THE broker funder Novuna Vehicle Solutions has launched an app based system which uses facial recognition to verify a customer’s identity.
Previously, knowledge-based questions on a customer’s credit file were used for Identity & Verification (ID&V) but this could sometimes result in a higher fail rate as customers couldn’t always remember the correct information, according to Chris Swallow, National Sales Manager – Associates at Novuna Vehicle Solutions.
Now a customer simply takes a photo of their driving licence, a photo of themself and the system checks whether the driving licence is fraudulent or not to make sure that all of the facial features match.
“It works in a similar manner to the app-based fintech banks using facial recognition to identify who you are. It’s quick and effective - we believe it’s a major step forward in simplifying the process to a new vehicle.”
Since the system launched in December 2023, Novuna reports that it has seen a significant increase in non-fail rates. As part of its step process to improve customer acceptance efficiency, the leasing broker funder has also introduced a new credit underwriting process to boost its approval rate.
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Sarah Tooze has been an automotive journalist for more than 15 years, specialising in the fleet and transport sectors. She has held senior positions at industry-leading B2B titles Fleet News and Smart Transport, and led campaigns championing motorists as consumer editor for online used car marketplace Heycar and motoring advice website HonestJohn.co.uk. In 2017 she won the Newspress Automotive Business Journalist award.
