According to the official press release, income verification, an integral part of mortgage decision-making, is typically handled manually across the industry. The same source reveals that tasks such as reviewing payslips can take lenders an average of 30 minutes per application. In this context, Sikoia’s AI-powered Income and Employer Verification solution aims to minimise this timeframe, completing the process within seconds by incorporating document integrity checks.
Sikoia’s platform addresses key challenges in the verification process. Its features include full coverage for straightforward and complex income scenarios, seamless integration with existing workflows, and enhanced accuracy through the detection of discrepancies and anomalies. The solution also offers scalability through a ready-to-use portal and an API for integration into existing systems.
The fintech company specialises in transforming customer verification processes for financial services providers. By consolidating customer data and automating verification checks such as income, employer, and affordability assessments, Sikoia aims to improve operational efficiency and reduce administrative burdens.
Representatives from of Sikoia noted that the partnership represents an important step forward for the mortgage industry. They highlighted the collaboration’s potential to simplify decision-making processes, enhance auditability, and improve the overall customer experience.
In turn, officials from Tandem Bank, commented on the initiative, emphasising the transformative impact of AI-driven technology. They stated that the partnership has the potential to allow the bank to deliver faster and more precise outcomes while supporting innovation and efficiency in second-charge mortgage services.
These developments follow Skioia’s launch of an AI-powered document processing solution that automates over 75% of the labour-intensive tasks involved in handling customer-supplied documents, particularly during crucial onboarding processes.
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