AIO - Verified Business Identity
AIO Digitizes and streamlines the entire document collection and verification to enable faster, better experience to borrowers, lower processing costs and speed up of evaluation - so you can provide more loans to qualified borrowers while being protected from fraudulent applications.
In 2020, 33% of commercial lending requests were submitted to online lenders. The average time for loan approval is 26 days for physical banks, whereas emerging online lenders are supplying funds in as little as 1 to 7 business days. This is because many community banks and credit unions are overwhelmed by workload of incoming loan applications that require slow, manual data collection processes and hybrid online/offline loan request processes. Printed/emailed checklists for customers and physical submission at the branch load to poor customer experience. For the bank, hand operated tasks lead to an, and even to bad loan approbations when it induces insufficient fraud detection.
Overcome the poor customer experience due to manual back-end processing by offering your clients a user-friendly digital experience: digital guidance, easy collection, built in privacy & verification.
Considerably reduce decisioning time/cost: use a continuous interaction with customers to complete information collection, process the data automatically & allow credit officer to return a decision fast.
Real time verification
Overcome the increasing risk of fraudulent and erroneous applications: automatically verify and validate your customer documents and data from multiple trusted sources using patented technology.
The applicant accesses AIO’s solution where a pre-loaded, customized documentation checklist is waiting for her already. The checklist takes the applicant through the onboarding documentation showing them where to find the documents, storing the documents and allowing the applicant to share the documents with the lender where AIO will validate the authenticity and validity of the documentation.