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The automated income verification feature is now available within NextGen’s ApplyOnline open banking powered platform.
The latest addition to its platform will replace document-based processes by instantly verifying a borrower’s declared income, making it quicker and easier for brokers to secure funding for clients.
NextGen’s chief customer officer, Tony Carn, said income verification has long been a pain point for brokers.
“Automated income verification empowers lenders to move beyond manual processes and exploit the power of open banking to deliver a more cost-efficient, secure and customer-friendly lending experience,” Carn said.
The tool is available for both broker and lender workflows, eliminating the need for third-party integrations by leveraging secure open banking technology.
The feature provides a multi-layered approach to income assessment:
- Secure data access: with applicant consent, it pulls real-time transaction data directly from financial institutions, ensuring accuracy and regulatory compliance.
- Intelligent analysis: advanced algorithms automatically identify salary patterns, pay frequency and employer consistency.
- Enhanced assessor experience: a dynamic user interface gives assessors a clear, immediate view of verification status and supporting evidence.
- Reduced borrower friction: the system intelligently adjusts document requests based on verification success, minimising paperwork for applicants.
For lenders, this allows for accelerated decision making, faster approvals and a reduction in manual processes and fraud risk.
By delivering a smoother, more secure application journey with quicker decisions, lenders can improve customer satisfaction and operational efficiency.
[Related: Spotlight: NextGen unpacks the future of open banking]
