An applicant’s income and expenditure is a key to determining their ability to repay their loan. More than that, it gives you the power to grow your business with the insights you need to make the best decisions.
But there’s a cost.
It can be difficult for an applicant to deal with the paperwork, which is no way to start a customer relationship, and equally difficult to verify the truth in their claims.
MOGOBankConnect will slash your due diligence costs and start your customer relationship off on the best foot by making it easier for customers to complete the paperwork. This can only lead to a better customer impression and referrals.
Delivered in partnership with Mogo, as the exclusive vendor of this income and expenditure verification tool, MOGOBankConnect is a quick and easy, customer-driven process. It allows you retrieve 90 day transaction histories from customers’ accounts with other financial institutions via an automated process.
Customers can be assured their information is protected in the process, with data encrypted at the source and delivered securely.
The service is also NCCP-compliant thanks to sophisticated data categorisation, cutting down the slog of manual assessment.