Consumer Loan Origination

Ensure a smooth lending journey with our solutions that leverage the power of Open Banking.
Consumer Loan

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.

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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.

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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.

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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.

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Key benefits

Smooth Open Banking Onboarding
Thanks to Algoan Chatbot, it’s possible to offer a seamless customer onboarding while reducing the need to collect various information through forms or through documents provided by the applicants.
Process & data Automation
Algoan offers solutions that automate the consumer loan origination processes as well as important financial data extraction (income, expenses, loans, etc.), which used to be done manually by credit analysts.
Best-in-class behavioral credit scoring
Algoan scoring model is based on up-to-date financial data and has a Gini of up to 80%. It’s way more efficient than socio-demographic scoring models, which allows lenders to better mitigate the credit risk.
Fraud prevention & reliability
Since the data is directly retrieved from the bank account, there is no room for fraud or document falsification. The data is reliable, and the assessment of affordability and creditworthiness is based on the borrower’s real financial situation.

Are you ready to build the best Open banking credit experience with Algoan today?

Contact our sales team to learn more about our solutions and see how we can help

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