Consumer Loan Origination

Easily & smoothly onboard your customers

When it comes to lending, onboarding applicants is a complex process that can lead some applicants to give up in the middle of the process. Standard forms where lenders ask a lot of questions and try to collect as much information as possible about the applicants are tedious.

Algoan Chatbot is a conversational interface that can simulate a human conversation and is easily customizable allowing you to offer your applicants a pleasant lending experience . Algoan Chatbot credit journey incorporates Open banking data aggregation, KYC and electronic signature technologies to ensure a streamlined loan application experience.

Chatbot

Get all of your customer’s financial data

In order to assess applicants’ affordability, lenders go through a time consuming process where they need to verify all the information and documents provided by the applicants.

With Algoan, forget about this lengthy and time-consuming process.
Algoan Credit Insights allows lenders to retrieve all the financial information about an applicant in a matter of seconds.
Furthermore, the data is directly retrieved from the bank, which means that there is no room for fraud or falsification.
The data is automatically categorized into various categories.
Lenders also get insights that help them get a precise and up-to-date picture of the applicant’s financial situation.
Insights include metrics such as the residual income, the debt-to-income ratio and the payment incidents history.

Credit Insights

Lenders can also use Algoan Dashboard to get all the data that matters in a single view in order to save time and increase analysts/operators’ productivity.

Dashboard

Best-in-class credit scoring

Assessing the risk is key for lenders.
Current credit scoring is generally based on socio-demographic data and declarative financial information.
Algoan Score leverages up-to-date financial data and behaviors (through Open banking data) to score an applicant’s creditworthiness.
The score is instantaneous, accurate and allows lenders to accept more loan requests with confidence.
Algoan Score combines transactional data and machine learning technology in order to lower lenders’ risk on a day-to-day basis.

Score

Key benefits