Hastings Direct Loans, part of the Hastings Group, has announced it is automating its loan decisioning process and fraud catch.

The company said it is using technology from identity verification firm IDVerse to automate the customer journey and help it scale its “ambitious growth plans”.

Hastings Direct started offering personal loans to consumers just over three year ago and has since lent almost £500 million to over 50,000 customers in that time.

The business explained that it rolled out the new identity tools to help improve the "accuracy and reliability" of its identity verification processes.

The lender said it has seen four times higher return on investment on fraud caught within one month of integrating the fully automated identity technology.

“Hastings prides itself on giving our customers a fair, easy to understand loan process by implementing innovative technology solutions into our stack, which also enable our ambitious growth plans," said Sam Kerr, head of digital, IT and change, Hastings Direct Loans. "The API approach from IDVerse has allowed us to ingest more data to further insights in our decision process leading to better outcomes for our customers and business.”

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