With the ever-evolving digital phenomenon upon us, consumers find an increasing amount of daily transactions to be paperless. This is being implemented among many financiers to provide a streamlined process (both for brokers and customers). You may have noticed people sign most of their documents digitally these days via a secured signing program.
The digital progression is now reflecting in applications for consumer loans across the board. Most lenders utilize an electronic platform which securely links bank transactions into an easily assessable format. This system allows for quicker turnaround times as encrypted programs can automatically scan for any lending red flags. Taking the time out of a manual assessment for credit teams has proven to be a success. Some lenders have been able to offer same day turnaround times with this technology.
No security is compromised when it comes to the statement linking process. Account login details are passed on through the system, so there’s no need to be concerned about your information being leaked! This advanced technology simply categorizes the last 90 or 180 days of transactions (depending on the link) and allows for lenders to do a quick overview of your expenditures.
The link works via an encrypted portal identical to the security level that the big banks use. It’s more secure than your Facebook account! Your transactions will be categorized into four sections: income, responsible lending flags, liabilities and expenses. Some customers even find it to be a good budgeting tool as any spending habits are easily visible. Customer confidentiality is as important as customer peace of mind, which is a priority here at Fox Finance Group. Our Lending Specialists heavily focus on answering any questions you may still have. It’s normal to want to know more about the statement linking process, so we have devised a FAQ page for our customers to check out!
All of these adopted procedures have become our daily bread and butter. We have incorporated functionalities that improve our efficiency and customer experiences. Submitting bank statements online is just one of the steps that makes your application so quick and easy. We aim to do all the heavy lifting for you, so that your financial goals are only a phone call away. If you’re still on the fence as to whether you’d like to apply for a loan, have one of our friendly team give you a call. We are flexible to suit your availability and want to make you feel right at home. Available to chat now? Give us a call on 1300 665 906!
Nathan joined Fox Finance Group in 2018 to help drive the strategic growth of the business and also help build on the solid foundations that have held strong in the business since 2006.