Integration into ApplyOnline aims to reduce friction point in lending process
NextGen has launched its new Automated Income Verification feature within ApplyOnline, aiming to address inefficiencies in the lending industry’s income assessment process.
The new open banking-powered tool is designed to replace manual, document-based verification with a secure, data-driven approach.
The feature is available for PAYG income in its first release and uses open banking techniques to verify an applicant’s declared income in real time.
This allows lenders to make decisions more quickly and with greater confidence, while reducing operational overhead and risk.
“Income verification has long been a friction point in the lending process,” said Tony Carn (pictured), chief customer officer at NextGen. “Automated Income Verification empowers lenders to move beyond manual processes and exploit the power of Open Banking to deliver a more cost efficient, secure, and customer-friendly lending experience.”
Manual collection and review of payslips, even when supported by OCR technology, can slow down processing times and increase operational costs for many lenders.
NextGen’s new feature is integrated directly into the ApplyOnline platform and is available for both broker and lender workflows, eliminating the need for third-party integrations.
Read more: How open banking is revolutionising the broking industry
