JWB Makes Approvals 30% Faster in Only Three Months!
How JWB beat competitors to approval and saved $89,760 a year in the process.
We wanted a platform that was faster than our manual process and provided clear reporting and flexibility for multiple income types. Most of the companies we tried did at least one of these things well, but only Verifast delivered on all of our requirements, and offered by far the best reporting options.
Challenges
JWB was having trouble spotting fraud and wasting too much time on income verification. They vetted multiple platforms to boost efficiency and ROI. Despite looking at Payscore, Argyle, Nova, Pinwheel, and Findigs, only Verifast presented all the solutions JWB needed in one place for the right cost
Solution
Before Verifast, JWB took an average of 2.3 days to approve or deny an application. In 90 days, this was reduced by 97% to one hour and fifteen minutes, even over weekends and Holidays, allowing JWB to beat the competition to approval - which is critical for prospects in a time crunch. In only three months, this added up to $22,440 ($45 per application) and 1,122 total hours saved as JWB achieved a 47.1% approval rate.
Benefits
Faster approvals In 90 days. Verifast reduced approval times from more than two days to just over an hour, and saved JWB more than $22,440 - or $89,760 per year.
Comprehensive features Only Verifast offers all the features found piecemeal across all competing platforms, Argyle, Payscore, Nova, Pinwheel, and Findigs.
Best-in-class client service and onboarding Verifast team members guide clients through every aspect of onboarding, integrating new features, and delivering all feedback to the Verifast development staff.
Client
Units
5,000+
Measurable Impact In
90 days
198 total approvals
47.1% approval rate
91.7% application completion rate
47.1% approved applications
27 min average income verification (down from 3 hrs)
17 hrs average approval time (down from 55 hrs)
30% reduction in approval time
1,122 work hours saved (≈ 4,500/year)