Callcredit launches MOGObankconnect

‘A Single use App that enables consumers to share online banking data to confirm income and expenditure assessment in real time’

Callcredit Information Group has today (13th April 2015) announced the launch of MOGObankconnect in association with MOGO Holdings.

MOGObankconnect will provide consumers with the facility to simply, securely and quickly package up their online banking transactional data, providing a uniquely fast way to verify and transmit financial data and bank statements, whilst at the same time helping to dramatically streamline lending decisions.

The software uses a single use digital app which is a sealed smart browser that automatically navigates and streams online banking data from the safety of a consumers’ personal device. Consumers do not need to disclose any online log ins and their credentials are never handled by any third party server or seen by anyone other than the consumer and their online bank provider.

The data is then processed, packaged, encrypted and sent directly to the lender entirely from the consumers’ device in just four simple steps:

1. Lender provides the consumer with the single use app which the consumer uses to automatically navigate their internet banking services
2. The consumer uses the app to access and summarise their online banking data
3. Transactional level information is categorised and data is then packaged into a PDF  report 4) This categorised data is served directly to the lender to review as part of the lending process 

The benefits of using the new software are two fold extending to the consumer and the lender.  For example mortgage applications are currently detailed, time-consuming and manually intensive. They cause a great deal of frustration for consumers and add significant operational cost to lenders. Applying for a mortgage requires the consumer to provide paper based bank statements to prove income and expenditure. The lender will then undertake a lengthy and detailed interview with the consumer to review and categorise their income and expenditure. MOGObankconnect will give the lender the opportunity to prompt the consumer to self-verify using the software and digitally provide their income and affordability details to the lender. This is done in less than 5 minutes using the consumer’s chosen device and therefore will allow the application to progress without delay.  

Benefits to lenders:  

• Increases customer acquisition rates by gaining access to data on new credit entrants  
• Eliminates the delays caused by sourcing documentation  A unique new way to digitally interact with customers  
• Removes resource intensive and costly obstacles from the lenders operation, reducing friction in the application process  
• Improves the customer experience and differentiate from competitors
• Reduces the risk of tampering by removing the reliance on paper documentation

Early adopters of the new software are expected to come from UK retail banks, mortgages and card providers, real estate agencies and letting agencies. However it is anticipated that there will be significant interest from other areas such as life insurance networks, IFA market, gaming/betting, auto finance and alternative finance.

Peter Mansfield, Managing Director at Callcredit, commented: “The launch of MOGObankconnect is set to transform the lending decisioning process here in the UK. Unlike other third party systems, customer log-on credentials are not stored, given or seen by a third party. The consumer is in complete control as their online data is only available to the lender once through a single use app.

“We are delighted to be at the forefront of the introduction of this innovative software which will not only benefit the consumer but in addition will also help lenders enhance their digital capabilities and improve their overall customer experience by removing costly obstacles often found within a lenders customer acquisition process.”

Andrew Clouston, CEO at MOGO Holdings said: “The entire Mogo team is excited to be partnered with a market innovator such as Callcredit and to jointly announce the release of our MOGObankconnect product into the UK.  Both consumers and credit providers have been seeking a better way to do business together for decades. The launch of MOGObankconnect will finally provide a user friendly solution for consumers to do engage with their Bank, while at the same time providing lenders with financial insight they need to confidently satisfy their responsible lending obligations.

“Callcredit is to be applauded for its foresight and vision in bringing innovation to a market full of providers who are eagerly searching for solutions that make them easier to do business with in an environment that requires such stringent regulatory adherence.”

Click on the link for more information on MOGObankconnect