SocietyOne leveraged the capability of BankStatements to drop their approval timeframes by 80%, from five business days to one day or less.
About SocietyOne:
SocietyOne is a pioneer in the Australian financial industry as the country’s first peer-to-peer lender. Additionally, as Australia’s largest provider of personal loans in the market place sector, and over AUD 600 million lent in 6 years, SocietyOne is a thriving industry leader.
Industry: Alternative Finance
Solution: illion BankStatements
From manual to automatic
As with all Australian credit providers, ensuring the business is adhering to responsible lending practices remains a constant priority for SocietyOne.
One of the most pressing elements of responsible lending is ensuring borrowers are applying for appropriate loans which they can reasonably afford to repay.
SocietyOne complies with the National Consumer Credit Protection (NCCP) Act 2009 which holds credit providers responsible to safeguard themselves and protect consumers from adverse industry practices such as predatory lending and borrowers misleading their repayment capacity to secure credit.
As part of their responsible lending strategy, SocietyOne requires applicants to provide their bank statements as a validation point to prove income and verify expenses. This process was manual and required customers to be organised and time efficient in order to close the application process as soon as possible.
The result was elongated approval processes which increased bounce rates during the onboarding process as well as more resources required of SocietyOne to facilitate manual bank statement retrieval, consolidation and review.
“Historically, we would get customers to send us their bank statements from their bank that they would have to either export from online banking or go physically into a bank.” Jonathan Chan, Chief Operating Officer, SocietyOne
A streamlined transition
In order to greatly increase the efficiency of SocietyOne’s bank statement retrieval and review process, illion provided their digital platform: BankStatements.
BankStatements is a simplified, frictionless solution for customers to make their bank statement data available to lenders using their mobile phone or laptop. By making the process digital and mobile friendly the streamlined customer journey makes the process incredibly quick for both customers and brokers, greatly reducing the number of days required to retrieve, deliver and process bank statements.
For SocietyOne, the integration of new technology had to be efficient and as minimally invasive as possible, to avoid disruptions. Working with the team at illion provided incredibly quick integration and proved to be very easy to work with throughout the onboarding process.