One of the biggest barriers to a credit application is the data entry required, according to Jay Neidermeyer, senior vice president and IT leader, commercial & payment solutions, Synchrony Financial.

To help alleviate or eliminate those barriers, Synchrony Financial partnered with Mitek, a global leader in mobile capture and identity verification software solutions. Synchrony Financial is using Mitek’s Mobile Fill to streamline its in-store credit application process.

The issuer behind many of the largest private label credit card programs in the country, Synchrony financed more than $125 billion in purchase volume in 2016 through its partners’ 365,000 locations and their websites and mobile applications. 

Mitek’s mobile capture technology allows the cameras on in-store agents’ tablets to quickly and accurately upload information into a credit application, saving customers time from manually filling out applications and helping in-store agents increase approvals without slowing down the line at point-of-sale. 

Jay Neidermeyer, senior vice president and IT Leader, commercial & payment Solutions, Synchrony Financial, explained to Loyalty360 that customers using its financing consistently use that buying power to purchase more from its retail partners.

“In fact, our cardholders report spending an average of $513 more per purchase than non-cardholders (Synchrony Financial’s Fifth Annual Major Purchase Study, December 2016),” Neidermeyer said. “That’s obviously a win for both the consumer and the retailer, so we want to make that financing available to as many customers as we can. Unfortunately, one of the biggest barriers to having customers complete a credit application is just the data entry required. Mitek’s software streamlines the credit application process. That means more completed applications, more buying power in the consumer’s hands, and more sales for the retailer.”

Synchrony’s Mobile Apply app delivers a quick, seamless, and secure customer credit application experience anywhere in the store, Neidermeyer noted.

“The Mobile Apply app uses Mitek software to allow customers to pre-populate more than 40% of a customer’s credit application by scanning the bar code on their driver’s license,” he said.

Sarah Clark, general manager, identity, Mitek, told Loyalty360 that Mitek’s Mobile Fill is unmatched for its speed and accuracy.

“Our mobile capture technology allows the cameras on in-store agents’ tablets to quickly and accurately upload information into a credit application,” Clark explained. “In seconds, Mitek’s patented technology leverages the tablet’s camera to capture and extract data from an identity document, populating the application form rapidly and accurately. Mobile Fill turns that data capture process into something that delights the consumer. They love the ability to skip the step of data entry. It saves customers time from manually filling out applications and helps in-store agents increase approvals without slowing down the line at point-of-sale.” 

For Synchrony, Clark noted: “We support their Mobile Apply app by providing shoppers a fast and secure application process from anywhere in the store. When Mitek’s Mobile Fill is used to onboard new credit card applicants, it expands the account opening funnel, which has the potential to increase sales and improve customer loyalty.” 

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