Smart Statements is a digital service in ubank Loanapp that allows you to invite your applicant/s to log in to their bank accounts so that 1) the account details can be verified and 2) account transactions can be categorised to auto-populate your digital Living Expenses in Loanapp. This article takes you through the functionality, how to use it and applicant experience.
The Smart Statements widget also incorporates Broker Flow - so if you have already used bankstatements.com with your applicant/s, your completed records can be re-used in Loanapp.
The Smart Statements widget is found at the top of the Financial Position page in Loanapp.
When you trigger the service, as part of your consolidated email to your applicant/s, the widget status will update to "Requested":
Your applicant/s will need to have their login credentials at hand for each of their accounts that are to be included in their Financial Position.
The workflow takes only a couple of minutes.
When complete, the service will return the extracted details of logged into accounts back to Loanapp for review, finalisation and population in categorised living expenses.
Your Applicant/s experience
When you trigger the ubank Smart Statements service from Loanapp, your applicant/s will receive an email from ubank asking them to complete the services. The second step/button in this email will trigger the Smart Statements service:
When your applicant clicks the link in the email, they will be taken to the landing page of the Smart Statements service - bankstatements.com:
Your applicant needs to click on the "I agree", which will take them to the next screen where they can use the dropdown list to select the first of their Financial Institutions they would like to log in to in order for the account details to be verified and returned to Loanapp:
When the Financial Institution has been selected, your applicant will then need to enter their login credentials for that Institution. The following image shows us logging in to our Test Bank:
Once logged in (~up to a minute), you will see all the accounts that these login credentials have access to. You are able to select which of the listed accounts should be returned to Loanapp - which is helpful where the credentials include accounts (eg a business account) that should not be included in your submission:
When you continue, you will then be invited to login to more Financial Institutions, or finalise/close the service:
When your applicant clicks No, I'm done, the service will be finalised and they can close the browser:
What happens when the service is completed?
When your applicant/s complete the Smart Statements service, two things will happen:
you will receive an email notification that Smart Statements has been completed
the 'status' in the Smart Statements Digital Widget will update to "Completed":
Note that the service might take some time to compile and return the transaction data:
Once completed, when you open the Digital Widget, you will see the accounts that have been returned by the service:
🚨It is important that all accounts that your applicant/s have and are to be included in their Financial Position are on the list of returned accounts. This will mean their Financial Accounts have all been verified, and you should not be required to provide any further evidential support. You can re-send the invite if you need your applicant to log in to add more accounts.
If all your applicant/s accounts are there, you can then tick the two acknowledgement boxes, and click Submit:
Categorised Living Expenses will be populated
When you click ‘Submit,’ all of the transactions from your applicant/s accounts will be aggregated. All relevant expense items will be extracted; then categorised into the ubank Living Expense categories and populated into the Digital column of the Loanapp Living Expense section:
You will be able to compare each categorised item against your declared expenses:
For more detail on how to manage your Living Expenses section, click here.
The Smart Statements 'Details' will have your statements
When you have a completed Smart Statements, you can click on the details button inside the widget, to see the outputs of the service:
The details button will have 2 sets of statements
the illion-generated summary of the aggregated data of all the accessed accounts, and how it has been categorised
a statement (from the actual Financial Institution) for each of the accessed accounts
You can click on the download button to see/download/save the aggregated summary and/or each of the accessed accounts to generate the statements:
What if you have completed, finalised....and realise you want more accounts?
If you have finalised the Smart Statements, and realise that you actually need your applicant to log in/return another account - no problem. 👍
Simply open up the Smart Statements widget and click "Resubmit":
This will trigger a popup where you can either:
completely clear the Smart Statements (start again):
Or, send a message to your applicants to ADD more accounts to existing ones. You are able to add a message to prompt your Applicant:
This will send a new email to your applicant/s, who will be able to click the link to re-start the process.
Once done, the same outcomes will happen as here - you will get an email notification; and the Smart Statements status in Loanapp will change to Completed.
When you open the Smart Statements widget, you will now have the additional account/s displayed:
If you tick the acknowledgments and click Submit, the data that has been aggregated/categorised will be updated in your application to include the new account/s
What if my applicant has logged in/sent back accounts that I don't want in the application?
You are able to delete returned accounts from the Smart Statements widget.
🚨But take care! Deleting an account will delete ALL accounts that had been returned for that Financial Institution login, as it essentially 'voids' the whole illion payload for that login.
Here I have clicked delete on one account, but you can see that it is 1 of 4 related accounts:
And I get a warning popup telling me it will delete ALL accounts under that illion record (so it will actually delete all 4 accounts that came from that login:
And I am left with only 1 account:
If you only wanted 3 of the 4 accounts ... you would need to delete, and then re-invite your applicant to log back in and to de-select the account you don't want (see above) while in the illion workflow.