Streamlined Bank Verification Integration to Enhance Loan Application Conversion

The client faces a high drop-off rate during the online loan application process, primarily due to cumbersome bank verification steps that deter prospective borrowers. This results in decreased application completions and revenue opportunities.

A mid-sized online lender specializing in personal loans for credit-challenged consumers, operating across multiple regions with a focus on improving user experience and application efficiency.

• Reduce the number of application steps related to bank verification from five pages to three, simplifying the user journey.
• Increase application conversion rates by making the process more seamless and user-friendly.
• Enhance data accuracy and real-time verification capabilities to improve approval speed and reliability.
• Achieve incremental growth in overall revenue by capturing more prospective clients through process optimization.

• Integration of a third-party financial data aggregation service for real-time account verification.
• A multi-step online application form reduced from five to three pages.
• Seamless user authentication process that minimizes manual input and enhances user experience.
• Validation of applicant banking details, balances, and assets automatically during application submission.
• Responsive front-end interface compatible with multiple devices and browsers.
• Secure handling of sensitive banking information compliant with industry standards.

• Bank verification and asset validation services via third-party APIs
• Authentication services for applicant identity verification
• Backend systems for application data processing and storage

• Real-time verification response time within 2 seconds to ensure smooth user experience
• End-to-end data encryption and compliance with data privacy regulations
• System availability of 99.9% uptime to support continuous application processing
• Scalability to handle up to 10,000 concurrent users during peak periods

By streamlining the bank verification process with real-time integration, the client expects to significantly reduce application abandonment rates, improve conversion efficiencies, and realize incremental revenue growth. Specifically, the new system aims to decrease the application drop rate substantially, leading to an estimated 15-20% increase in completed applications and corresponding revenue uplift.