Experian has partnered with Sikoia to offer automated income and employment verification solutions.
Leveraging Sikoia’s AI-driven document processing tech, part of its suite of verification services and solutions, Experian can automate the extraction and verification of customer data directly from submitted documents.
Automated income and employment verification
Experian provides a variety of verification solutions, such as payroll data access, automated document processing, digitalisation of payslips, bank statements, and tax returns, and access to Open Banking and HMRC open data connections. As Manual checks continue to be common in financial services, especially in areas such as mortgage and credit applications, where income and employment verification usually takes 30 minutes per case. Experian aims to tackle this time-consuming issue. By partnering with Sikoia, it aims to deliver faster, consistent, and automated verification to improve decision-making and the overall experience for lenders, intermediaries, and customers.
In use cases such as mortgages, where document proofs are required, service providers can extract data digitally and automatically complete the picture of an applicant’s financial position by leveraging Sikoia’s technology. This is useful in complex instances where traditional data sources need to be supplemented. Additionally, Sikoia offers built-in document integrity and tamper detection, along with advanced business logic to assess readiness, generating real-time alerts to support getting the right data fast and efficiently.
Sikoia aims to offer customers a flexible range of solutions that align with their previous preferences. In many cases, customer-provided documents are required, and data can’t be verified automatically. This is where Sikoia intervenes to bring AI-driven automation to traditionally manual tasks by partnering with Experian, contributing to greater efficiency and verification across the industry.
Experian’s verification platform is driving advantages for employers and their employees alike, and Sikoia is offering automation, increasing financial inclusion by reducing friction in the journey and helping individuals confirm their income and employment records faster.
