As a business trying to provide lending services to another business and/or individual, the need to verify the identity and financial details of the borrower cannot be overemphasized. Lending decisions are usually made based on the information on the user.
To be able to verify this information, you visit the bank to check if the user has an existing account, submitted the right details, request the transaction history over a period of time for the inflow and outflow on the account and so many more manual processes that are slow, inefficient and prone to errors.
Have you ever received a message like in the image below or a call that passes across the same message?
It makes you wonder what checks were put in place from the very beginning to avoid a very difficult process in trying to recover funds.
Situations like this can be avoided by digital lenders with the adoption of technology. This is not just by developing a means to transfer and receive money easily via devices but to actually determine the creditworthiness of a customer.
Dojah makes this process easy and fast for digital lenders through financial services that provide accurate results to make the lending process easier, boost customer satisfaction and experience.
Fintech companies, credit unions, banks and other registered lenders can provide enhanced experience for customers (businesses, individuals) seeking to borrow funds with Dojah’s financial services.
How Dojah’s financial services assist digital lending
The financial services Dojah offers to ease the lending process are:
- Account information: an endpoint that allows a lender to easily retrieve account information of customers that can be used to identify or verify a customer’s identity. You can check this here.
- BVN information: an endpoint that gives access to the contact and registration information of an account holder for easy identification and verification. You can check this here.
- Account transactions: an endpoint that allows a lender to gain access to all transaction details of a particular customer across all financial institutions over a specified period of time. You can check this here.
- Subscriptions: an endpoint that returns a total and detailed view of all recurring transactions of a customer performed on the account. You can check this here.
- Income pattern: a service that allows you to retrieve the income profile of a customer, to determine whether or not the customer is a salary earner and the average monthly income on the account of that customer. You can check this here.
- Spending pattern: Based on transactions, a lender can get insight into the spending habit of an account holder using this service. You can check this here.
While some of these services help to identify and verify users, others give insight to determine the creditworthiness of the customer. Insights to answer the questions and put checks on borrowers, helping the digital lenders make informed decisions.
With the above endpoints, you are assured of reliable and accurate information about the financial standing of the borrower in a timely manner, as against the traditional process.
You can visit our documentation to view how this service works and to get onboard, please sign up here and schedule a call here to discuss how this service can work for you and we look forward to that.
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