There are countless tools on the market that offer an automated bank statement retrieval solution; each creating efficiencies and opportunities for income and expense verification. So how do you know which provider is the best fit for your business?
In order to realise the immense opportunities presented by bank statement retrieval automation, while also mitigating the risks, there are 3 non-negotiables you should check before engaging with a provider:
1. Do they operate on high IT security?
This means that the provider offers 256 bit encryption and that they carry out annual audits and penetration testing.
Providers should keep user login credentials for the minimum possible time – current best practice is under one second – and then destroy them, being sure not to keep these personal log in credentials within the platform beyond this time. Over time, open banking APIs will help alleviate this issue.
Data should remain onshore, here in Australia, and not be moved around to overseas data centres, no matter how quickly it is disposed of. Such international movements open up an additional risk of data breach that should, and can, be avoided.
2. What percentage of applicants can undergo the same income/expense verification process?
The provider should have an OCR version of their bank statement verification tool to allow maximum participation from both your customer and applicant base. Current best practice will give you the ability to apply the same income/expense verification process to 94 per cent of all applicants and they should have plans in place to lift this to 100 per cent by 2019.
3. Do they offer a swift onboarding process?
To fast track the onboarding process for swift benefit realisation, or to enable you to try the automation tool before making large time and dollar investments in integrations, make sure you partner with an automation provider who can get you live within 48 hours. For example, Proviso offers a simple web portal version that does not need deep integration and that is just as secure. This means banks and mutuals can roll out a pilot within two days as they test alignment and build internal processes across their branches and call centres.
Automated bank data retrieval in action!
Find out how Beyond Bank Australia and Community First Credit Union used frictionless automated bank data retrieval to help improve their customers’ on-boarding process, reduce fraud, and enhance credit decisioning.