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Tag: Lending Automation

Effortless Financial Assessments: Explore Basiq’s Bank Statements

Posted on by Rafael Damalio
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In today’s fast-paced financial world, lenders and brokers face the constant challenge of providing quick and accurate financial assessments to banks to process loans. Although core lending decisions often rely on comprehensive Consumer Affordability Reports, banks still require a traditional bank statement as part of the supporting documentation. Basiq’s new Bank Statements product is a tool that complements our existing insights affordability solution, offering a streamlined way for financial assessments to be shared with banks.

Traditionally, obtaining these statements involves a cumbersome, manual process that can delay decision-making and frustrate both lenders and customers alike. This need for speed and precision in financial assessments highlights a critical gap in the current tools available to lenders.

Understanding the pain points

  • Inefficiency: Traditional processes for retrieving and verifying bank statements are notoriously slow and can lead to significant delays in loan approval.
  • Lack of standardisation: Each bank may have different formats and data availability, complicating the assessment process for lenders who deal with multiple banks.
  • Compliance and accuracy concerns: Ensuring that the bank statements are compliant with regulatory requirements and accurately reflect the customer’s financial status is paramount, yet challenging due to varying data quality.

Bank Statements; a Basiq Insights solution

To address these industry-wide challenges, Basiq’s Bank Statements innovate on how financial assessments are conducted and shared with banks. Bank Statements compliments our existing Insights Affordability solution, providing a seamless and efficient method for generating accurate, compliant bank statements for lenders.

Key Features of Basiq’s Bank Statements

  • Access via API or our no code dashboard: Basiq’s Bank Statements can be generated through two convenient methods: via our robust API for seamless integration into existing systems, or through our intuitive no-code dashboard, which allows partners to generate and download statements in a PDF or JSON format without any technical expertise.
  • Single account focus: Tailors statements for individual or joint accounts while presenting details clearly and compliantly.
  • Custom date ranges: Enables customisation of the statement period by allowing users to easily select how far back they want to go, with the ‘To Date’ automatically set to the date the account was last refreshed to ensure the data is timely and relevant.
  • Logical running balances: Calculates logical running balances based on the transaction order, providing a comprehensive financial overview even when CDR data lacks a running balance.
  • Accreditation and Branding: Includes the logo and accreditation details of the institution, enhancing trust and credibility in the statements provided.

Basiq’s Bank Statements is an exciting step in the journey towards making financial processes more efficient and less burdensome for lenders. By addressing the key pain points in traditional bank statement processes, it enhances both the speed and quality of financial assessments, empowering our customers to make faster and more informed lending decisions.

Developer Resources

Explore our Basiq developer resources to understand more how you can integrate bank statements into your solution.

Important Information: This article has been prepared by Basiq Pty Ltd (ABN 95 616 592 011) (Company), and was originally published on 3 May 2024 on www.basiq.io. Information is current as at the publication date, and the Company has no obligation to update or correct this article. The information contained in this article is of a general nature and is not intended to address the objectives or needs of any particular individual entity, and should not be regarded in any manner as advice. To the extent permitted by law, the Company and its related bodies corporate will not be liable for any errors, omissions, defects or misrepresentations in the information in this article or for any loss or damage suffered by persons who use or rely on such information (including for reasons of negligence, negligent misstatement or otherwise. © 2024 Basiq Pty Ltd

The Evolution of Lending: Introducing Basiq Insights

Posted on by Rafael Damalio
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Basiq Insights, a level up for lenders

We are proud to announce the launch of our improved affordability solution – Basiq Insights. Leveraging a variety of data sources including Open Banking, our uplifted Insights solution offers a holistic approach to financial data analysis and decision making in the lending industry by bringing together the power of Basiq’s API with the simplicity of a no-code dashboard.

In today’s rapidly evolving financial landscape, lenders face a multitude of challenges that can hinder their efficiency and effectiveness. From the intricacies of regulatory compliance to the need for technological agility, these challenges demand innovative and adaptable solutions. Basiq Insights emerges as a pivotal tool in addressing these complexities. Let’s explore some of the key challenges in the lending space and how Basiq Insights provides effective solutions:

  • Manual Assessments and Accuracy Issues: Automated solutions reduce the reliance on manual methods, enhancing accuracy and security.
  • Disjointed Customer Experience: Streamlined data processing improves the customer journey in loan applications.
  • Navigating Regulatory Obligations: Compliance becomes more manageable with automated data handling and open banking integration.
  • Overcoming Technological Limitations: The combination of API and no-code dashboard ensures that lenders are not left behind due to outdated tech stacks.
  • Screen scraping regulations: With Treasury considering the ban of screen scraping of financial data from bank accounts. Lenders using decisioning platforms that solely rely on screen scraping will be left without access to their customers’ financial information as banks move to use Open Banking. 

Powerful APIs for bespoke decisioning
Basiq’s API forms the backbone of the affordability solution, allowing lenders to delve deep into financial data with enriched transaction details, ensuring precise and reliable insights tailored to their specific needs.

It is an unparalleled tool, empowering you to create bespoke decision making for your customers that align with your specific use case. It boasts the most comprehensive library of data points, metrics and categories available in the market, enabling you to go beyond using templated reports from conventional providers.

Basiq’s No-Code Dashboard – empowering teams beyond development
The no-code dashboard revolutionises the experience for non-developer teams. Designed for seamless integration with the API or as an independent solution, it simplifies interaction with Basiq’s robust reporting API. The dashboard provides access to data aggregation, enrichment, and insights, all without requiring specialised coding skills or the development of custom applications. Its user-friendly interface bridges the gap between complex data handling and operational ease, enabling you to focus on creating value for your end users.

Key features of Basiq Insights: Consumer Affordability reporting solution

Across the Basiq API and Dashboard you can access a range of features and capabilities.

  1. Access to data from CDR, Web connectors & Uploads: Future proof your solution by accessing web connectors (screen scraping) and Open Banking via a single platform. Be prepared to make the switch when banks transition away from screen scraping and leverage even more data insights with Open Banking.
  2. Extensive data library: Includes thousands of data points, over 60 groups, 50+ metrics, and more than 500 merchant categories, continually updated for comprehensive reporting.
  3. Comprehensive transaction data access: Offers access to over 12 months of transaction data from various financial institutions, providing a detailed view of a customer’s financial health.
  4. Advanced data categorisation: Features enriched transaction details, including merchant, location, and category, with expenses categorised into more than 500 categories based on ANZSIC classifications for detailed spend behaviour analysis.
  5. Customisable reporting: Allows for the generation of customised reports to meet unique decisioning criteria using a growing library of data points and metrics.
  6. Enhanced decisioning tools: Includes a continuously expanding set of groups and metrics to refine decision-making processes.
  7. Consolidated multi-account reporting: Integrated consent UI enables consolidated reporting across multiple bank accounts, allowing for individual or combined reports for multiple applicants.
  8. Predefined Risk Flags: Benefit from our extensive library of risk flags, meticulously designed for comprehensive decisioning. These predefined flags are instrumental in identifying gaps in financial information, ensuring thorough and accurate assessments in your lending processes.
  9. Powerful enrichment overlay services: Utilises machine learning for transaction cleansing and categorization, enhancing data quality for deeper insights.
  10. Export options: Provides the ability to export reports in PDF or CSV formats for record-keeping and detailed transaction analysis.
  11. Bank statement export capability: Enables easy export of bank statements to support lending decisions.

Transforming lending with Basiq Insights

Basiq Insights stands as a beacon of innovation in the financial sector, particularly in the realm of lending. Seamlessly blending the technological prowess of its API with the accessibility of a no-code dashboard, this solution not only meets the current demands of the lending industry but also anticipates its future needs.

Basiq Insights is not just a tool but a comprehensive solution, tailored to meet the diverse needs of the modern lending landscape. With its array of advanced features, it offers unparalleled depth and breadth in financial data analysis and reporting across its API and No-Code Dashboard solutions. Here’s a look at some of the key features that make Basiq Insights a leader in its field:

  • Enhanced Loan Processing Efficiency: Automation and real-time data access lead to faster and more accurate loan decisioning.
  • Data Enrichment and Classification: Enhanced transaction details for precise financial assessments.
  • Customer Consent Management: Ensuring data privacy and compliance.
  • Tailored Financial Insights: Customisable options for specific lending needs.
  • Superior User Experience: A streamlined and intuitive interface for both lenders and their customers.
  • Automated Data Aggregation and Insights: Streamlines operational processes.
  • Compliance with Regulations: Particularly beneficial in the Australian banking sector.
  • Improved Mortgage Pre-Approval Processes: Ongoing consent and open banking facilitate quicker pre-approval renewals.

The robust features underscore Basiq’s commitment to driving efficiency, accuracy, and user satisfaction. More than just a tool, Basiq Insights is a strategic ally for lenders, empowering them with the data and insights needed to navigate the complexities of the financial landscape. With a forward-thinking approach to data privacy, regulatory compliance, and user experience, Basiq Insights is setting a new standard for consumer affordability solutions. As the lending industry continues to evolve in this digital age, Basiq Insights is undoubtedly leading the charge, paving the way for smarter, faster, and more customer-centric lending practices.

Embrace the future of lending with Basiq Insights, where innovation meets efficiency and customer satisfaction.

Important Information: This article has been prepared by Basiq Pty Ltd (ABN 95 616 592 011) (Company), and was originally published on 5 December 2023 on www.basiq.io. Information is current as at the publication date, and the Company has no obligation to update or correct this article. The information contained in this article is of a general nature and is not intended to address the objectives or needs of any particular individual entity, and should not be regarded in any manner as advice. To the extent permitted by law, the Company and its related bodies corporate will not be liable for any errors, omissions, defects or misrepresentations in the information in this article or for any loss or damage suffered by persons who use or rely on such information (including for reasons of negligence, negligent misstatement or otherwise. © 2023 Basiq Pty Ltd