Equifax The UK today announced that its open banking technology will be the catalyst for a new partnership with Digilytics AI. Together, the companies will launch new software that helps lenders reduce decision-making time so end-users can respond faster to mortgage, auto and business loan applications.
open banking technology Equifaxcombined with the Digilytics AI engine, makes loan applications faster and easier by automating the origination process, enabling lenders to quickly and accurately assess affordability and cash flow data.
Consumers and businesses that choose to allow access to banking apps and digital financial records should leverage Open Banking for easy and fast submissions via mobile apps as part of a streamlined user experience. I can.
Equifax Customers will also now have access to the Digilytics RevEl Intelligent Affordability Service (RIA), allowing businesses to automate data collection when borrowers provide copies of bank statements and other documents as part of the same experience. will be It can be launched from existing portals and loan origination systems using digital document uploads to ensure data extraction.
The financial services sector is rapidly adopting open banking, as are the mortgage, auto and business lending markets.Currently reported to be 6.5 million1 with Open Banking users across the UK Equifax 75%, according to lender data of applicants are more likely to choose open banking over traditional manual methods of sharing additional data at an affordable price.
partnership between Equifax Digilytics AI will help automate data capture and processing when interacting with the remaining 25% of applicants who have chosen not or are unable to grant open banking permission to their lenders.
Equifax Clients can use Digilytics AI technology to automatically scan bank statements provided by consumers who have opted out of open banking and transform these into actionable banking data insights. . Equifax APIs.
Lenders currently using this technology report:
- 30% faster time to offer;
- 40% increase in productivity;
- Regardless of whether a consumer chooses to use Open Banking, consumer lending can be processed faster, resulting in a 15% increase in total loan value.
Mike Coley, Product Director Equifax Great Britain said: “Common processes in the secured lending industry require significant manual processing of documents with multiple resubmissions, especially when the data is not available via open banking routes. and provide a comprehensive proposition that is agnostic of how borrowers share their data.We are already working with many mortgage and collateral lending customers to help them take advantage of Open Banking. This partnership will allow us to invest in a single capability to access and evaluate the affordable positions of our borrowers, regardless of how the data is shared.”
Arindom Bass, Founder and CEO of Digilytics AI, said: “This collaboration is Equifax Helps address procedures for borrowers who do not have consent for Open Banking. Affordable pricing and cash flow information for classified and accurate bank statements gleaned from uploaded documents with AI technology Equifax Via the dashboard or Open Banking API.
“This will ensure a more efficient lending process for consumer, auto and corporate finance by allowing faster lending decisions, regardless of whether they choose to open banking. It’s a very exciting time in the AI space right now and we are extending this capability to other documents such as payslips, taxes, corporate financial documents, etc. We are proud to collaborate with think Equifax We plan to launch this new software product. ”
