The ubank application calls a third party service which invites your Applicants to login to their bank accounts and electronically provide their bank account data. This data is then used to auto-populate 12 months of Income, 3 months of Living Expenses and most Household Income, Savings Accounts and Liabilities of your application. This quick article describes the process and functionality. 

If you've already sent the Smart Statements link and are looking to help your applicants with the process, please visit the following: Video. This video can be shared with your applicant and is contained in the Smart Statements email.

You will need to ensure the following fields are completed in Loanapp before triggering Smart Statements as the service uses these details to verify your client.

To trigger the Smart Statements workflow, select Smart Statements from the File Tab (1) and click Send Request (2). 

Confirm the Applicant’s detail and click Send Request again.

Once the request is sent, the Not Sent in the File Tab will change to Sent.

You can 'Resend Link' the request If customer cannot find the email; or 'Re-issue Request' if the employer name or applicant email address has changed.

The Applicant will receive an email from ubank and need to follow the instructions to complete Smart Statements. If at first they don’t receive it, ask them to check their junk folder.

The Applicant should provide consent if they agree to use Smart Statements, provided by BankStatements. They will then need to select their first financial institution. 

The Applicant will need to enter their online login details for the chosen financial institution. 

This process will need to be repeated for each financial institution the Applicant wishes to provide information for on the Application by clicking on Add Another Bank account.

When the all accounts are added and Finish is pressed, the following screen is displayed.

PLEASE NOTE: All applicants must complete the Smart Statements process. Even if the applicants share all their accounts, they still both need to complete Smart Statements.

When the Applicants have accessed all their relevant accounts (e.g. home loans, credit cards, transaction and savings accounts), each of the accessed account will appear in the table in the Smart Statements section. 

When you are satisfied the applicants have accessed all their accounts, click the Complete Process button to end the Smart Statements process.

And confirm you would like to mark as complete to complete the Smart Statements process.

You will now see each account and its details populated into the interface (1). You will note the data will be locked (2) – you will not be able to change any data that has been populated via the Smart Statements process.

You will need to complete the fields with red borders (3) to clear the validation errors.

Check the Other Assets, Mortgage Liabilities and Other Liabilities sections in the application to ensure data has been correctly populated into these sections of the Application and complete any fields that are flagged with an error or outlined in red.

If the information returned by Smart Statements is NOT correct, answer Manual Review Required with Yes. This will trigger the Application to be referred to an Assessor rather than electronic assessment.

A comments box will become available and ask you to Provide Correct Details.

As the Broker, it is your role as to ensure all the accounts that are pertinent to the application have been accessed. Keep an eye on the table in the Smart Statements section that notes all the accounts that have been accessed. If any accounts are missing, you will need to follow this up with the Applicants.

While the Smart statements process auto-completes much of your assets and liabilities, you need to check you (or Smart Statements) have entered all information on the Current Situation Tab necessary to make up a Statement of Position.

NOTE: You will see a yellow warning notification on specific screens. This indicates that you cannot make changes to items added by Smart Statements. You will only be able to amend items you have added manually.

Once you've checked & completed the Assets & Liabilities in the Current Situation tab, please move to the Summary tab where you will find the Digital Transactions section. This is where you now need to do the same for the Income & Expenses

The Income needs to be checked and confirmed. If there are any discrepancies, please leave notes in the Application Comments section.

The Expenses will be split into two. Declared Expenses on the left and Digital Expenses on the right. If there are any concerns with either Declared or Digital expenses, there will be mandatory comments sections which you will need to fill in.

Click here for the full ubank User Guide.