The Covid-19 pandemic has changed how consumers, SMEs, and financial institutions think about loans. Individuals may be looking for credit to get through a period of unemployment or shorter hours, while an SME may be looking to cover working capital costs or shift to online operations. Banks and alternative lenders need to reliably identify reliable borrowers from the riskier ones, a high-stakes task during an economic downturn.
In most of Southeast Asia, credit bureau data is often unreliable and outdated. Alternative data sources have become even more important, and a borrower’s bank transaction activity is by far the most reliable. Through bank statements, a lender can estimate borrower’s salary, typical household income through bills payment activities, cash flow volatility, and whether they’ve used other financial products like vehicle loans, credit cards, or a mortgage.
Typically, a prospective borrower fills out an application and submits printed or scanned (and unverified) bank statements; then the lender’s staff manually enters statement data into a scoring system, adding days or weeks to the decision making process.
Brankas Statement provides a verified, accurate, secure, and instant statement retrieval. Lenders can instantly access customers' financial transaction data, identity data, and real-time account balances. Brankas Statement integrates seamlessly with a lender’s mobile application or website, eliminating the need for paperwork, branch visits, or manual data entry. As a result, borrowers can complete an online application, agree to share statement data, and receive a credit decision, all in a few minutes, entirely online and automated.
Brankas plug-and-play technology supports a wide variety of use cases, including user authentication for your KYC and AML needs, enriched customer spending insights that enable you to deliver highly personalized financial services and budgeting applications, and easy integration with your internal accounting systems for expense management and reconciliation.
Compelling reasons to use Brankas Statement
- Instant, User-Permissioned Access to Data. Use our simple API to access your customers' financial transaction data.
- Single Integration. Your customers have access to our growing network of banks in Southeast Asia.
- Easy Reconciliation. Status updates and accounting system integrations for easy reconciliation.
- Enabling Account Aggregation. Manage multiple accounts maintained across various banks.
- Always Secure. Transactions are encrypted end-to-end and compliant with local data privacy and regulatory requirements.
How it Works
- Link Bank Accounts. User logs in with online banking credentials and enters bank-provided OTP for authentication.
- Access Real-time Balance and Transaction History. User gets instant access to financial data
Let’s Get Started
With Brankas, it’s free to get started and integrate with our APIs. Your first 100 transactions per month are always free. Building with us is easy and we make it affordable for your business to scale.
Create a Brankas account and try Statement today.
Contact our Sales team and let’s talk about what you want to build.
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