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Business Problems Solved
HyperVerge has proven to be an efficient solution for instant customer onboarding while complying with regulations and preventing fraud. Customers have experienced a significant reduction in drop-offs and manual reviews after implementing HyperVerge, contributing to better NPA numbers. The product's high accuracy and comprehensive solution has increased conversion rates by 43% and prevented frauds at the onboarding stage itself.
The solution has helped users detect fraud upfront, saving time and improving the customer onboarding funnel. Automated processes with KYC document verification and OCR services have been possible through HyperVerge, eliminating the need for manual quality checks. With identity verification solution, users can identify and eliminate frauds at the top of the funnel, allowing them to scale up fast. Additionally, the product helps users digitize physical documents, maximizing time spent tuning customer products and decisions. HyperVerge's OCR feature also enables users to verify OVD documents online and offline, catering to almost all the requirements of digital NBFCs. Overall, HyperVerge has become essential in offering credit lines to customers within minutes while preventing fraudsters from entering the platform.