Streamlined Bank Verification System to Enhance Loan Application Conversion

The client experiences a high drop-off rate during the loan application process, particularly due to cumbersome bank verification steps that deter applicants from completing their applications. This affects overall revenue and growth prospects.

A mid-sized online lending platform specializing in providing personal loans to nonprime consumers, aiming to improve user experience and increase loan application conversions.

• Reduce the number of steps in the bank verification process from five to three, simplifying the user experience.
• Increase application completion rates and reduce abandonment during the verification phase.
• Enhance overall application process efficiency to support higher customer conversion and incremental revenue growth.
• Improve real-time verification of borrower assets and bank balances to facilitate faster approvals.

• Integration of third-party bank account verification service to authenticate borrower accounts in real-time.
• Reduction of application steps from five to three to improve user experience.
• Automated verification of borrower assets and bank balances during the application process.
• Secure storage and handling of user data in compliance with privacy standards.
• Responsive and user-friendly interface for the streamlined application workflow.

• Bank account verification service for real-time authentication
• Data security and privacy compliance modules
• Application backend system for data processing and storage

• System must support high concurrency with minimal latency for verification processes.
• Data security and compliance with industry standards (e.g., GDPR, PCI DSS).
• System availability of 99.9% uptime.
• Scalability to handle increased application volume without degradation in performance.

By implementing the streamlined bank verification system, the client expects to increase application conversion rates significantly, potentially reducing abandonments by a substantial percentage. This improvement is projected to contribute to an incremental rise in overall revenue, with faster application processing times and enhanced customer satisfaction.