Asset Verification: The truth on Physical Vehicle Inspection vs. Digital Asset Inspection!
The physical vehicle inspection rabbit hole
Traditional physical vehicle inspections encompass around delays, hidden costs and human error. Lenders or dealerships must dispatch an inspector, who often waits for vendors to turn up. Consequently, they sometimes discover unadvertised damage or incomplete documentation. That inspector then returns to the office and files a report manually costing him time and valuable energy. Hours of travel, fees for site visits and the risk of misinformation, all add up slowing approvals and frustrating customers. What ought to be 30 minutes to an hour inspection, turns into 4-5 business days of chaotic approval process. So, we need to ask ourselves a question. Why are we still doing manual inspections when readily available platforms exist? These solutions expedite approvals, reduce costs, increase time efficiency and maintain compliance. We have an answer to this problem!
How does digital asset inspection solve the problem?
Digital Asset Verification from DoxAI is an effective and simplified solution to physical and manual inspections. Asset Verification lets you verify any asset & vendors instantly with a digital, smart and user-friendly inspection platform. You can verify assets like vehicles, equipment and collectibles, capturing high-res photos, videos, documents and ownership details. Buyers and financiers can validate vendors, confirm ownership and check incumbency. It is built with security, accuracy and scalability in mind.
How Asset Verification works?
In just a few clicks, lenders request vendor ID and document checks. Vendors upload photos, 360° videos and relevant paperwork, guided by intuitive on-screen prompts and even audio instruction. Inspectors review submissions in real time, accepting, rejecting or requesting additional evidence on the spot. Remote sellers today, whether in the outback or overseas, no longer force verifiers into costly site visits. As a result, organisations avoid trips for deals that may not be viable.
Why Asset Verification is Australia’s #1 Asset Verification Platform?
DoxAI’s AI-enhanced Asset Verification platform sets the benchmark in Australia. It is trusted by 6,902 brokers and 42 lenders, with over 630,000 verifications completed. As Australia’s original digital asset verification solution, we go above and beyond to deliver unrivalled speed, accuracy and user experience. Security and trust begin with our ID verification, which performs comprehensive VOI checks against government DVS databases. It also uses biometric face recognition and liveness tests in seconds. These measures meet ARNECC’s reasonable steps standard and block fraudulent submissions. Extensive compliance follows through detailed PPSR reporting, confirming security interests, theft records and write-off status. It also includes full vehicle specifications, from make and model to engine number and body type.
Our new and enhanced AI-powered features fraud detection flags doctored images, documents and suspicious metadata instantly. Additionally, real-time image validation checks for blur, lighting and angles before upload. Audio-guided inspections ensure vendors follow each step correctly, even in remote locations.
Enhanced efficiency is delivered via automated private-sale invoices with built-in digital eSignatures, removing manual form filling. Further more DoxAI’s Asset Verification is backed by consistent templates, automated data entry and accurate data capture. It also features tamper-evident PDF certification and seamless integration via API, iFrame and UI. Thus, DoxAI remains the number one Asset Verification platform in Australia. It continually innovates to protect and provide the ultimate customer experience to lenders and brokers. Click here to see extended features, benefits and use cases of Asset Verification.
A good customer success story goes a long way! How Asset Verification helped a prominent Aussie Broker fast track their loan approvals
Moneytech switched to DoxAI Asset Verification after repeated platform crashes, security-block issues and image-recognition failures with other solutions. They found DoxAI’s Asset Verification (formerly Verimoto) far more reliable and user-friendly, eliminating the frustration brokers and customers felt during what should be a straightforward inspection.
Since implementation, inspectors save considerable time: every report now automatically includes vendor ID, registration papers, payout letters and bank-account proof, accelerating settlements and delivering assets to customers faster.
The “Bypass” feature was monumental for Moneytech, allowing internal teams to accept or reject uploads using common sense streamlining workflows by avoiding unnecessary follow-ups.
“The DoxAI team have been wonderful to deal with. Incredibly responsive and helpful. No task is ever too much to ask. 10 out of 10”, said Mahalia Fagan, Business Development Manager, Moneytech.
DoxAI’s AI powered online Asset Verification is built for modern workflows, eradicating the guesswork and bringing accuracy, time efficiency and cost reduction.
Ready to see how it works? Book a friendly chat with our specialist team today!
