A better way to lend- Improve Your Lending Process with Bank Statement Analysis
Lenders need to give out loans and they can’t put customers through unnecessary hassles to make that happen. However, they still need the appropriate mechanisms to ascertain the creditworthiness of the applicant and reduce the risk.
An effective way to do this is to run a credibility check with bank statement analysis to get an accurate insight into an applicant’s financial history to prevent bad credit decisions. But, parsing through pages of bank statement data manually is tedious and erroneous. Moreover, bank statements are neither uniform nor consistent across various banks.
That’s where we come in. No matter the format or number of pages of the bank statement, our software can aggregate information within minutes and extracts everything you need to know from a bank statement.
Save your credit officers stress and use our efficient analytics to improve turn-around time. Our software gives a 360-degree insight into the applicant’s income, average balance, transaction patterns, and spending behaviours for a comprehensive review of their financial track record.
Our bank statement analysis can enable you to fetch bank transactions data directly from the source. We then generate a real-time comprehensive report for the uploaded or fetched transaction data. This helps reduce the risk for paperwork and minimize the risk of errors when manually analyzing statements.
Here’s how our bank statement analysis can make your lending process efficient, reliable and convenient:
- Reduce Drop-Offs, Maximize Approvals
We use artificial intelligence to analyze bank statements and crash your statement analysis time by 98%, making it easy to process loans quickly. Consequently, it elevates your overall customer experience and approval rates.
2. Lower Default Rate and lending fraud
The cost of online lending fraud has increased by 8.1% since 2017 globally. Our analysis helps identify borrowers that will be unable to pay and are seeking to game the system. Our powerful truth bot helps determine the credibility of the borrower.
In a time where the cost of online lending fraud is growing at an exponential rate, your lending institution needs to invest in high-end analysis that helps curb lending fraud and bad debts.
3. Improved and Confident Lending Process Flow
Improve the process flow of your lending lifecycle management by processing applications instantly and easier. Our software can optimize your operational efficiency in the following ways:
· Generate patterns of income, borrowings, transfers, gambling, sweepers.
· Determine the credibility of a lender
· Analyze several formats of documents quickly and consistently
· Focus on your core operations
Improving your lending process with a bank statement analysis is a great way to elevate the customer experience by reducing the loan assessment and loan origination timelines. This reduces the need for any manual interventions, thereby improving overall productivity with customer delight and enhanced customer retention rates.
Ready to get started?
If you are looking to scale your business with technology for credit, credibility and collection. Reach out to us at care@creditclan.com or support@creditclan.com
