A comprehensive suite for effortless income validation with smooth user experience
Easily fetch user's bank statement through account aggregator or PDF upload
Extracts insights from bank statement like salary, categories of expenses, transactions, EMIs, auto-debits, etc.
Extract and verify data from docs such as salary slip, form 16/16A, ITR Copy, etc.
Back-and-Forth
Manual process with high agent-user back-and-forth
Drop-offs
Increase in user drop-offs due to high approval times
Document Support
Limited documents supported at the time of upload
| Creation of F&O DEMAT account |
| Underwriting for loan approvals |
| Underwriting for insurance cover | Discounts on insurance premium |
Reduced TAT with automated validation process
Whatsapp nudges to re-engage dropped-off users
Analytics dashboard for identifying points of drop-off
Access to both income validation and bank statement analysis modules
What is Income Validation?
Income Validation is the process of verifying a user’s income to confirm their financial standing. This verification is crucial for assessing risk and making informed decisions in various industries.
How is Income Validation used in different industries?
Lending: Banks and lending institutions use income validation to assess loan eligibility and creditworthiness. Insurance: Insurance companies use it to determine appropriate premium amounts and coverage limits. Securities: Income verification is required for opening F&O accounts.
What are the challenges of traditional Income Validation methods?
Traditional methods often suffer from:
-High Turnaround Time (TAT): Manual verification can be slow, impacting user experience.
-Security Concerns: Sharing sensitive documents via email or Whatsapp poses security risks.
-Increased User Friction: Back-and-forth communication with agents creates friction and potential drop-offs.
How can Income Validation be faster and more efficient?
How can Income Validation be faster and more efficient?
The latest news, updates and more about KYC industries related market resources from our team.
