Case Study: Consumer finance company achieves 3-minute onboarding, 500,000 net new customers and $360K/year savings with Mitek Systems' Mobile Verify®

How this consumer finance firm onboarded more good customers and increased their revenue

A consumer finance startup that provides free credit monitoring and financial services struggled to onboard applicants—especially people with thin credit histories—because its identity-verification process was slow, manual and caused high abandonment. Customers like Ashley were blocked from access despite being good candidates, and the company’s in‑house document review proved costly and time-consuming.

The firm integrated Mitek’s Mobile Verify®, letting applicants capture IDs with their smartphones for automated authentication. Onboarding time dropped from seven days to three minutes, driving about 1,000 new customers per day (nearly 500,000 total), cutting operational costs by $360,000 annually, reducing manual review workload, and enabling scalable growth and reinvestment.