With illion BankStatements, Bank Australia has reduced loan assessment timeframes by more than 60% greatly improving the customer experience.

About Bank Australia:
Bank Australia is Australia’s first customer-owned mutual bank and is committed to using its customers’ money in responsible ways to create positive impact for people, their communities and the planet. Bank Australia is an award-winning institution with aspirations to be Australia’s leading customer-owned responsible bank.

Solution: illion Open Data Solutions

Verification inefficiency

The gathering and provision of supporting documents as part of the loan application process was becoming a major pain point for Bank Australia customers. To remove this friction and speed up the process, Bank Australia was looking for efficiency improvements to their document retrieval and verification procedure.

Streamlining assessments

To simplify the loan application process, Bank Australia commenced a trial with illion Open Data Solutions in late 2018 for the use of illion’s statement retrieval service, BankStatements. After positive initial feedback the solution was fully implemented in January 2019.

illion BankStatements is a secure, read-only web-based service that retrieves an applicant’s bank statements from a multitude of institutions and sends the official documents and responsible lending report directly to Bank Australia within seconds, removing any risk of fraud.

illion’s leading categorisation and analytics quickly provide Bank Australia with the income and expense data they need to make quicker, more informed lending decisions and meet their responsible lending obligations.

The income and expense analysis that illion provides with every e-statement retrieval includes specific data points that accurately identify credit risk. The illion BankStatements analysis provides Bank Australia with key information they need to make decisions quickly, eliminating the task of manually searching through customers’ e-statements to assess an applicants’ risk – saving assessors a huge amount of time.

“The assistance and support that we have received from illion throughout the implementation process has been excellent. Customer information documents provided by illion have proved invaluable in introducing the service to customers and alleviating any security concerns that they may raise with our staff.”  Martyn Norman, Head of Credit at Bank Australia

Faster, smarter decisions

Bank Australia has seen continued growth in both customer and staff confidence in using the illion BankStatements service, resulting in statement request numbers continuing to increase.

The customer-owned mutual bank has found that utilising this service has not only contributed to major reductions in their assessment times, but that the service has been a key contributor in improving cost of living analysis and reducing fraud.

“The ability to categorise expenses in line with Bank Australia’s needs has resulted in greater accuracy in confirming customer estimates, while knowing that statements are authentic has reduced delays from referrals to our fraud department.”  Martyn Norman, Head of Credit at Bank Australia

Bank Australia customers have also benefitted from the improved loan application experience and have provided excellent feedback, particularly in how easy and convenient the service is to use.


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