Lenders can configure to enable a digital Banking service to be requested for your applicants within the Loanapp workflow. The digital Banking service will be bankstatements.com, and your applicants will be asked to consent/login to their bank accounts, and their transaction data will be returned to Loanapp for use in the Loanapp workflow.

If a lender has this service in their workflow, the Banking service will automatically be triggered once the applicants have finalised the Loanapp digital VOI workflow, so it is important that you (and the applicants) are aware of this.

The Banking digital widget can be found in the "Financial Position" section of your application:

Until consent has been received, the Banking widget in Loanapp will be noted as 'pending'. When the invitation has been sent to your applicant/s, the widget will be noted as 'requested':

When the Banking service is triggered, your applicants will receive an email invite to complete the bankstatements.com workflow. They will need to click the "get started" button in the email:

They will then be taken to the bankstatements.com site and be able to select their existing banks:

Login to their account:

And bankstatements.com will extract their transaction data to categorise transactions, compile in a report, and return to Loanapp.

They can continue adding banks as they need to; with bankstatements aggregating all of their transaction data into the one report/dataset:

When the applicant has finalised the process, the Loanapp widget will be noted as 'completed':

When bankstatements.com returns the Banking data Report, it will automatically be attached to your application. You will be able to review the Banking data by expanding the Banking widget and clicking on the "details" button:

This will download and open the Banking Report that has been requested and returned to Loanapp, with the transaction data categorised as per the lender requirements:

This report can then be used by yourself to support your work completing the loanapp application.

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