Nottinghamshire’s Mansfield Building Society has partnered with open banking platform DirectID to enable mortgage applicants to securely provide their bank statements online.
Potential borrowers will be able to give consent for their bank to share their statements online with the building society, speeding up the process of validating income and expenditure in the mortgage application process.
Mansfield Building Society commercial development executive, Richard Crisp, says the new online service is “a safe and convenient way” for borrowers to provide their bank statements.
Mortgage applicants can now log in to their online banking via DirectID in order to give access to the building society for a limited period, doing away with the need for brokers to source PDFs and paper-based bank statements.
The building society has also utilised robotics to handle the transfer of data between systems, rather than relying on processors to re-key information. Employees are now free to spend more of their time on “quality customer contact”, Mansfield says.
Image and article originally from www.fintechfutures.com. Read the original article here.