Industry Thoughts

5 best practices for getting the most ROI from Inscribe

May 23, 2023

minute read

  • Stephanie Spangler
    Head of Product Marketing, Inscribe

R-O-I. Why, oh, why was this product purchased?

Have you ever inherited a product or solution when starting a new role? Maybe the person who held the role before you felt that a product was needed, but when you came on board, you just didn’t see the value. 

Zylo's "SaaS Management Index" report found that, on average, 44% of businesses' SaaS licenses are wasted or underutilized. And, that the average organization wastes $17M in unused SaaS licenses every year. Yikes. 

While every company should be able to explain how their product can provide value, in my experience as a product marketing leader, that’s not always the case. But at Inscribe, we know exactly how you can get the most ROI from our solution! Here’s how.

Tip #1: Dial Inscribe’s checks and rules to align with your evolving risk strategy 

Benefit: Keeps fraud and credit losses to a minimum

Fintech risk leaders have told us that it’s imperative to constantly evolve your risk strategy because fraud is constantly evolving as well. “Everyone in the industry needs to keep evolving because the adversary — the people trying to commit fraud — are smarter, better resourced, and more creative than we can even imagine,” said Rajat Bhatia, Senior Director & Head of Risk Management at TripActions.

Inscribe includes a Decision Engine that allows you to easily set your own fraud rules and document checks — no engineering work is needed. For example, you can set criteria to ensure you’re only accepting utility bills that were issued within the last two months, driver’s licenses that haven't expired yet, or pay stubs issued in the last month. As your strategy evolves, so should the checks and rules you have set up in Inscribe to detect fraud. You may need to be more strict with the recency of the documents you’re accepting or the document types themselves.

These are just a few examples, but the possibilities for customization are limitless. By evolving your strategy along with Inscribe checks and rules, you can keep fraud and credit losses to a minimum. This not only saves your company from lending to fraudsters or high-risk customers that are likely to default but also protects your company from reputational risk. Fraudsters share information, and with weak or legacy fraud controls in place, your company could become a target.  

Tip #2: Provide instant approvals with automated decisions 

Benefit:  Increase customer win rates

AI is one of the biggest trending topics right now. You’ve likely heard people say “AI will not replace you. A person using AI will.” We believe that teams who harness the power of AI will come out on top because less than 10% of document fraud is even visible to the human eye. You can’t catch what you can’t see! The good news is, Inscribe can help you get there. 

For every document uploaded to Inscribe, we provide a Trust Score, which is a measure of how much Inscribe trusts a document. It’s also a way to determine what to do with a document. For example, auto-accept it, auto-reject it, or flag it for manual review. The Trust Score uses a scale of 1 – 100 and considers the familiarity with a document, the severity of the fraud results, and any anomalies found. 

You can use Inscribe’s Trust Score to set thresholds that will make automatic decisions based on your own risk approach. Oftentimes, our customers will automatically accept documents with a Trust Score of 75+, will automatically reject those below 25, and will do a quick review of anything in between. By making automatic decisions on documents Inscribe has deemed trustworthy or fraudulent (using the power of AI), you can provide fast, competitive customer experiences and improve your win rates. 

Tip #3: Let Inscribe handle tedious document tasks with automation

Benefit: Increase customer win rates

It’s easy for teams to get bogged down with tedious application review tasks like checking documents for accuracy, going back and forth on receiving additional documentation, and matching the name and address of the document with what you have on file. This is work that takes time, and it’s time that your team doesn’t need to waste. 

Inscribe can automatically classify document types, parse out key details (think names, addresses, dates), and verify information on the document to ensure it meets your requirements. You can even use Inscribe to speed up your application success rates by providing a safe, easy way for customers to share documents with you. This is also a great way to deter fraud from the onset because you can specify exactly what you need in terms of document types, recency, and more. By automating your team's most tedious document tasks, you can significantly improve employee efficiency and customer win rates at the same time!

Tip #4: Use Slack or Zendesk alerts to keep your team focused on just the high-risk applications 

Benefit: Improve employee efficiency

Sometimes, an application requires a human review — but it’s important to quickly identify the ones that do, so you don’t waste time on the ones that don’t. “Inscribe helps us identify legitimate applications faster and instantly identify applications that need further attention. This frees up more time for our Fraud Operations team, giving them breathing space to focus on other key priorities that support our success and growth,” said John Lynch, Sr. Director, Digital Account Opening at Amount.

Inscribe allows you to set up real-time notifications for applications that need a deeper look. You can flag documents that need review by using the Trust Score (detailed above), the document date, or any other criteria that would normally prompt your team to review further. Once documents for an application are processed (this happens in seconds instead of hours because we rely on AI, not humans in the loop), Inscribe can notify your team via the channels you normally use. 

For example, Inscribe can alert your team via email, create tickets in a ticketing system like Zendesk, or send Slack messages. By reducing the number of manual application reviews, you can improve employee efficiency, helping you process more applications, faster, without increasing headcount or headcount expenses. This also allows your team to focus on more rewarding work, which boosts employee morale and retention too. 

Tip #5: Work with your Inscribe CSM!

Benefit: Uncover even more areas to drive ROI

When you become an Inscribe customer, you’ll have the opportunity to work with the most caring, intelligent CSMs in the industry! They bring decades of experience to their roles and have worked for some of the world’s most beloved tech companies. Customer rave about the experiences they have. “The Inscribe team is great to work with. If we have any questions, their response time is great and they answer us right away,” said Amy Quarles, Compliance Manager at Gig Wage.

Our CSMs are consistently monitoring customer usage and can work with you to understand how Inscribe has contributed to decreasing fraud and credit losses, improving employee efficiency, and increasing customer win rates for your organization. With Inscribe, you’ll never question the value and ROI of our solution.

Want to learn more about how you can transform your risk ecosystem with Inscribe? Request a personalized demo and a member of our team will reach out to schedule a consultation with you.

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