Lend, an online marketplace for business loans, needed a solution to streamline the process of extracting and standardising bank statements for assessing loan applications. By implementing BankStatements, Lend reduced assessment times from two to three hours to under 15 minutes, improving efficiency and accuracy.
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Lend is Australia’s connects business owners who are looking for funding to business loan lenders. They cover small loans including unsecured business loans, invoice financing, short term business loans, and business lines of credit.
Industry – Alternative Finance |
Challenge overview
As part of its onboarding process, Lend needs to reverse engineer businesses’ profit and loss statements.
In order for Lend to do this, they need access to the business owners bank statements. To remain time efficient, they need the bank statements in a standardised format every time.
Due to the process relying on applicants and each bank’s separate statement extraction procedures it became crucial that Lend find a solution which would standardise and streamline this problem.
Lend decided this process was best executed using a third party. An expert team who are able to invest their resources into focusing on the solution. BankStatements provided the solution to Lend’s needs.
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Speak to an expertSolution overview
BankStatements is a simplified and efficient way of bank statement retrieval.
The customer journey is minimised to four steps which have been designed with a frictionless user experience in mind. The journey can be completed on laptops and mobiles quickly and easily, giving consumers the power to remotely grant access to bank statement to their chosen lender or broker.
The four steps are:
- The lender is provided with a unique digital BankStatements link
- Lenders provide their link to the customer via SMS, email or the BankStatements website
- Customer follows the link and completes a short information entry process approving the sharing of bank statement data
- BankStatements supplies lenders with bank statement data to their nominated email or URL in the lender’s choice of format
After integrating BankStatements into its statement retrieval process, Lend has significantly cut its onboarding time.By using BankStatements, Lend can now assess a deal in less than 15 minutes.
“Not only has BankStatements significantly reduced the time spent, but obviously it has also improved the accuracy of our decision makers. They make integrations seamless by having product engineers who are ready and willing to help. It’s great to be working with a company where you can simply pick up the phone and get someone first time, every time.” – Shaun McGowan, Co-Founder, Lend
Solution results:
- Faster onboarding, by cutting assessment times from two to three hours to under 15 minutes
- Increased accuracy and reduced risk, through faster access to verified data
- Improved customer journey, simplifying bank statement retrieval to four simple steps