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

The challenge: Nationwide credit disbursement in 48 hours

Granting credit is a process that involves multiple steps and interactions between the applicant and the lender.

Creze already had a website to attract customers online, which allowed them to fill out credit applications and share their financial information. By combining a applicant's billing history and financial flows, Creze's risk system can determine loan approval, amount, and interest rate in a matter of minutes.

The process was almost completely digitized, except for the signing of the contractual documentation related to the credit. Traditionally, this documentation is signed on paper and in person—in person due to the possibility of signature forgery or identity theft.

Clearly, the momentum of the existing digital process was completely derailed when asking the client to show up at an office to sign or having to send a Creze agent to collect signatures at the client's location. 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 documents via FedEx already signed, at no point could you verify that the required person actually signed them."
‍_{David Lask}

The solution: Essential requirements for online loans

For Creze, the system to replace wet-ink signatures had to meet three essential requirements:

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

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

· Accessibility. Since they deal primarily with legal entities, the system had to allow documents to be signed using the SAT's FIEL (or eFirma), as for tax reasons, the vast majority of a company's legal representatives must have a FIEL.

"Mifiel makes our work easier because the signature can be done wherever the client is. With electronic signatures, 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

By implementing Advanced Electronic Signatures, Creze has become a pioneer in Mexico by digitizing 100% of the credit application and contracting process without compromising the legal validity of its contracts.

Documents signed using the Mifiel system benefit from a presumption of integrity, as well as a 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:

· The client can do everything online, improving conversion rates and minimizing application "cooling-off" periods.

· Presence throughout Mexico without the need for local offices, reducing operating costs.

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