As anyone can now see, the situation with coronavirus is changing the way that we work, possibly for the longer term. Even should things return to as they once were, consumers will question why they require physical documents to complete an application, and for the decision on that application to potentially take weeks.
The need for the financial system to continue to disburse money has never been more critical. With applications for universal credit rocketing, and many businesses having shuttered – the need for cash is great. A massive proportion of this money will come from financial institutions and now is the time for them to process and execute all loan applications in a prompt timeframe.
The ability to see a customer’s bank statement information is of huge importance in the lending decision. The data by itself is only of limited value however, as this still needs analysed and deciphered. The ability, therefore, to have the data delivered to the right person, within seconds of the application being submitted, with the necessary data tabulated and ready for inspection would result in huge savings in time and resource and deliver exceptional customer experience.
The solution is a tool that will deliver the necessary bank data to the right person with the required information and data laid out for them.
That solution is the DirectID suite of tools.