Aug 16, 2022
Announcing our Fileinvite partnership
Fortiro and FileInvite have combined forces to provide real time document verification and fraud detection to automate loan processing for Australian and New Zealand banks, brokers and borrowers.
The partnership comes at a time banks, brokers and lenders are in a competitive market with rising inflation and interest rates, where fast turnaround times, reduced requests for information and delivering a great experience are differentiators and form a competitive advantage.
Document collection and verification are pain points for brokers, bankers and borrowers
It’s well known that document collection and subsequent verification is a pain point for all parties. Aside from being highly manual, these tasks can add days if not weeks into a loan decision time, and create multiple handoffs where manual reviews take place.
Document collection and verification often includes:
- Sourcing documents from the borrower
- Classifying and reviewing the documents
- Matching income information from the document back to the application
- Reviewing documents for fraud
- Redacting documents
- Filing documents correctly
This is where the Fortiro and FileInvite partnership shines – these manual steps are removed. You can read more about document verification here.
FileInvite removes the pain points in getting essential paperwork from customers, and a reliance on email that is both inefficient and presents security risks with confidential documents sitting on email servers. FileInvite’s document portal provides a seamless customer experience where documents can be uploaded, approved and processed in one secure platform.
Bank Australia’s experience
Bank Australia is one of the first lenders to benefit from the joint automated solution, which speeds up the loan process for borrowers, brokers and bankers by simplifying document collection, automating document verification and preventing fraudulent credit applications, also known as ‘liar loans’ where a customer has lied about their income and assets.
“FileInvite and Fortiro have made document collection and verification easy. We send our customers an invite requesting information and the software does the rest. It automatically follows up, issues reminders and sends all scanned documents to a single portal. We have removed all our previous processing pain points, meaning less backlogs and a faster ‘time to yes’,” said Fiona Ridley, Lending Manager – Personal Lending, Bank Australia.
“FileInvite and Fortiro have made it easy for us. We simply send an invite requesting information to our customers and the software does the rest. It automatically follows up, sends reminders and sends all the scanned documents, all within the one portal. As a result, we are processing loans far more quickly and have removed our backlog of applications,” she adds.
FileInvite streamlines information collection from borrowers through a customer friendly client portal, then automatically passes client mortgage and lending documents from borrowers to Fortiro Protect, which provides an income verification and risk assessment in less than 30 seconds. Fortiro uses analytics, image forensics, machine learning, optical character recognition and natural language processing to verify and detect if payslips, bank statements or other documents are valid or fraudulent.
The benefits of integrated document collection and verification
By automating the process of requesting and vetting finance application documents, banks and lenders are not only alerted to fraudulent paperwork, but streamline the lending process, which reduces costs and saves valuable time and resources in processing loan applications.
James Sampson, Founder and CEO of FileInvite, said, ”FileInvite is transforming the way people request and collect documents and information, enabling seamless digital experiences in document-heavy workflows. Technology solves this by delivering secure, compliant, and efficient document and data collection.
“Our partnership with Fortiro gives lenders an innovative way to better manage client loan documentation and detect fraudulent applications, which plays an important role in processing information and ensuring regulatory compliance,” he adds.
Get a demo today
Get a demo of Fortiro’s income document verification platform to see how it can help you.