We are excited to announce that Basiq’s platform will soon provide another way for customers to securely provide access to their bank transaction data!
This will make it easier than ever for customers to provide access to all of their accounts across multiple financial institutions for a long-term, comprehensive view of their financial health.
The typical loan application process is lengthy and full of guesswork. Our Bank Statements Upload feature provides a solution.
Customers will now be able to upload the official PDF bank statements provided by their banking portal.
This is a great alternative for those who don't feel comfortable sharing their banking credentials. With this new feature, users can easily drag and drop multiple bank statements across financial institutions for a seamless, secure and non-intrusive experience.
Once the bank statements are uploaded Basiq then generates an Affordability report that details an applicant's financial position; including their assets, liabilities, income and expenses.
The Affordability report can be used by lenders to automate their credit decisioning process for more efficient and accurate assessments. This is a much better option than manual credit decisioning, which is not only inefficient but can result in inconsistent assessment results.
Lenders can easily generate Affordability reports either by uploading bank statements on a customer's behalf or allowing customers to upload statements themselves. Additionally, the use of actual bank transaction data ensures that lenders remain compliant with responsible lending obligations.
For more on how you can embed our Bank Statements upload feature into your existing website get in touch with us.
Check out the latest AFR article on Basiq: Banks will assess loans using real spending data: Basiq
Have a look at our API docs for the Affordability endpoints: https://api.basiq.io/reference#affordability and use our sandbox environment for free - contact us to have your API key activated.
What can you build with Basiq? Our partners use our powerful categorisation and enhancement engine in many different ways. Credit decisioning, pre-fill of fact finds for Financial Advisers, easier on-boarding of banking customers, targeted financial advice, balance checks before payments and much more!