In Germany p2p lending marketplace Lendico uses a solution offered by startup FintecSystems to simplify the borrower application process. Automatically accessing online banking data for the past 90 days of the applying borrower the service makes the postal submission of bank statements and certificates of salary via postal services redundant. This saves time and costs involved in the verification of the borrower’s loan application.

Co-Founder Christoph Samwer said: ‘The integration […] is an important step to offer our borrowers an application process rid of media discontinuity and to improve our risk assessment‘ (original quote in German, own translation).

Here is what FintecSystems says about their service:

…Our recently released new product called FintecSystems RISK enables lenders to obtain real time financial information about their customers using just their online banking account. This results in a more accurate and seamless loan application processes by enriching existing application processes or existing data.

With FinTecSystems RISK lenders can access up to 90 days of customer account activity. For lenders it is possible to derive certain information of interest from the account activity, e.g. using salary to carry out risk assessments. Also validating or completing financial information of the borrower to have a consistent data basis, while reducing the need for manual interaction efforts and costs for both parties.

With FinTecSystems RISK, we build a bridge between BigData and SmartData. Accurate information about a borrower enables the lender to be more effective with loan terms. Precise and quality data is more important than data quantity. Data quality is the crucial factor to establish an online financing process in Germany and Austria. Eliminating a manual finishing processing step for the lender…