Seamless Customer Onboarding With Bank Data

Make more informed lending decisions with real-time data and instant insights.

Problems & Challenges Currently Faced In Onboarding

Customer Dropout
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Customer dropout is high, with some turning to other providers if their requests are not met promptly.

Physical Documentation
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Customers are often required to provide physical documentation, verified, and by post.

Time Intensive Processes
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Parts of the onboarding, such as manually checking customer statements, are time and resource heavy.

Exceptions Delays
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Many applications are required to go through an exceptions process, requiring more time and resource.

Poor Customer Experience
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The customer experience can be poor with lengthy wait times and document requirements.

Manual Assessments

Customer documentation needs to be analysed and logged to understand an applicant’s financial history.

Solutions Using Bank Data & Expected Results For Onboarding

Same Day Exceptions Process

The exceptions process can be brought online, with timelines reduced from a week to same-day processing.

No Physical Paperwork
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The onboarding process becomes completely digital, with no physical paperwork.

No Manual Assessments

Analysts are not required to go through paper-based statements line by line, freeing up time for other activity.

Convenient Customer Experience
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For applicant’s, connecting their bank account is significantly more convenient than procuring and supplying paper-based statements.

Faster Decisions
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The length of time between initial application and account opening is substantially reduced, offering a far better customer experience.

Reduce Fraud
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Risk of third party fraud are significantly reduced as the applicant’s bank details can be cross referenced to the information initially supplied.

The Consumer & SME Case For Open Banking

Looking at issues such as security, potential benefits, bank switching, financial inclusion, alternative lending, better banking experiences and the likelihood of new financial products coming to market from Open Banking.
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Using DirectID we can fund a loan application with confidence in the same day.

Lee Birkett
CEO, Just Us

Our Products Solving Customer Onboarding

The current process of affordability assessments is long, inaccurate, and allows for a high chance of human error. With so much physical documentation, and manual assessment required, fraud also becomes a high risk factor to every application. And adding to this, poor affordability decisions can lead to weak long-term businesses!

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