From ID verification to real-time credit assessment, Loopit's unified KYC management solution enables businesses to establish a seamless car subscription onboarding experience.
July 5, 2022
Last updated on
July 6, 2022
As the automotive industry pivots towards a digital-first approach; modern motorists are demanding quick and easy ways to get on the road. Mobility providers such as car rentals must understand that these demands of modern motorists need to be met with a seamless onboarding process where customers can quickly and easily book their vehicle online. Loopit has built a frictionless KYC management solution that solves just this.
Aside from safeguarding vehicles, adopting a robust and efficient KYC management process is fundamental for four reasons:
The emergence of innovative solutions such as biometrics and online ID document verification has set the benchmark for businesses to implement digital KYC processes that are free from manual interventions. This is no different for the automotive industry, particularly car dealerships and rental companies who are running a car subscription service.
Loopit has partnered with leading risk and fraud prevention providers to develop a robust and safe KYC management process. Integrated into our signup flow, our all-in-one KYC capabilities allows you to streamline their operations without any manual intervention or operational efficiencies, so that you can:
Our identity verification is an entirely paperless experience that allows customers to confirm their identity instantly using a drivers licence or passport without having to manually take photos and upload their documents. By reducing admin time spent on manual intervention, Loopit provides you with a streamlined process for verifying identities so you can speed up your signup flow and convert more subscribers.
Integrated into the customer onboarding process, our credit checks have self-service capabilities that enable customers to have their credit score assessed instantly. In conjunction with our external partners, Loopit automates the credit check during the subscription booking process and will process an assessment score between 0 and 100 – allowing your business to make immediate yet reliable decisions based on your customer’s credit and fraud risk.
Such decisions can be guided by determining whether the customer has the ability to pay on time and the likelihood of them being in arrears. All credit assessment scores will be recorded and saved against the customer’s profile so your team can have easy access to a single source of truth - no need for any manual interventions such as contacting the customer or recording the data in a spreadsheet.
Loopit offers the ability for your business to manage your acceptable risk by letting you define the upfront security deposit required for each credit assessment ranking. Here, your business may find that a larger upfront deposit for higher risk customers may guarantee maximum fleet protection.
Based on the result of your identity verification and credit check, Loopit's team of experts can advise you on best practice fraud prevention guidelines. Our solutions cross checks the data collected at speed and scale to help alert you of any customers who have potential to engage in fraudulent behaviour such as illegitimate chargebacks and card attacks. In addition to these measures, Loopit incorporates world-class security and encryption with secure credit and direct debit payments that are PCI compliant.
To ensure maximum fleet protection, all vehicles on Loopit are installed with 24/7 integrated telematics that provide your business with important ancillary information about the whereabouts of the vehicle should you request it. Live vehicle monitoring also allows Loopit to provide businesses with accurate and real time vehicle usage data so you can accurately charge subscribers for any kilometre overages and prevent any risk of lost revenue.
No two car subscription providers are the same, which is why our white-label car subscription software empowers you to define and target your own market segment with a configurable eligibility criteria as part of our KYC capabilities. By creating your own eligibility questions or configuring our predefined questions, you will be able to set your own parameters for acceptable risk. Once set, Loopit automates your new eligibility criteria into your signup flow to reduce your administrative time.
Knowing your customer is at Loopit’s core. Our award winning car subscription software is backed by an all-in-one robust KYC management system that safeguards your business and delivers a frictionless car subscription experience to your customers.
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