BankConnect

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People trust, lenders verify
Reliable data sits at the heart of good credit decisioning

Superior underwriting
consists of:
Superior
In-depth and varied data
underwriting
360-degree analytics

Borrower Lenders’ Reliable and fraud-free data

applications business goals sources

Back-tested AI/ML models to

determine rules

More than 50% of new-to-credit loan applicants are Digital-first and >1 minute TAT
denied credit due to ineffective underwriting.

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Bank data is superior to almost all other data sources

Bank statements Other sources

Recency of data >24 hours 2-24 months

Reliability Error free and direct Prone to fraud and manipulation

Profile In-depth financial insights Proxy indicators for metrics

Covers all transactions Only report performance on

Coverage
– big and small certain large metrics/activities

Limited to thick-file borrowers with

Inclusions Available for all customer personas
a formal history

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Bank statement analysis provides actionable insights

Financial health Repayment behaviour

• Average balance • Recent NACH bounces
• Average monthly spends • Inadequate balances
• Overall indebtedness • Number of loan accounts
• Number/health of accounts • Maintenance of funds

Income and
expenses profile Affordability and eligibility
• Spends for rent, utilities, bills • Maximum EMI affordability
• EMIs per month • Maximum loan amount
• Income variability • Interest + Other charges
• Discretionary spending • Preferred NACH dates

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Challenges with manual bank data analysis

Error prone Expensive Unscalable

Manual analysis often leads Analyzing one borrower’s Due to its time-consuming
to errors as analysts miss statements can take up to 3 nature, manual analysis
frauds, or miscalculate hours of human time which doesn’t scale well in digital
transaction data is 4000x expensive than credit where volumes are
automated processing extremely high

Variable Unauditable

Two analysts could make The results of manual

very different decisions by analysis are often
looking at the same data. unauditable and hence can
Such variability isn’t ideal in be a regulatory and
efficient lending processes compliance hurdle

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Introducing
FinBox BankConnect

Lower TAT in loan Disbursal

Intuitive customer journey

250+ banks in a single API

Guided experience

Highest privacy with secured data in rest

and in motion

BankConnect combines transactions extracted

from bank statements with data from third-
parties to provide enriched, clean data within
seconds via an API call or a CSV report.

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360-degree analysis for
seamless underwriting
Multi-factor analysis
Engage deep learning and ML algorithms to assess factors such as
payment histories, transaction habits, bank account balance and credit

Reduce manual intervention

Offer 3x turnaround time with our zero-touch underwriting.
We use optical character recognition to check bank statements for signs

Seamlessly link bank accounts

Draws the required documents automatically with borrowers' net
banking credentials for underwriting

Multiple formats output

Utilize BankConnect results as json, or embed into your app directly
or through an in-depth dashboard online

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360-degree analysis for seamless underwriting

FinBox BankConnect is a user experience driven,

intelligent bank statement analyzer tool that leverages FinBox BankConnect Features
AI to help lenders underwrite loans 3x faster.

300+ 250+ banks 25+ Encourage

predictors covered fraud checks credit inclusion
Precise and effective Most coverage with Fraud checks Compiles data from
intelligence with more than 250 banks automatically processed various sources and
predictors that track covered through PDF across behavioural, removes the need to
spending, saving, extraction, 20+ through accounting, metadata scan unstructured
repayment and other netbanking and 20+ and other fraud information into
financial behaviour through Account methods. comprehensible PDFs
Aggregator for lenders.

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01 Detect 30% more obligations
BankConnect identifies higher number of lender
16000 14872 names from these obligations
14000 14000 12537
12000 12000
10163
10000 10000 8981
8000 8000
6000 4908 6000
4000 4000
2000 2000
271
0 0
Competitor BankConnect Competitor BankConnect
Lender Classification Lender Classification Miss Lender Identification

Competition has missed BankConnect has a continuous improvement

>30% of the lender obligations process for lender identification

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02 Better fraud detection than any other product
400 8.00%
7.19%
350 7.00% 6.53%
346
6.00%
300
304
5.00%
250
4.00%
200
3.00%
150 2.00%
0.87% 0.87%
100 1.00%

50 0.00%
54 Competitor BankConnect
0
Actual Frauds Competitor BankConnect Actual Fraud % Fraud Classification %

BankConnect detects 6x more fraud ~65 bps additional fraud classification

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03 10x faster and more reliable API response times

Latency Competitor BankConnect

in seconds

p50 11.86 1.79

p75 10.19 1.25

p90 8.21 0.84

0 5 10 15 0 2

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04 FinBox AA: Single-tap
consent and seamless
onboarding with account
aggregator

FinBox AA was one of the first

underwriting offerings powered by the
account aggregator ecosystem. With
dynamic onboarding, it seamlessly
work with BankConnect to leverage the
AA framework for onboarding and
underwriting.

As a result, you get assisted journeys,

low-code integration, maximum
coverage, and a massive reduction in
potential fraud.

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Watch FinBox AA in action

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05 Actionable insights

Balance and income classification Spending profile analytics

Recurring debits

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06 Cross-platform integration

Consume FinBox
Integrate the pre-built SDK Use the desktop dashboard
BankConnect through
into your current mobile to upload and analyze
the APIs by building a
app/onboarding flow statements
custom flow

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Case study: FinBox BankConnect AA eliminated
fraud and improved conversions by 60%

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Trusted brands, trust us

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FinBox BankConnect AA in the news

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Thank You

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2022.
| www.finbox.in
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