Are you wasting underwriter time?

Posted on the 16th March 2019

Last week’s Leasing Foundation innovation event highlighted an ongoing issue for many finance providers that is being addressed by our technology partner AMP Credit Technologies.

In most companies, when bank statements are required to assess a proposal they are usually emailed or uploaded as an attachment, printed manually then reviewed by an underwriter. Where the statements cover many months, many pages or more than one company, the time taken by an underwriter can be high and the potential to miss key issues significant – notably, at a recent FLA event, one of the industry’s pre-eminent lawyers highlighted the continued growth in bank statement fraud.

AMP’s approach is to automate capture digitisation of the bank statement pdfs, converting the content into data that is then automatically analysed by the system. Automated checks are carried out to identify any tampering of the statement and entries can be categorised for review. Statement data can be automatically fed into credit scorecards and ratio calculations. As a result, AMP’s approach can materially accelerate the credit process, improve the customer or broker experience and increase underwriting capacity.

Use of the technology can be applied for other documents coming into the business. For most lenders there is an ongoing requirement for some paper documents (hard copy or “flat file” pdfs) even after a new system implementation. Asking questions of your operational processes will help you find ways to create efficiencies and service improvements. For example, what standard form documents do you check, at proposal, onboarding or through the life of a transaction? Where do you print and re-key information?

Another benefit is the conversion of data into digital information that can build a better picture of your customer, for example to assist with future marketing opportunities.

To learn more about AMP’s approach to taking paper about the process, please contact us.