Accelerated loan processing with streamlined bank statement retrieval in financial services
The client is a publicly listed leading financial services provider in Canada. They empower Canadians to manage their personal finances with credit building products, guidance, and tools to optimize their credit wellness. They help Canadians rebuild their credit for gaining access to prime lending services through their industry-leading proprietary technology solutions such as Fast-Track, Score-Up, and Credit-Meds.
The client required to cross verify the bank details and need to check the user behavior with day to day expenses to sanction the loan. They were finding difficulties in fetching the details. They were looking for a platform that could pull the details of customer’s banking transactions via 3rd party service. They wanted all the information related to bank statements at one place for increased convenience and faster loan processing.
We helped our client by creating a Salesforce Lightning component where all the borrowers can upload their bank statement. It also had a functionality to fetch details from 3rd parties. It helped them by consolidating all the details at one place.
Difficulties faced by the client in fetching borrower’s bank statement details for processing loan applications. The client encountered security risks associated with obtaining e-banking credentials from customers.
Manually managing bank details and necessary documents posed operational inefficiencies for the client.
The need to cross-verify bank statements of multiple parties and accounts added complexity to the loan approval process.
Lack of a centralized platform to store all the bank statements which led to information being stored at multiple places, leading to inconvenience.
- Created a Salesforce Lightning component allowing borrowers, co-borrowers, and co-signers to upload bank documents or provide e-banking credentials for automated retrieval.
- Provided a single interface displaying bank statements of all parties, facilitating easy review and analysis.
- Enabled filtering, searching, and sorting of bank statement data based on account type, balance, institution, joint account status, and account number.
- Integrated email functionality for direct communication with borrowers and co-signers from within the platform.
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Improved efficiency: Consolidated bank transaction information reduced the time required for analysis and decision-making.
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User satisfaction: Improved user experience with simplified navigation, search, and filter functionalities.
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Time reduction: Significant decrease in the time needed to analyze bank statements for all parties involved.
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Operational efficiency: Accelerated loan processing times, leading to faster application reviews and disbursements.
