Technology innovation has and always will be key to business success. For many businesses, COVID-19 has acted as an innovation catalyst bringing forward the digitisation of services. The financial services sector is no exception.
Continuing GetCapital’s SME Insights Series, we’re excited to share with you our second installment, ‘Bank statements: The technology, the benefits and the future’ with Jamie Osborn (CEO, GetCapital), Simon Bligh (CEO, illion) and Andrew Dodwell (Director, Magnolia Lane Financial Services).
Our panel of experts discussed how bank statement technology is being used to verify key customer information, in order to streamline the entire credit assessment process.
A few insights from the session:
- Bank statement technology is widely adopted – illion enable the retrieval of over one million bank statements a month in Australia with no instances of fraud.
- illion are also seeing rapid adoption of bank statement technology in the mortgage market and buy now pay later category, and our panelists talk about the impact of this technology in the commercial lending bases.
- The value of using bank statement transactional data is faster decisions with a real time view of the business. It also enables the correct sizing of a facility.
- The granularity of data allows lenders and brokers to see the rhythm of a business – taking into account seasonality and liquidity.
- Perhaps unsurprisingly, with the digitisation we’ve all experienced through the COVID-19 period, there has been a significant step up in adoption over the last year.
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