UK-based challenger bank Tandem Bank has partnered with fintech Sikoia to automate income verification and document handling processes.
Income verification is a crucial step in mortgage applications, often requiring lenders to spend an average of 30 minutes per application manually reviewing payslips.
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London-based Sikoia claims that its AI-powered Income and Employer Verification solution can cut this process down to seconds, offering Tandem Bank the ability to provide brokers with faster and more precise results.
The technology integrates AI, traditional data extraction methods, and advanced business logic and categorisation to automate the verification process.
This covers a range of aspects such as income, affordability evaluation, and application completeness.
Sikoia CEO and founder Alexis Rog said: “Our partnership with Tandem Bank marks a key milestone in transforming income verification and document processing for the mortgage industry. This collaboration aims at eliminating administrative burdens, ensuring consistent and auditable decision-making, and ultimately enhancing the customer experience.
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By GlobalData“At Sikoia, we are committed to driving success through collaboration and are excited to work with forward-thinking organisations like Tandem that embrace cutting-edge technology to improve efficiency and broker satisfaction.”
Sikoia’s technology can manage more complex cases such as applicants with multiple income streams, processing all payslips and bank statements provided by brokers and customers.
The technology operates with minimal disruption, seamlessly integrating with documents submitted by brokers without necessitating manual input or changes to current workflows, further noted the company.
Sikoia’s solutions are also designed to identify discrepancies and anomalies, ensuring consistent decision-making, and providing verifiable information straight from the source.
A “user-friendly” portal and an API supports seamless incorporation into existing systems.
Tandem Mortgage Division Second Charge Sales and Distribution director Nigel Brookes said: “Tandem is starting the new year on a strong note, and our partnership with Sikoia underscores this commitment. By harnessing their AI-driven technology, we’re transforming a traditionally time-consuming process into a streamlined, efficient workflow — enabling faster and more accurate service for our customers. This partnership reflects our dedication to driving innovation and setting new benchmarks for efficiency and customer satisfaction for second charges.”
