Open Banking technology debuts with an automated income confirmation system by NextGen
NextGen, an Australian technology solution provider to the lending industry, has introduced a new Automated Income Verification feature within its ApplyOnline lending platform. This innovation, powered by Open Banking, aims to revolutionise the lending process by eliminating manual processes and promoting operational efficiency.
Tony Carn, the chief customer officer at NextGen, highlighted that income verification has long been a friction point in the lending process. With the Automated Income Verification feature, lenders can now leverage Open Banking to instantly verify an applicant's declared income, reducing operational overhead and risk.
The feature employs algorithm-driven analysis to identify salary patterns, pay frequency, and employer consistency. This analysis ensures that lenders can make faster, more confident decisions, enabling them to benefit from accelerated decision-making with faster approvals and improved turnaround times.
By using Secure Open Banking Integration, the Automated Income Verification feature accesses real-time transaction data with applicant consent. This guarantees data accuracy, authenticity, and compliance, thereby reducing risk and fraud exposure for lenders.
The Smart Document Handling system automatically adjusts document requirements based on verification outcomes, further optimising operational efficiency by minimising manual work for assessors. The Dynamic Assessor UI provides assessors with a clear view of income verification status and supporting data, enhancing transparency and clarity throughout the process.
The Automated Income Verification feature is available for activation in both broker and lender workflows within NextGen's ApplyOnline lending platform. This eliminates the need for third-party integrations or separate platforms, making it a seamless addition to existing processes.
The new feature also strengthens customer satisfaction by offering a smoother, more secure application journey. Applicants no longer have to deal with the frustrations of OCR technology or multiple document requests, leading to a more cost-efficient, secure, and customer-friendly lending experience.
In conclusion, NextGen's Automated Income Verification feature marks a significant step forward in the lending industry. By automated income verification, lenders can make faster, more confident decisions, reduce operational costs, and ultimately deliver a more seamless origination experience for their customers.
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