When you are completing a ubank Loanapp submission, you will need to invite your applicants to complete 3 digital services. These are used to verify applicant data and speed up the submission and approval processes. 🏎️
You will need to 'request' these services. This will send a consolidated email invite to your applicant/s to complete the service. Once completed, the outcomes of the services are returned to Loanapp.
What Digital Services are used in ubank Loanapp?
There are four Digital Services used in ubank Loanapp:
Digital ID Verification
Digital VOI
Acknowledgment and Consent
Smart Statements
🚷 The Digital ID Verification must be done first, by you, and does not involve your applicants.
🧍🏻♀️🧍♂️The other 3 Services involve your applicants - you need to send a consolidated invite for them to complete the Services.
Triggering the 3 services that your applicant/s must complete
Once you have got a "Completed" ID Verification for your applicant/s, you are able to then trigger all the rest of the Digital Services used in the ubank Loanapp.
🤩 ubank have configured the Digital Services to trigger one consolidated email request to your applicant/s (instead of individual requests for each Service, like in Loanapp V1). This means your applicant/s only need to deal with one invite to complete all the services, making it easier for them.
In order for the one consolidated email invite to be sent, Loanapp needs to still trigger all the services. To do this, you simply need to open each of the digital widgets, and click Request.
On the Applicants Page: Open VOI and click Request
On the Applicants Page: Open Acknowledgement & Consent Form and click Request
On the Financial Position Page: Open Smart Statements, and click Request:
Note that Loanapp has Broker Flow for Smart Statements (more on that here). For now, assume you have not yet got bank statements from your applicant/s and need to request:
Once the 3 requests have been clicked in each of the widgets, Loanapp will compile the one consolidated email to go to your applicant. You will see a message popup confirming that the email has been sent to your applicant/s:
Your Applicant/s experience
Your applicant will receive an email from ubank. If you have more than 1 applicant, each applicant will get their own email.
The email will have 3 links to trigger each of the Digital Services:
The Applicant will need to click on each of the green buttons to complete each service.
Complete ID Check
When the applicant clicks this button:
if they are on their mobile, it will instantly open the Digital VOI service
if they are on a desktop, it will open a new browser, with a QR code, which they will need to scan to open the Digital VOI Service:
Your applicant will then follow the instructions to complete the VOI Service (takes about 2 minutes). Note that they must have at least 1 of the acceptable ID documents with them.
This Service completes a digital VOI on your applicants and confirms their identity for an instant tick on this credit item in assessment. For more information on the Digital VOI service, click here.
Provide your income and expenses
When the applicant clicks this button, they will trigger the illion bankstatements.com service, which will ask them to login to their bank accounts. The service will then extract the last 6 months worth of transaction data for each of the accounts and return it to Loanapp.
This service returns statements and categorised Living Expense data to Loanapp; and also verifies each of your applicant/s accounts and their balances. For more on this service, click here.
Review and Sign Consent
This form captures the Acknowledgements and Consents of your applicant for the activities (and sharing of data) that ubank will perform during the assessment and approval process. When the Applicant clicks this button, a form will generate in a new url to be Docusigned.
Your applicant will need to read and sign where indicated. Note that this replaces the traditional Acknowledgements and Consents found in a lender application form. ubank does not have any other application forms to be signed for submission. For more details click here.
What happens in Loanapp as your applicant/s complete the services?
As each of your applicant/s complete each service, two things will happen:
you will receive an email notification to let you know that your applicant has completed the service eg:
the status in the Digital Widget will update to give you an understanding of what is happening. In the following screenshot, you can see your applicant has completed the VOI service (status is completed), but has not yet signed the Acknowledgement and Consent Form (status remains requested):
When a service is completed, you are able to open the widget to see more detail:
Go to the full articles on each service to find out more about what is returned to the service, and how this might be useful to you.
When your applicant completes all the services, you will have completed the key verification steps that ubank needs to assess and approve your application. These verifications are sent to ubank along with your application, speeding up approvals🏎️
Can I resend a Service request to my applicant?
You are able to resend one or all of the requests to your applicant so that they
re-receive the email invite. Simply go to the "requested" widget/s and click "remind":
Your applicant/s will receive a new email - but this one will note what has already been completed; and which of the services still need to be done:
Can I cancel a Service request to my applicant?
You are able to cancel one or all of the requests to your applicant. Go to the "requested" widget/s and click "revoke":
This will trigger a new popup where you can add a reason for revoking, and then click send:
Can I remind my applicant to complete a request?
You are able to remind your applicant of a request by opening the specific widget and clicking "remind":
🚨Note that Loanapp has anti-spam logic built into it – it will not allow you to remind/resend a request more than once within the same 5 minutes. If you try this, you will get an error message:
