The economic landscape facing businesses today is highly variable and uncertain. The U.S. private sector is turbulent, currently at its weakest in 18 months. Supply chain shocks, the continued Russian invasion of Ukraine, and increased tightening across central banks have created challenging global economic conditions. According to Reuters, there is a 45% chance of the U.S. facing a downturn within the next 12 months. Businesses were already forced to pivot during COVID to adapt to increased digitization and increasingly asynchronous operations. Now, instead of returning to life and business, as usual, they find themselves in a new way of doing business: a digital landscape lacking trust.
During the pandemic, Truepic’s flagship product, Vision, helped struggling organizations digitize the operations and processes impacted by shutdowns and distancing. In short, we kept countless enterprises moving and even expanding. Vision is a digital documentation platform that provides an instant and seamless way to receive authenticated, trustworthy images and videos directly from customers worldwide. In addition, Vision’s cost-effective pricing, frictionless accessibility, and short turnaround time dramatically increase a company’s bottom line by sharply reducing the cost and time spent on inspections and documentation. For companies looking to verify identities of their loan applicants, conduct home inspections or even verify the condition of assets in inaccessible areas, it gave them a way to send, receive and evaluate items efficiently. So efficient, in fact, Truepic Vision saved businesses an average of 70–75% percent based on human-centric inspection-based industries.
As we look at the new economic landscape in front of us, we see businesses again at a crossroads. Many are stuck between a digital future and the analog operations their business were built on. The reality, however, for most businesses, is there is no turning back- analog operations are costly and slow and will be hard to scale in the digital landscape. Truepic Vision is the conduit of digital transformation. For example, now one of the country’s largest auto warranty providers can perform an auto inspection in under 5 minutes without an adjuster present and with complete trust in the digital content. As a result, businesses can avoid the hassles of in-person inspections, deliver services to their customers faster than ever before, and spend more time focusing on other issues. This process of trusted digitization is made possible because our industry-leading technology combats photo manipulation through comprehensive fraud prevention and detection tests. Media captured with the Vision platform provides verified metadata that is established as unedited and confirmed as original. Your client can snap a photo or video, and you can trust the result, much like if you sent an inspector. We believe this will be a critical tool to help businesses thrive in this digital economy.
Credibly leveraged Truepic’s remote inspection platform to digitize its due diligence process on loans throughout the country. Truepic Vision allows Credibly to deliver a secure camera into the hands of its customers, replacing the need for human-centric oversight. Credibly deployed Truepic Vision as part of its due diligence process and has used the platform on hundreds of loans across the US and Mexico. Truepic’s technology helped Credibly virtually vet and deploy millions of dollars in loans while rooting out fraud and increasing trust throughout the pandemic and beyond.
As industries embrace digitalization, they will need to couple the process with trust, fraud prevention, and efficiency. Image authenticity is not just “nice to have” but a critical necessity for digitized operations today and into the future. Scaling operations while increasing speed and expanding opportunity while maintaining diligence is a combination that only trust and authenticity in digital content can deliver.
In summary, Truepic Vision has helped our partners and clients navigate the great digital transformation while delivering critical time, cost, and speed benefits that have fueled growth and expansion.