We understand that there are time and cost challenges in verifying income and expenditure when assessing lending applications. This is an essential step in meeting your responsible lending obligations under the Credit Contracts and Consumer Finance Act (CCCFA).
That’s why we have partnered with MOGO as the exclusive re-seller of their income and expenditure verification tool, MOGOBankConnect.
MOGOBankConnect provides your customers with the facility to simply and securely provide their online banking transactional data via a single use digital application.
Customers are not required to disclose their confidential login information and their credentials are never handled by any third party server. The data is processed on the customer’s device, encrypted and transmitted to you, the lender to enable instant decisions to be made.
Independently verified source income data and insight into monthly outgoings in real-time will assist you in meeting your obligations as a responsible lender
Benefits to your business
- Saves time and reduces cost in relation to income and expense verification – verification occurs at the point of application with no manual processing
- Improved customer experience through a more streamlined digital process that is easy and quick
- Provides insights into income and expenditure categorisation, helping to ensure customers can reasonably repay their loan
- Supports compliance requirements under the CCCFA
- Increased acceptance rates and reduction in bad debts with the ability to see a complete view of your customer’s financial status
- Fraud is minimised with a reduction in the risk of tampering by removing the reliance on paper documentation