Capco helped a Peer to Peer Loan Provider successfully introduce a new feature on its loan application service in time for the Open Banking deadline of January 13th, 2018.
Engaged only 6 weeks before go-live Capco helped the fintech launch an income verification feature that would allow applicants to bypass the manual upload of a PDF/bank transaction statement. Users were able to connect to their bank online and move on to the next phase of the loan application journey within 2 minutes.
This greatly reduced the amount of time users would spend looking for bank statements, and reduced the number of phone calls to and from the customer service department when PDFs weren’t uploaded correctly or were not fit for purpose in verifying income. Underwriters were able to verify income based off of the information returned from the open banking data, creating a seamless process for both users and loan processors.
Capco helped launch and roll out the new feature for the Peer to Peer Loan provider, servicing over 200 applications successfully in the first two weeks of launch