This new, five step digital lending experience enables lenders to verify identity and bank account information in real time for fast loan decisions with a simple process for borrowers.

When applying for a consumer loan from a desktop computer, the borrower will first log into their online bank account and agree to have their account information shared with the lender. A text message is then sent to the borrower’s smartphone directing them on how to take four photos: front and back of their driver’s license, a selfie and a photo of their pay stub or other trailing document, to complete the loan application process. This new digital experience is quick and easy for the borrower and provides the lender with real-time identity and bank account verification.

“Digital lending is predicted to be a $100 billion market by 2020,” said James DeBello, Chairman and CEO, Mitek. “The new digital experience positions lenders to succeed in the digital channel by creating a process that is simple for borrowers and gives lenders identity verification, bank account verification and supports fraud mitigation and compliance in five easy steps.”