Creze – The Future of Online Lending

“One of our advantages over banks is the speed and ease with which our clients can go online, electronically sign their documents, and apply for a loan in a matter of minutes.”
_{David Lask, Chief Operating Officer}

Creze is a financial institution that offers online loans to SMEs. By leveraging technology, Creze is able to perform financial analysis on a company, manage all documentation—including related signatures —electronically, and disburse funds within 48 hours.

The Challenge: Nationwide credit disbursement within 48 hours

Issuing a loan is a process that involves multiple steps and interactions between the applicant and the lender.

Creze already had a website for customer acquisition, which allowed them to fill out a loan application and share their financial information. By combining an applicant's billing history and financial flows, Creze's risk system can determine approval, the loan amount, and the interest rate in a matter of minutes.

The process was almost entirely digitized, with the exception of signing the contractual documentation related to the loan. Traditionally, these documents are signed in person on paper, primarily due to the risk of forged signatures or identity theft.

Clearly, the momentum of the existing digital process was completely derailed when clients were asked to visit an office to sign, or when a Creze agent had to be sent to the client's location to collect signatures. Beyond the time implications, this limited the company's geographic reach.

"Physical signatures really limited the company's reach... If you have a client sending you signed documentation via FedEx, there is no way to verify that the required person actually signed it."
‍_{David Lask}

The Solution: Essential requirements for online lending

For Creze, the system to replace handwritten signatures had to meet three essential requirements:

· Legal robustness. The advanced electronic signature solution had to comply with all Legal requirements to enjoy the presumption of integrity and authorship.

· User-friendly. The advanced electronic signature system had to be easy to use, require no software installation for the client, and work on any operating system and browser.

· Accessibility. Since we primarily deal with legal entities, the system had to allow document signing using the SAT's FIEL (or eFirma), as for tax purposes, the vast majority of legal representatives of a company are required to have a FIEL.

"Mifiel makes our work easier because the signing can be done wherever the client is. With the electronic signature, we can ensure that the person who signed is indeed representing the company."
‍_{David Lask}

The results: The new way of granting credit in Mexico

Following the implementation of the Advanced Electronic Signature, Creze became a pioneer in Mexico by digitizing 100% of the credit application and contracting process without compromising the legal soundness of its contracts.

Documents signed using the Mifiel system enjoy the presumption of integrity as well as the presumption of authorship and a guarantee of non-repudiation, making them legally more robust than wet-ink signed documents. It also offers the following advantages:

· Customers can complete everything online, improving conversion rates and minimizing application drop-offs.

· Nationwide presence in Mexico without the need for local offices, reducing operating costs.

"At the end of the day, it's entirely digital; we don't need to print, send, or receive anything from the client to get it done."
‍_{David Lask}

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