illion BankStatements has decreased the usual loan processing delay caused by waiting for applicants to provide supporting documentation

Gathering and submitting supporting documentation as part of the loan application process was one of Savvy’s major bottlenecks for providing fast finance solutions. Savvy was looking for a way to speed up the document verification process and reduce manual handling on behalf of the customer.

As part of their responsible lending requirements, Savvy conducts checks on applicant credit scores and histories. They request at least three months of bank statements as supporting evidence of income; which can include mortgage, credit cards and loans statements as well.

Savvy uses a secure, encrypted loan application portal to facilitate the loan assessment process. They will ask applicants about their current income, assets, liabilities, and other expenses as an estimate to determine eligibility for the amount requested.

Prior to implementing illion’s solution, they relied on the customer to manually download their bank statements and submit them to Savvy. Some customers who were not comfortable with using Internet Banking experienced considerable delays as they approached their local bank branch to obtain the statements and lodge them to Savvy through the mail.

“This was a major bottleneck in Savvy’s online application process – an over-reliance on manual document handling, either digitally or with paper. With varying technological skill levels in the community, this extended approval times for days or even weeks.”

– Bill Tsouvalas, CEO of Savvy Finance

illion BankStatements has decreased the usual loan processing delay caused by waiting for applicants to provide supporting documentation, as well as eliminated any manual handling for the customer.

The solution has created an effortless path toward completing an application and gaining approval. Through integrating BankStatements with Savvy’s loan application portal, customers can instantly submit their bank statements for the requisite three, six, or nine months without using any third-party site or service, substantially increasing throughput and speeding up approvals.

“illion’s BankStatements platform has reduced waiting times dramatically. The solution has increased our throughput for loan applications and approvals by 30%. BankStatements has proved to be a secure and streamlined solution that increases customer satisfaction and sense of security.”

– Bill Tsouvalas, CEO of Savvy Finance

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