’s automated and easy-to-use technology

  • Crédito Real began uploading documents to Inscribe’s fraud investigation tool. This examined every detail, including file forensics and metadata analysis, returning a response in superhuman time.
  • Next, they integrated Inscribe’s API flagging tool into their own systems. This allowed them to upload a high volume of documents at once, create custom rules and verifications, and then sit back as the API acted as an instant fraud filter. This meant Mike’s analysis team no longer had to sift through documents themselves.
  • Crédito Real drew powerful insights from the newly generated data. Not least that bank and tax statements were the optimum place to find instant signs of fraud. This was a game-changer, because it meant they no longer had to check every document to see whether an applicant was trying to defraud them.
  • Suddenly, a process that had been taking hundreds of hours of manual work a week, was done in seconds.
“Inscribe liberated our workflows and employees to be able to process our valuable clients faster and offered so much more flexibility than the rigid, out-of-the-box solutions on the market.”

RESULTS

Documents reviewed over 10x faster, operational efficiency improved, and $100k+ saved per month

  • Inscribe saves Crédito Real hundreds of analyst hours every week. Before, every document took 30 minutes of human resource to review. Now, with Inscribe’s automated processes, it takes 8 seconds!
  • Where previously analysts had to check as many as 50 documents to find one fraud, they can now focus on the one that’s flagged by Inscribe’s automations. As a result, they easily process tens of documents in the time it previously took to do one.
  • This brings a huge leap in efficiency and enables analysts to spend more time on tasks that directly support business growth. It means, too, that as they scale, they won’t need to hire additional analysts to stay fraud-safe.
  • ROI has been incredible. Inscribe only has to catch one or two instances of fraud before Crédito Real’s annual spend on Inscribe is covered. After that, every discovery adds up to more time and money saved.
  • Even better, because they now reject bad clients faster—and are losing less money to fraud as a result—they can take a chance at the other end and lend to trustworthy and well-intentioned customers they might have ordinarily considered too great a risk.
  • Inscribe enables them to help more of the people who need it. Crédito Real receives fewer fraudulent applications now, too, because Inscribe is such a strong deterrent.
“Inscribe is so customizable that you’re able to make it your own. Once you’ve put some work in at the front end, your company can take advantage of its automation and humongous time and costs savings thousands of times over.”

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