finPOWER Connect

finPOWER Connect Client Modules

Addressing

In Australia

The finPOWER Connect Addressing Add-On allows a search of relevant Statewide Post Codes for a given address.

In New Zealand

The finPOWER Connect Addressing Add-On provides access to and references a summarized NZ Post data extract that has Suburb, City and Post Code information only. This validates the Client’s address and provides a valid post code.

In Addition, the finPOWER Connect Addressing – Full Verification Add-On adds an extract from the PAF (Postal Address File) as provided by NZ Post. This allows addresses to be formatted and validated accurately in accordance with NZ Post’s requirements, including the actual Delivery Point ID code.

 

Advanced Clients

The base finPOWER Connect system comes with a comprehensive client file, but where additional information is required to be captured, the finPOWER Connect Advanced Client Add-On can be used.

It introduces additional data capture fields for:

  • A list of “Also Known As” names.
  • Employment details (for Individuals)
  • Personnel details (for Organisations)
  • Identification details

The Identification Page also has an inbuilt “100 Point Indentity Check” facility that can be customised to meet your specific requirements.

finPOWER Connect screen of advanced clients

 

Bank Account Enquiry

Getting an accurate picture of a client’s ability to repay a loan is a cornerstone of most responsible lending practices. What better way to get that picture than looking at their bank statements. Instead of the client scanning and emailing their bank statements to you, wouldn’t it be great to have them delivered direct to the clients file in finPOWER Connect. That is exactly what the Bank Account Enquiry module does.

We have partnered with leading electronic bank statement retrieval companies to provide a seamless interface that allows the client to log into their Internet banking portal and have their bank statements delivered direct to finPOWER Connect. In addition, the electronic bank retrieval company uses various metrics and categorisation techniques to analyse the bank statement information and provide an even greater understanding of the bank statement data.

Bank Account Enquiry

Please note if you are using the Proviso (BankStatements) Service in either Australia or NZ, this module is not required as it is included in the base finPOWER Connect Module.

We currently support the following leading electronic bank retrieval company interfaces:

Australia and New Zealand

  • Proviso (BankStatements)
  • Credit Sense

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Client Statistics

An important evaluation criteria of any client is their ability to service a Loan.

To measure this you need to record their essential Client Statistics, i.e. Income, Expenses, Assets and Liabilities, and track changes in these over time. The finPOWER Connect Client Statistics Add-On is designed to do this efficiently and intelligently with the ability to add or remove the statistics recorded and define the frequency of the data entered.

finPOWER Connect screen of client statistics

Different sets of Statistics can be recorded for different Client Groups so that the information captured for a company client is different to an individual client. Default amounts can be applied to each “statistic”, such as Telephone”, so that data capture is made faster and standard values are maintained.

Important information, such as Available Income, Available Assets and Debt Ratio highlighted.

Client Enquiry

The finPOWER Connect Credit Enquiry Add-On provides functionality to enquire upon a Client’s Credit history, lodge Defaults with Credit Bureaus and retrieve Bank Statement information. The resulting Reports are stored on the client file electronically for analysis and later reference.

The Credit Enquiry process replicates what many clients already do manually, but allows you to do it from within finPOWER Connect using existing records, hence reducing the need to re-key a client’s details and making the process more efficient.

finPOWER Connect screen of credit enquiry

Please note, this module is not required for the following services, as they are included in the base finPOWER Connect system.

  • Australian Business Register
  • Centrix
  • NZ Government

Currently, the Credit Enquiry Add-On supports Interfaces to:

Credit Enquiry (Australia)

  • Australian Business Register (for ABN Lookups)
  • VixVerify GreenID
  • Illion (formerly Dun and Bradstreet)
  • Equifax (formerly Veda)

Credit Enquiry (New Zealand)

  • Centrix
  • Credit Works (for Company Enquiries)
  • Equifax (formerly Veda)
  • Illion (formerly Dun and Bradstreet)
  • NZ Government (for NZBN and Companies Office)

Comprehensive Credit Reporting

The Comprehensive Credit Reporting (CCR) Add-On provides an interface to Credit Bureaus for the purposes of CCR.

Comprehensive Credit Reporting (CCR) is used extensively internationally, and is far more predictive of default probability because you know more about the individual’s behaviour than under a reporting structure where only adverse (negative) data is used. Other benefits of CCR include:

  • CCR can be used not only to highlight risk, but to identify opportunity. For example, under the current negative reporting environment you may decline an individual based on a default from 3 years ago. However, CCR data may show you that individual has paid all accounts on time for the last 2 years – knowing this, would you have made a different lending decision?
  • The power of CCR is very strong in the ongoing monitoring of accounts (portfolio management) – are your customers showing signs of payment distress elsewhere or taking on additional credit obligations? If you could see how they are performing in the market external to your portfolio, would you treat them differently?
  • CCR can also be used to optimise your collections strategy. You will be able to see the individual’s propensity to pay based on their score allowing you to efficiently allocate collection resources.

Comprehensive Credit Reporting Add On

In finPOWER Connect the Comprehensive Credit Reporting Module assists with the initial load of data to a Credit Bureau as well as the ongoing Periodic load of monthly data. It simplifies the process to a monthly routine that will minimise your time commitment to CCR reporting.

Once you have commenced CCR reporting with your Bureau, the Individual Credit Reports requested by finPOWER Connect through the Credit Enquiry Module will include all the CCR data the Bureau has on the individual so you can better assess the application and view of the client.

 

Core Features

External Party Modules

Account Modules

General Modules

Account Type Modules

Securities Register Modules