Banks can now use Basiq to enable customers to upload their PDF bank statements from other financial institutions! It's a safe and secure way of sharing bank transaction data (as an alternative to data aggregation) for lending purposes.
Basiq’s Bank Statements Upload dashboard is ready for use, with significant improvements to coverage and processing speed. We have recently made this feature publicly available, providing the capability to support 100 bank statements across Australian and New Zealand banks, with more to come.
For loan assessors, a typical day would involve trawling through pages of bank statements with a highlighter, trying to find spending patterns. Considering the average Australian generates 1,500 transactions a year, not only does this process take significant time to complete manually, it’s also prone to mistakes. This is especially in light of the increased focus on responsible lending which has increased the percentage of home loans held up by the ‘More Information Required’ stage to 67 per cent.
Now lenders can easily automate the credit decisioning process and service more customers by uploading bank statements on a customer's behalf and generating an Affordability report based on actual bank transaction data. With the Bank Statements Upload feature it takes two seconds to generate a report from a single statement. Better yet, you can generate a single report combining multiple statements across different banks in under 20 seconds.
Bank Statements Upload enables users to easily drag and drop PDF bank statements for multiple financial institutions and can be embedded within your existing assessment workflow as below:
The information from bank statements is then used to generate Basiq’s best-in-class expense categorisation and income verification in seconds via the Affordability report.
By using actual bank transaction data lenders can carry out efficient and accurate assessments whilst remaining compliant with responsible lending obligations.
To learn more about how the Affordability report can help you gain a full view of an applicant’s financial position at a glance, check out our latest blog on the new and improved report!
To get the full list of the 44 statements we currently support contact firstname.lastname@example.org