Vouched, an AI-driven identity verification platform, launched its latest solution, VouchedAuto, designed to streamline the customer verification process for traditional and online automotive retailers and rideshare businesses. The new AI-powered solution automates the identity verification (IDV) process to improve efficiency, customer service and cost savings, as well as mitigate fraud and maintain regulatory compliance.
“Digital transformation in the auto industry is being driven by increasingly sophisticated and AI-driven identity verification solutions that fully automate the onboarding process, mitigate fraud and allow businesses to maintain regulatory compliance,” said John Baird, Co-Founder and CEO, Vouched. “With VouchedAuto, we’re helping our customers accelerate their digital transformation journey, and achieve a faster path to tangible business results that not only include cost savings, but also improve the customer experience to boost satisfaction, loyalty and ultimately increase sales.”
Driveway, a subsidiary of Lithia Motors, one of the largest global automotive retailers, began working with Vouched to redefine its customer onboarding experience for online car transactions. The team uses the VouchedAuto solution to automate the identity verification process as it transitions to a digital-first, automated workflow. Since implementing the solution, Driveway has realized a 40% reduction in average onboarding time and a 65% decline in fraudulent transactions.
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“Shortly after launching our new eCommerce platform, we found ourselves ill-equipped to handle fraud attempts targeting our business. We turned to Vouched and it was a game-changing decision”, said Jason Cohen, Director of Sales Operations at Lithia Motors & Driveway. “Our lost profit due to fraud was immediately reduced by 80%, and our relationship grew into a partnership as they customized solutions for us. I highly recommend Vouched.”
Key features and benefits of the VouchedAuto solution include:
- Real-Time Identity Verification: VouchedAuto delivers real-time customer identity verification using AI-powered technology, encompassing facial recognition, document verification, and data verification for quick and accurate outcomes.
- Customization for Business Needs: VouchedAuto is highly customizable, depending on how a customer plans to implement the solution, from IDV for in-person or digital car buying or leasing, test drive authorization, car rentals or rideshare driver and rider verification.
- Streamlined Onboarding: By adopting Vouched’s automated identity verification and fraud detection solutions, automotive dealers and rideshare businesses can reduce their manual KYC hours by hundreds of hours per month, allowing them to focus on more crucial tasks and boosting overall operational efficiency.
- Cost Savings: By automating the KYC process, the decrease in operational costs can directly improve the bottom line, resulting in annual savings that strengthen a dealership or rideshare operator’s position in the highly competitive auto industry.
- Fraud Mitigation: By integrating the VouchedAuto solution, companies can fortify their defense against deceptive activities. VouchedAuto’s AI algorithms can analyze customer IDs to ensure they match the photo on their government-issued ID, reducing the risk of identity fraud. Additionally, Vouched’s identity platform can integrate data from various sources to cross-check and verify customer information, reducing the potential for customers to provide false data. These efforts can bolster customer trust and reduce the number of fraudulent transactions to create a more secure transaction environment.
- Elevated Customer Experience: A streamlined onboarding process powered by Vouched Auto can significantly improve the customer experience, by reducing the time it takes to be verified, fostering greater loyalty and higher satisfaction.
SOURCE : PRNewswire