Acquire new-to-bank clients with instant loans powered by Open Banking – fully digital, decision-ready in minutes, no documents or branch visit needed. Reach, also, new-to-credit and thin file clients by using innovative transaction-history-based loan adjudication.
Trask Digital Loan was the very first digital loan on the market in Central Europe. It has been so successful that it has created a de-facto industry standard on how to onboard clients and sell loans digitally.
Why banks adopt it:
- Fully digital: Application, identity and KYC check, scoring data through Open Banking, adjudication, e-signature and funds disbursement all done fully online without the need to visit a branch. Typical loan disbursement time is 15 minutes from the start of the application.
- Ideal for new clients: For new-to-bank clients and for clients that are new-to-credit or that have a thin credit file. Adjudication is based on the innovative use of transactional history for loan adjudication.
- Trask’s Digital Loan platform is a set of modules and components to build a full digital experience. Ready-to-use, with a typical project delivery time of six months.
- The platform has been successfully deployed for over nine years across several major European banks.
How it works: A fully digital loan in six steps using Trask’s modular components:
- Online application: Clients can apply and complete the loan fully online from anywhere. No branch visit is needed. The solution comes with web and mobile experience. Clients can pause and continue later, if they wish, or they can switch to branch anytime.
- Online KYC and AML: Identity verification is done online, and it is fully automated (no back office needed). The solution has the unique identity verification module (Trask ZenID) that is well established in Europe for its superb anti-fraud measures.
- Data collection: Open Banking data is used to check creditworthiness and prevent fraud. No proof of income or any other documents need to be collected.
- Loan adjudication: Instant analysis of data. Fully automated decision process based on the use of Open Banking data. The solution relies on transaction-history-based adjudication that is in use in Europe and that does not rely on strong credit score.
- Online signature: The customer is contracted online with no need to sign a paper agreement. The contracting is done with full cybersec assurance and compliance.
- Instant disbursement: Immediate and fully automated fund disbursement to the customer’s existing account in his/her original bank.
Trask has achieved a real impact in the past deployments:
- 30% of new-to-bank loans originated from digital channels – within the first year of launch
- No increase in default rates for new-to-bank clients compared to existing ones
- More clients approved – thanks to richer data from Open Banking and alternative scoring
Trask’s Digital Loan platform is a modular platform. Use the full platform or select the components you need. Building blocks can be easily integrated into your current architecture and you can take advantage of a wide range of customizations.
What’s available:
- Web & mobile UX templates – fast-track your customer-facing channels
- Smart data collection – including anti-fraud and risk signals
- Digital identity verification – with advanced ID checks, liveness detection, and fraud prevention (via Trask ZenID)
- Open Banking integration – instant access to account data without paperwork
- Alternative scoring engine – based on transaction history, not traditional credit scores
- Digital contracting tools – secure e-signatures and document handling
- Real-time dashboards – for full visibility and control
- Integration adapters – to plug into your current IT architecture with ease
The successful track record of its deployments allows Trask to offer the solution with innovative success-fee models.
Visit https://www.thetrask.com/impresto to learn more and book a demo for yourself.
Find Trask at Stand 6 at Open Banking Expo Canada on June 17 at the MTCC in Toronto. Click here to find out more about the agenda, speakers and exhibition floor.
