Mortgage loan application is a long process that usually takes weeks as it requires gathering information and many documents, and several in-person meetings between the applicant and the lending advisor.
Algoan Chatbot is a conversational tool that allows lenders to dramatically reduce the necessary time to process a mortgage application as the chatbot can simulate a human conversation and can gather main information and documents from the applicant.
Algoan Chatbot credit journey incorporates Open banking data aggregation, KYC and electronic signature technologies to ensure a streamlined mortgage application experience.
Once all the documents and information are gathered, the lender still needs to take hours to extract meaningful data in order to assess the applicant’s financial situation, its affordability and its creditworthiness.
Algoan Credit Insights is a solution that helps lenders get all the data that matters within a few seconds thanks to Open banking.
Algoan Credit Insights automatically categorizes the applicant’s transactional data into income and expenditure with detailed categories (rent, loan, wage, allowance, etc.).
It gives lenders insights on the financial situation of the applicant by automatically calculating metrics such as the residual income and the debt-to-income ratio.
It also detects credit line drawdowns, payment incidents and other information that lenders would like to take into consideration in order to better assess the credit risk.
All gathered data through various Algoan solutions can be done via APIs and leveraged directly in the lender’s systems.
It can also be displayed in a Dashboard specifically designed to help lenders in the process of decision making.
Algoan Dashboard is customizable and allows you to display only the data that makes sense to you.
The main benefit is to help lenders save time and increase the lending advisor’s productivity.