Equifax UK and Digilytics AI are launching new software which will help lenders to reduce decisioning time so that end users can get responses to mortgage, auto and business loan applications more quickly.

Open Banking technology from Equifax, combined with Digilytics AI’s engine, should make loan applications faster and easier by automating the origination process, allowing lenders to quickly and accurately assess affordability and cash flow data.

Equifax clients will also have access to Digilytics RevEl Intelligent Affordability Service (RIA) to help businesses automate data capture when borrowers supply copies of bank statements and other documentation as part of the same experience. This can be launched from existing portals and loan origination systems with digital document upload for guaranteed extraction of data.

The partnership between Equifax and Digilytics AI can help automate data capture and processing when interacting with the 25% of applicants who choose not to or are unable to give lenders Open Banking permissions.

Mike Coley, product director at Equifax UK, said: “The typical process in the secured lending industry requires significant manual processing of documents with multiple resubmissions, especially when data is not available via the Open Banking route. Digilytics capabilities complement our Open Banking solutions to provide a comprehensive proposition that is agnostic to the way borrowers choose to share data.

“We already work with a number of mortgage and secured lending clients to help them use Open Banking. This partnership allows them to invest in a single capability to access and assess a borrower’s affordability position, regardless of how the data is shared.”

Arindom Basu, founder and CEO at Digilytics AI, added: “This collaboration with Equifax will help tackle borrower journeys where Open Banking consent is not available. The AI technology will make categorised and accurate bank statement affordability or cash flow information collected from uploaded documents available via the Equifax dashboard or through Open Banking APIs.

“This ensures that the consumer, auto-finance, and business-finance lending journeys are streamlined, as lending decisions can be fast-tracked whether they choose to opt into Open Banking or not. This is a very
exciting time in the lending and AI space, and we’re extending this capability to other documents such as payslips, tax and business financial documents. We’re proud to be collaborating with Equifax to be launching this new software product.”