Bank Australia implemented BankStatements to help streamline its loan application process. This solution, which rapidly retrieves and analyses bank statements, enabled Bank Australia to reduce its loan assessment timeframes by more than 60%, greatly improving its customer experience.
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Bank Australia is a customer-owned mutual bank committed to using its customers’ money in responsible ways to create a positive impact for people, their communities, and the planet.
Industry – Banking |
Challenge overview
The gathering and provision of supporting documents as part of the loan application process was becoming a major pain point for Bank Australia customers. To remove this friction and speed up the process, Bank Australia was looking for efficiency improvements to their document retrieval and verification procedure.
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Speak to an expertSolution overview
BankStatements is a secure, read-only web-based service that retrieves an applicant’s bank statements from a multitude of institutions and sends the official documents and responsible lending report directly to Bank Australia within seconds, removing any risk of fraud.
To simplify the loan application process, Bank Australia commenced a trial with Open Data Solutions in late 2018 for the use of BankStatements. After positive initial feedback the solution was fully implemented in January 2019.
Leading categorisation and analytics quickly provide Bank Australia with the income and expense data they need to make quicker, more informed lending decisions and meet their responsible lending obligations.
The income and expense analysis that we provide with every e-statement retrieval includes specific data points that accurately identify credit risk. The BankStatements analysis provides Bank Australia with key information they need to make decisions quickly, eliminating the task of manually searching through customers’ e-statements to assess an applicants’ risk – saving assessors a huge amount of time.
“The ability to categorise expenses in line with Bank Australia’s needs has resulted in greater accuracy in confirming customer estimates, while knowing that statements are authentic has reduced delays from referrals to our fraud department.” – Martyn Norman, Head of Credit at Bank Australia
Solution results:
- Reduced assessment times, streamlining loan processes and enhancing customer experience
- Instant bank statement retrieval, allowing for faster decision-making while helping to reduce fraud risk
- Automated income and expense analysis, enabling assessors to quickly identify credit risk