SprintHive’s Income Verification (InV) product takes the pain out of this common challenge for businesses and customers, while also providing an ideal input to affordability calculation.
Customers can choose between giving consent for automatic retrieval of their bank statement data from the DEA (IDX), registering with Yodlee, or easily uploading their digital bank statements by using their choice of mobile or desktop devices.
Income is automatically determined by the acquired transactional data, and routing the customer to a manual income assessment is an absolute last resort. In order to minimise processing time, the agent is presented with the documents in an efficient, user-friendly interface.
Income is determined by using advanced statistical and AI methods that analyse the period for likely income transactions, which drastically reduces the risk of agent error or fraud. The calculated income is then assigned a statistical confidence score, and businesses can choose the threshold hurdle that this score needs to clear, in line with its risk appetite.
Would you like to see a demonstration of the system? Let’s talk.