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Paylink Lending launched to enhance mortgage and loan application process

The UK’s fintech sector has seen a meteoric rise over the past 12 months. With people not being able to visit banks – and the subsequent surge in customers calling about payment holidays and applying for new lending products – financial services companies have had to quickly adopt new and enhanced digital customer journeys.

The FCA has also introduced new guidelines outlining how customers who have been financially affected by the pandemic should be treated. This increase in customer demand and new regulatory requirements have proved challenging for banks and lenders, but with the help of fintech, the consumer financial market is transforming.

We have been keeping our ear to the ground from day one of the pandemic though and have designed a new platform that will not only benefit banks and lenders during this time of uncertainty and change – but also in the future.

The increase in the number of customers contacting banks and lenders because of Covid-19 repercussions means it’s been taking longer to process mortgage and loan applications. Having to trawl through paperwork and keep going back to customers to request additional information can be laborious – this manual process can increase the chance of human error – and then of course delay things for the customer even further.

And that’s why we developed Paylink Lending; our new platform which significantly improves this traditional lending journey and allows brokers, lenders and underwriters to digitally package lending applications within minutes – replacing the traditional postal and telephone method, which can sometimes take weeks to process.

Paylink Lending not only enhances mortgage and loan applications for banks, lenders and customers, but also helps firms to meet the FCA’s requirements to provide more tailored lending solutions.

The platform gathers and validates customer data in a much more accurate way which then arms banks and lenders with everything they need at the beginning of the process. This provides a 360 view of the customers’ affordability and can accelerate applications to completion.

Paylink Lending can be used by agents and underwriters so more informed lending decisions can be made – and directly by customers, from any device, who are looking to secure a mortgage, loan or increase to an existing credit facility.

The platform’s modular features can be tailored and include an interactive fact-find with complete income and expenditure (I&E), full credit report, Open Banking integration, a home valuation and interactive triage with live-chat support. Customers can also upload supporting documents and share with agents via an app on their mobile device or on a desktop.

Plus, our new Partnership with Hooyu to provide Electronic ID verification means we can enable faster decisions for our broker and lender clients. HooYu uses know your customer (KYC) technology that allows clients to confirm the identity of their customers in a much more robust, compliant and secure way. The time taken to get a borrower through KYC will now be reduced from a process that could take days, down to a smooth digital journey that takes just a few minutes.

Paylink Lending derived from our Collections journey, which is being used by many high street banks and building societies to support customers in financial difficulty. We’re now delighted to launch Paylink Lending and support businesses across the lending industry.

Find out more about Paylink Lending here.