How EQ Bank is Using Financial Data Integrations to Supercharge Their Residential Lending Process

Summary

Equitable Bank is Canada’s seventh largest Schedule I bank and is ranked the number one Canadian Bank on the 2023 Forbes list of World’s Best Banks. Managing more than $50 billion in assets and serving more than 5 million Canadians, the bank offers a diverse suite of residential lending, commercial lending, and savings solutions, including high-interest savings products and guaranteed investment certificates. 

As a challenger bank focused on delivering better banking experiences, Equitable Bank wanted to set a new standard for the mortgage application process that is fast, seamless and error free.

Working with Blanc Labs as a technology strategy and systems integration partner, EQ decided to implement Flinks Data Aggregation & Connectivity tools to transform their lending process by developing a new Statement Share tool. 

The Statement Share tool overhauled EQ’s mortgage approval process, simplifying the identity and funds verification process for both customers and underwriters.

     Challenge:

• Deliver customers a modern and user-friendly digital mortgage journey, enhanced by digital automation. 
  
  
• Equip loan officers with a streamlined tool for effortless and precise income verification, leading to time savings and an improved employee experience.

      Solution:

• Enable clients to conveniently share bank statements directly through a dedicated digital interface leveraging Flinks’ data connectivity.
  
  
• Integrate Flinks with the bank's mortgage origination engine for digitized, verified income and expense details, harnessing Blanc Labs’ integration expertise.

      Impact:

• User-friendly tool that makes it easier for customers to share documents and account information.
  
  
• Faster mortgage approval process and fraud mitigation by obtaining data directly from trusted bank sources.
  
  
• Hours of manual work saved for loan officers.

The need for an improved mortgage approval journey

Buying a house is a major milestone for most people, often the biggest purchase they'll ever make. The process involves various steps, including getting approved for a mortgage, which can be quite stressful on its own.

Financial institutions require a lot of data and doc|umentation to move forward with their mortgage underwriting process. Unfortunately, this puts the burden on customers to gather and share all of that information.

The process of sharing documents is not a pleasant one. It involves downloading reports from bank portals, scanning or printing them, emailing them to the mortgage officer or handing in physical copies, and notifying the broker.

EQB had an additional layer of complexity. Their customers, most of whom are small business owners, have multiple bank accounts which were used for both business and personal purposes. This made the information sharing process even more confusing and cumbersome. 

EQB wanted an elegant solution that would make the mortgage application process simpler for the customer and less complicated for the mortgage underwriters. The result was the Statement Share tool. 

The Statement Share tool

Enhancing the Customer Experience
The Statement share tool uses Flinks’ data connectivity to provide customers witha digital interface where they can share their banking information securely and submit an application with just a few clicks. The tool sources information directly from banks, making the process reliable and error free. The tool also has the provision to notify the broker that the application is complete. Since introducing the tool, EQB has seen a significant uptick in its use by customers. 

Improving Employee Productivity
Within the back office, the tool is a boon to mortgage underwriters who can easily verify the income and identity information. Blanc Labs integrated the Flinks API with the bank’s mortgage engine without having to rip or replace legacy components. This led to better employee productivity and experience. 

In Conclusion

Equitable Bank’s Statement Share tool, powered by Flinks’ data connectivity and integrated by Blanc Labs, exemplifies the commitment to enhancing customer experience and optimizing employee efficiency. By streamlining the mortgage application process and reducing complexities, Equitable Bank has successfully evolved the way people navigate the path to homeownership, making it a smoother and more enjoyable journey for all parties involved.

If you are interested in evolving your financial ecosystem to improve your customer experience and employee productivity, reach out to us at Blanc Labs and let’s explore the possibilities together. Contact us today and start unlocking the potential of open APIs for your business.