Software products that are groundbreaking, niche, and disruptive tend to get all the press. But there exists a parallel realm of software the uses of which are more prosaic, if not downright everyday-essential. These are pieces of technology that enable users to carry out their day-to-day business as usual, and often follow a no-frills approach.

Bank statement analysers are examples of the latter. For platforms with a vibrant digital credit offering, a bank statement analysis tool is critical to everyday functioning. It is used to fetch essential financial data via bank statements in order to underwrite loan applicants. Since bank statement analysers are so mission critical, it is only natural that they are packaged to be purchased, deployed and used simply, nimbly and repetitively.

However, does that mean you should run the risk of being stuck with an immutable and static bank statement analyser, just because it is packaged into a rigid offering? No.

FinBox BankConnect balances functionality with dynamism

Our bank statement analyser, BankConnect, has been designed to facilitate zero-hassle usage, right from the get-go. For instance – 

• BankConnect can be purchased through a self-serve mode. What this means is that customers can directly gain access to a free trial directly from our website. Upon expiration, they can get in touch with us via email to purchase credits and continue using our bank statement analyser.

• The BankConnect dashboard has been designed as a one-stop solution for everything you might need to carry out your day-to-day functioning. For instance, it provides an overview of the applicant’s financial information like transaction details, account balance and more. It also breaks down salary classification, recurring transactions, lending obligations and frauds detected in greater detail.

While these features come prepackaged in our bank statement analyser, it also leaves room for flexibility. Unlike most software products that are meant to be consumed exactly as they come, FinBox BankConnect is versatile, in that it makes a number of use cases possible. 

For instance, BankConnect allows platforms to select the predictors or parameters they want included in their transaction analysis reports. The exhaustive list of more than 500 predictors contains several data points that give a clear picture of the income, bank balance, transactions, and loan obligations of the customer. 

Create a seamless user experience

BankConnect enables platforms to design their own customised UI to blend seamlessly with their own native journeys. They may also simply share this journey with colour codes, logos and fonts consistent with their design language for deployment with FinBox.

BankConnect enables a number of journeys

Straight-through processing

Straight-through processing is our default journey which enables the end user of the platform to share their bank statements through three methods - PDF upload, netbanking and the Account Aggregator network. Unlike some of the other journeys, the customers must select their bank at the time of uploading their statement. 

Bankless journey

The customer’s bank account linked with their phone number is fetched automatically in this journey. The option of a bankless statement pull is activated only when the user chooses to share their statement through the PDF upload method.

Multi-bank journey

Platforms catering to business customers and other current account holders can fetch bank statements from multiple bank accounts held by them. This helps platforms identify instances of fraud like round-tripping of funds (transferring money to temporarily inflate bank balances to improve chances of getting a loan) from one account to another. This journey also enables platforms to access a single aggregated report generated from all banks accounts.

Corporate banking journey

FinBox BankConnect can facilitate a corporate journey with unique features for the needs of corporate customers. This journey allows users to zero down on transactions to specific entities to determine the spend on a certain category such as investments or loans.

Moreover, it allows platforms to estimate the overdraft usage of their customers to determine how leveraged they are. BankConnect does this by weighing negative balances against the total overdraft available for the current account. It zeroes down on the number of times the limit is overshot and the timespan over which such activity continues to take place.

Link-based journeys

No-code credit links facilitate loan application journeys without the platform having to build a digital credit arm. FinBox BankConnect’s credit links enable omni-channel delivery of credit to end users via WhatsApp, e-mail and SMS. This allows the platform to reach its customers where they are, instead of restricting the delivery of credit to in-platform journeys. 

Integrating FinBox’s credit links functionality is extremely simple. It requires no code and can be created by dragging and dropping the required widgets through the FinBox dashboard to create the journey. The customer journey is completely branded with the logos and colour palette of the anchor platform.

Account Aggregator-based journeys

In addition to the PDF upload and net banking journeys, FinBox BankConnect also enables fetching of bank statements through the Account Aggregator network. Through the AA functionality, BankConnect can trigger two kinds of journeys -

One-time consent: BankConnect can fetch bank statements for the required duration after securing one-time consent from the end user.

Recurring consent: In this journey, the customer is asked for consent once again before the sign agreement process begins. This second request for consent enables the platform to access bank statements during the time that the loan is active. This enables loan performance monitoring and allows lenders to take timely action to tackle delinquencies.

Custom reports

FinBox BankConnect generates raw data that includes an exhaustive list of predictors which can be used by platforms and lenders to arrive at risk decisions based on their preferred calculations. 

For instance, one of the parameters to judge the ability to repay a loan is the number of bounced transactions. For some lenders, this data may be sought as a percentage of transactions made via cheques, and for others, as a percentage of total debits made through all methods. Platforms and lenders may use this data point to support decision making around borrowers’ ability to repay in line with their own priorities.

Clients can access specific predictors relevant to their underwriting logic as part of excel reports as well as through APIs.

Conclusion

FinBox BankConnect has been designed to enable usage that is simple and repeatable on a daily basis, while also offering flexibility that may enrich platforms’ use cases. It throws platforms open to a number of possibilities.

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