Lend leveraged illion BankStatements to reduce on-boarding times and improve the customer journey.

About Lend:
Lend is Australia’s biggest online marketplace that connects business owners who are looking for funding to business loan lenders. They cover small loans which included unsecured business loans, invoice financing, short term business loans, and business line of credit.

Industry: Alternative Finance
Solution: illion BankStatements

Streamlining extraction

Lend is in the small business loan market and therefore needs to match the right lender to each prospective client business.

As part of their onboarding process Lend need to reverse engineer a business’ profit and loss statements. In order for Lend to do this, they need access to the business owners bank statements. To remain time efficient they need the bank statements in a standardised format every time.

Due to the process relying on applicants and each bank’s separate statement extraction procedures it became crucial that Lend find a solution which would standardise and streamline this problem.

Lend decided this process was best executed using a third party. An expert team who are able to invest their resources into focusing on the solution. illion BankStatements provided the solution to Lend’s needs.

“Having worked with Luke and the team previously, I knew there was only one choice for us to partner with. They are constantly working and developing their product, making it bigger and better by listening to those who use it and then helping us understand how to get the most out of it.” Shaun McGowan, Co-Founder, Lend

Frictionless experience

illion BankStatements is a simplified and efficient way of bank statement retrieval. The customer journey is minimised to four simple steps which have been designed with a frictionless user experience in mind. The journey can be completed on laptops and mobiles quickly and easily, giving consumers the power to remotely grant access to bank statement to their chosen lender or broker.

The four simple steps are:

  1. The lender is provided with a unique digital BankStatements link
  2. Lenders provide their link to the customer via SMS, email or the BankStatements website
  3. Customer follows the link and completes a short information entry process approving the sharing of bank statement data
  4. BankStatements supplies lenders with bank statement data to their nominated email or URL in the lender’s choice of format

Faster assessments

After integrating illion BankStatements into their statement retrieval process, Lend has significantly cut the onboarding time.
By using BankStatements Lend were able to assess a deal in less than 15 minutes compared to the industry standard of 2-3 hours.

“Not only has BankStatements significantly reduced the time spent, but obviously it has also improved the accuracy of our decision makers. They make integrations seamless by having product engineers who are ready and willing to help. It’s great to be working with a company where you can simply pick up the phone and get someone first time, every time.” Shaun McGowan, Co-Founder, Lend

Want to learn more about illion BankStatements and how we can help your business embrace Open Banking? Contact us today.