A digital bank data service that removes the paper trail to simplify and speed up loan applications is set to launch in the United Kingdom.
Proviso is a software company in South Australia that efficiently connects people with banks, private lenders and broker groups.
Its BankStatements system automatically retrieves statements and provides financial data feeds for more than 700 clients, including ASX and NYSE listed clients.
The company, which has its headquarters in Adelaide, has partnered with Australia’s largest alternative small-business lender Capify to launch a series of trials of its program in the UK next month.
Proviso co-founder and CEO Luke Howes said many mortgage brokers still used old measures such as pay slips and physical statements that sometimes took days to provide.
He said BankStatements not only increased efficiency but would also increase conversion rates.
“Proviso works to remove the pain and friction out of getting bank documents, utility statements and notices,” he said.
“It’s a simple idea but like Uber and AirBnB it took a lot of trust to get it going but is turning out to be quite successful.”
BankStatements allows Proviso secure access to online banking accounts to retrieve data and safely send it to data providers.
This process significantly reduces the time it takes to retrieve necessary information to about 30 seconds.
The fintech startup has hundreds of thousands of users on the service each month in Australia and New Zealand.
Its list of clients include banks such as HSBC, non-bank finance firms On Deck and Prospa and mortgage brokers such as iSelect.
Howes said the United States had a large market of roughly 6000 banks but the BankStatements program was tailored to each institution and would need to be modified into the correct format.
He said the company was turning its attention to UK and then the Asia Pacific region instead.
“The global fintech space is a multi-billion dollar industry so we know there is still room to grow,” Howes said.
Last week Howes was named one of FinTech Australia’s new board members. The industry body is a not-for-profit support service for the national community.
Proviso has also recently partnered with broking franchise MoneyQuest to boost its loan-processing times.
Managing Director Michael Russell said the biggest frustration for MoneyQuest’s customers and franchise owners was delayed statement retrieval that came through scanned documents or email.
“The feedback from the very first deployment of the technology has been consistent from franchise to franchise,” he said.
“Customer usage has been very close to 100 per cent and the feedback one of gratitude for the convenience provided.
“Today’s savvy consumers expect a lot more from their mortgage brokers and I’m thrilled that our franchise owners will now be even better equipped to exceed the expectations of our customers.”