Biometric fingerprint identification
Biometric fingerprint identification

QOOBISS: Black Friday almost doubled the requests for online loans in Romania

• On Black Friday, the average amount financed increased by more than 35%

• The loans contracted were for an average repayment period of 29 months

• Since Black Friday, the number of services requiring remote customer identification using video has reached an all-time high

Bucharest, December 4th, 2023 – Black Friday generated, this year, an increase of over 80% in the number of online consumer credit applications registered on November 10, compared to a normal day, according to an analysis carried out in Romania by Qoobiss, the developer of the Qoobiss Identify solution, which offers a secure and digitized remote identity verification process using video means.

The average amount financed increased by more than 35%, a sign that, this year, Romanians needed to purchase more expensive products, to be paid off over a longer period, paying the lowest possible installments. Thus, the loans contracted on Black Friday had an average repayment period of 29 months, according to Qoobiss, which analysed the sales made by the clients in its portfolio.

The increases recorded were also favoured by the use of eKYC services, which eased access to financing.

“Benefiting from the Qoobiss Identify service, available non-stop for remote video user identification, financial institutions have recorded a significant increase in their customer base and conversions, in record time. Particularly during the busy period of Black Friday, when the demand for services requiring remote customer identification reached peak levels,” says Ileana Comănescu, Product Manager KYC Global at Qoobiss, mentioning that the use of these types of services has brought an added level of security for financial institutions.

“A remote customer identification solution using video means can bring multiple benefits in reducing fraud associated with BNPL (Buy Now Pay Later) products, providing an additional level of security and trust. With many consumers losing purchasing power, BNPL services are becoming more and more popular”.

Qoobiss Identify is a solution that focuses on security, speed, flexibility and compliance. With an ever-evolving business environment, these characteristics become crucial to a company’s success.

And the demands for the use of such services will intensify in the coming period, as the migration of financial services to the digital environment determines the search for innovative and technological solutions to meet the needs of customers.

Automating the identity verification process with Qoobiss Identify brings many benefits. This process is completely digitized, eliminating the need for human intervention and reducing the risk of errors. As a result, the time and resources allocated to the user identification process are significantly streamlined and operational costs are optimized, thus contributing to the company’s profitability.

Reducing fraud is a priority in today’s online environment. By using advanced technologies, such as artificial intelligence, facial recognition and biometric technologies, this solution significantly contributes to fraud prevention. Liveness services also ensure the authenticity of the person in front of the device, thus eliminating the risk of using fraudulent images or recordings.

Another crucial aspect is accessibility. With Qoobiss Identify, customer identity validation can be done completely online, without the need for a physical trip to a branch. This process is fast, accessible from anywhere, anytime, providing increased customer satisfaction and an improved experience.

Regulatory compliance is necessary for any business, and Qoobiss Identify rigorously complies with all relevant standards and regulations. This solution complies with ETSI standards and is eIDAS compliant, which means it meets the highest security and compliance standards. Also, the fact that it is registered with the ADR in the list of third parties to verify the identity of the remote person, adds an additional level of confidence.

To ensure data confidentiality, Qoobiss Identify encrypts the information obtained in the remote identification process. In addition, it provides services through secure APIs, thus guaranteeing solid data protection.

Moreover, flexibility and scalability are key aspects for adapting to the changing demands of companies. Qoobiss Identify can be easily adapted and scaled to meet the needs of any organization, enabling the efficient management of variable transaction volumes.

The Qoobiss Identify solution is easily customizable, being adapted for a variety of industries, such as financial-banking, medical, telecom, gambling, insurance, retail, etc.