HIGHER levels of efficiency in processing motor finance applications are resulting from the adoption of advanced new biometric eSign technology by Startline Motor Finance.
All applicants now undergo a biometric identity and verification check. The customer is asked to take a selfie of themselves and their driving licence or other photographic ID, and facial recognition tools compare the two sources.
Paul Burgess, CEO at Startline, said: “This technology is pretty impressive, with algorithms extracting biometric data from the selfie and comparing it to the image on the driving licence to determine whether the signer is genuine.
“Fraud during motor finance applications is pretty rare but this provides a new layer of security, and delivers a fast and easy online eSign process for applicants.”
He added that Startline was currently investing heavily in new technology. As well as the biometric eSign, a new business portal has been introduced to ensure car dealers and other introducers now receive funds much more rapidly.
“Payout times for motor finance have been reduced by 30% following the introduction of the portal. We place huge emphasis on being able to make payouts as quickly as possible once a car buyer has been approved for finance. The new technology, which represents a significant investment, is a genuine step forward in this area.”
