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In today’s fast-paced financial world, lenders and brokers face the constant challenge of providing quick and accurate financial assessments to banks to process loans. Although core lending decisions often rely on comprehensive Consumer Affordability Reports, banks still require a traditional bank statement as part of the supporting documentation. Basiq’s new Bank Statements product is a tool that complements our existing insights affordability solution, offering a streamlined way for financial assessments to be shared with banks.

Traditionally, obtaining these statements involves a cumbersome, manual process that can delay decision-making and frustrate both lenders and customers alike. This need for speed and precision in financial assessments highlights a critical gap in the current tools available to lenders.

Understanding the pain points

  • Inefficiency: Traditional processes for retrieving and verifying bank statements are notoriously slow and can lead to significant delays in loan approval.
  • Lack of standardisation: Each bank may have different formats and data availability, complicating the assessment process for lenders who deal with multiple banks.
  • Compliance and accuracy concerns: Ensuring that the bank statements are compliant with regulatory requirements and accurately reflect the customer’s financial status is paramount, yet challenging due to varying data quality.

Bank Statements; a Basiq Insights solution

To address these industry-wide challenges, Basiq’s Bank Statements innovate on how financial assessments are conducted and shared with banks. Bank Statements compliments our existing Insights Affordability solution, providing a seamless and efficient method for generating accurate, compliant bank statements for lenders.

Key Features of Basiq’s Bank Statements

  • Access via API or our no code dashboard: Basiq’s Bank Statements can be generated through two convenient methods: via our robust API for seamless integration into existing systems, or through our intuitive no-code dashboard, which allows partners to generate and download statements in a PDF or JSON format without any technical expertise.
  • Single account focus: Tailors statements for individual or joint accounts while presenting details clearly and compliantly.
  • Custom date ranges: Enables customisation of the statement period by allowing users to easily select how far back they want to go, with the ‘To Date’ automatically set to the date the account was last refreshed to ensure the data is timely and relevant.
  • Logical running balances: Calculates logical running balances based on the transaction order, providing a comprehensive financial overview even when CDR data lacks a running balance.
  • Accreditation and Branding: Includes the logo and accreditation details of the institution, enhancing trust and credibility in the statements provided.

Basiq’s Bank Statements is an exciting step in the journey towards making financial processes more efficient and less burdensome for lenders. By addressing the key pain points in traditional bank statement processes, it enhances both the speed and quality of financial assessments, empowering our customers to make faster and more informed lending decisions.

Get in touch with us

Discover more about Basiq Insights and Bank Statements and how they can streamline your lending processes by reaching out to our team.

Developer Resources

Explore our developer resources to understand more how you can integrate bank statements into your solution.