Account Aggregator BankConnect
What is BankConnect?#
FinBox BankConnect is Account Aggregator enabled. It allows users to submit their bank account statements in your app, then processes them and shares the enriched data with lenders. BankConnect makes the loan process faster and more intelligent.
What do you get?#
Seamless linking of bank accounts - BankConnect fetches users’ bank account statements via net banking credentials, account aggregators, or manual upload after securing required permissions. BankConnect allows you to analyze the bank statements of users, which is used for underwriting. This will act as a booster for thin-file users, i.e., users with little credit history and NTC(New-to-Credit) users.
Integrate 150+ Banks with a single API - BankConnect supports account statements across all major banks in India.
How it works?#
FinBox BankConnect is integrated within the journey itself and provides cross-platform integration. This can be easily integrated with lenders’ mobile application via APIs or SDK.
BankConnect SDK gives immense control to customize your user journey. It also features a dashboard that gives insights into application uptime and monitors health status for enhanced customer experience.
Step 1
Uploading bank statements - This is the first step involved in the BankConnect Integration flow. Bank statements can be uploaded via
- Net Banking - Users need to enter their net banking credentials and their bank statement will be downloaded
- Account Aggregator - Using Account Aggregators we fetch the borrowers bank statement directly using their phone number
- Manual Upload - Users need to upload PDF of their Bank Statement.
Step 2
Analysing the bank statement - With automated bank statement analysis, we check users’ credit history, transaction history, and expenses, which gives us an overview of the borrowers’ liabilities and credit utilization capabilities for informed decision making.
Step 3
Holistic financial profile generation - After analysing the bank statements, financial profile of the borrower is generated. This helps lenders to classify borrowers accurately as per credit buckets, and all in real-time.
Linking Bank Account
Net Banking Interface for Uploading Bank Statement
Manual Upload Interface for Uploading Bank Statement
Account Aggregator Interface for Uploading Bank Statement
Key Features#
- Account Aggregator led financial profiling - Sources data from account aggregators, allowing lenders to generate data-driven insights on a borrower’s holistic financial health.
- Intuitive customer journey - Our fully digitised process and well designed UI ensures a hassle-free, frictionless and intuitive customer experience.
- Flexible Integration - Integrate via APIs, SDK or dashboard across platforms of your choice (iOS, native Android, and Web)
