This new software was developed using Open Banking technology from Equifax combined with Digilytics AI’s engine, and it is able to make loan applications faster and easier by automating the origination process. This allows lenders to assess affordability and cash flow data in a quick and efficient way.
Through this partnership, Equifax clients will gain access to the Digilytics RevEl Intelligent Affordability Service (RIA). This can help businesses automate data capture when borrowers supply copies of bank statements and other documentation.
According to the company press release, the joint effort between Equifax and Digilytics AI can help automate data capture and processing when interacting with the other 25% of applicants who choose not to or are unable to give lenders Open Banking permissions. Specifically, Digilytics AI technology can be used to scan bank statements provided by consumers who opt out of Open Banking and transform them into actionable bank transaction data insights delivered via Equifax APIs.
The company press release further details that in the financial services sector, Open Banking popularity is on the rise, particularly in sectors such as mortgage, auto, and business lending markets. There are reportedly 6.5 million Open Banking users across the UK, and according to Equifax lender data, 75% of applicants are now more likely to choose Open Banking over more traditional methods to share affordability data. This information is based on a sample of Digilytics data captured from lenders over 12 months between April 2022 and March 2023.
Representatives from Equifax UK talked about the secured lending industry and how requires significant manual processing of documents with multiple resubmissions, particularly when data is not available via Open Banking. They also mentioned Digilytics and how the company’s systems synergise with Equifax UK’s Open Banking solutions to offer a comprehensive proposition that is agnostic to the way borrowers choose to share data.
Digilytics AI officials provided some more details about AI technology and explained its capabilities. For instance, the system can make categorised and accurate bank statement affordability or cash flow information collected from uploaded documents available via the Equifax dashboard or through Open Banking APIs.
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