Demonstration of Instant Digital Loans enabled by Open Banking will take place, as announced by Trask.
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Trask's Digital Loan platform has revolutionised the digital loan onboarding and selling landscape, establishing itself as a de-facto industry standard. This cutting-edge solution provides banks with a powerful tool to acquire new clients, particularly those who are new-to-bank or new-to-credit, by offering a seamless, automated, and user-friendly digital lending experience.
The platform's key features include:
- Digital Onboarding and Loan Application: A user-friendly process that minimises friction, allowing potential clients to apply easily online or via digital channels, regardless of their existing banking relationships or credit history.
- Automation of Credit Decisioning: Advanced data analytics and alternative data sources are utilised to improve the ability to assess creditworthiness for clients with limited traditional credit profiles.
- Real-time Credit Evaluation and Instant Approvals: Reducing waiting times and enhancing customer experience, especially appealing to prospective borrowers new to the bank or credit products.
- Integration with Bank Systems and CRM: Seamless conversion of approved applicants into active clients while ensuring compliance and risk controls.
- Personalised Loan Offers and Digital Document Management: Encouraging higher engagement and trust from new clients through tailored lending solutions and easy access to loan documents.
Trask's Digital Loan platform is designed to expand banks' client bases by targeting segments previously underserved due to manual or paper-intensive processes. By lowering barriers for new-to-bank and new-to-credit customers to access credit, the platform drives customer growth for banking institutions.
The platform also offers several other advantageous features:
- Digital Contracting Tools: Secure e-signatures and document handling are available for a seamless digital loan process.
- Integration Adapters: Offered to plug into your current IT architecture with ease.
- Real-time Dashboards: Providing full visibility and control over the loan process.
- Smart Data Collection: Including anti-fraud and risk signals for enhanced security.
- Digital Identity Verification: Advanced ID checks, liveness detection, and fraud prevention are provided, ensuring a secure loan process.
- Open Banking Integration: Instant access to account data without paperwork is offered, streamlining the loan application process.
- Web and Mobile UX Templates: Fast-tracking customer-facing channels for a seamless user experience.
- Typical Loan Disbursement Time: As quick as 15 minutes from the start of the application.
The Trask Digital Loan platform has been successfully deployed for over nine years across several major European banks, with no increase in default rates for new-to-bank clients compared to existing ones. In the first year of its launch, 30% of new-to-bank loans were originated from digital channels.
For more information and to book a demo, visit Trask's Digital Loan platform. You can also find Trask at Stand 6 at the Open Banking Expo Canada on June 17 at the MTCC in Toronto.
- The Trask Digital Loan platform, a cutting-edge solution in open banking, offers digital contracting tools and mobile UX templates, streamlining the loan application process.
- At the upcoming Open Banking Expo Canada on June 17 at the MTCC in Toronto, attend to find Trask and learn more about their Digital Loan platform that reduces waiting times through real-time credit evaluations and instant approvals.
- Businesses can expand their client bases by leveraging technology like the Trask Digital Loan platform, which targets segments previously underserved with digital onboarding and loan application processes.
- Speakers at the Open Banking Expo Canada might discuss how banks can utilize smart data collection, digital identity verification, and other advanced features to drive customer growth by lowering barriers for new-to-bank and new-to-credit customers to access credit.
