💵Apply for a Loan from a Bank
When applying for a loan from a bank, you may need to provide proof of your identity and employment status.
Identity Verification When Applying for a Loan from a Bank
Issuer: The Government and The Employer
Issues the passport and the employment document to clients.
Verifier: The Bank
Trusts the Government as the issuer of the passport and the employer as the issuer of the employment document without the need to contact the issuer again.
Holder: The Client
Receive the passport and the employment document and use them as proof of your identity and employment status when applying for a loan.
Credential Document: Passport and Employment Document
Situations
Today, when clients apply for a loan, they are typically required to submit copies of their passport, employment documents, and other financial documents to the bank. The bank then has to manually review these documents to verify the client's identity and assess their creditworthiness. This process can be time-consuming and inefficient, and it is also vulnerable to fraud.
Problems
The current system for verifying identity and assessing creditworthiness in the loan application process has the following problem:
It is time-consuming and inefficient. Banks have to manually review passports, employment documents, and other financial documents, which can be time-consuming, especially for large banks that receive many loan applications.
It is vulnerable to fraud. Counterfeit passports and other identification documents are becoming increasingly sophisticated, making it difficult for banks to detect fraud.
It does not give loan applicants much control over their personal data. Clients have to hand over copies of their passports, employment documents, and other financial documents to banks, who then have access to all of the personal information contained in those documents.
Solutions
didPass offers a solution to all of these problems. didPass is a digital identity that is owned and controlled by the individual. They are based on cryptography, which makes them very secure. DIDs can be used to store and share any type of data, including personal information, employment documents, and financial documents.
To verify a client's identity and assess their creditworthiness using DIDs, the bank would simply need to scan the client's DID QR code. This would give the bank access to the client's verified identity information and employment status, without the need to see the client's passport or other employment documents. The bank could then use this information to make a quick and informed decision on whether or not to approve the loan application.
Outcomes
Using didPass to verify identity and assess creditworthiness in the loan application process has the following positive outcomes:
It would reduce the amount of time that banks spend reviewing documents. Banks would be able to verify identity and assess creditworthiness instantly, without having to manually review each document.
It would make it more difficult for fraudsters to use counterfeit documents to obtain loans. Banks would be able to verify the authenticity of documents before making a decision on whether or not to approve a loan application.
It would give clients more control over their personal data. The clients would only need to share their DID QR code with banks, without having to hand over copies of their passports, employment documents, or other financial documents.
didPass has the potential to revolutionize the loan application process by making it easier, faster, and more secure to verify identity and assess creditworthiness. This would benefit both clients and banks.
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