Mutual Vision Selects Data Platform Sikoia to slash admin time for lenders

01 July 2024

London-based Fintech Sikoia is partnering with leading digital banking platform Mutual Vision, which will dramatically reduce the administrative work involved in cases, delivering a better experience to brokers and borrowers alike.

The collaboration will see Sikoia’s products integrated into Mutual Vision’s product offerings, and provide lenders with access to features including:

● Automated processing of customer application documents
● Company credit bureau reports
● Consumer credit bureau reports
● PEPs (Politically Exposed Persons) and sanctions checks
● Adverse media checks
● Identity verification
● Access to public registries
● Open Banking capabilities

Sikoia specialises in helping financial services providers automate key parts of their customer verification processes and is regulated by the Financial Conduct Authority (FCA) as an Open Banking and credit reference provider. It works with fellow fintechs and large established institutions across three countries and has quickly established itself as a leading voice in the integration of AI in financial services.

Sikoia’s latest AI-powered document process solution, launched in Q1, automates more than 75% of the labour-intensive tasks involved in handling documents supplied by customers. As a result, users can automatically extract verified information covering affordability, income and risk indicators from bank statements, payslips and tax returns in a matter of minutes.

Mutual Vision is a technology provider for specialist lenders, focused on helping financial institutions work more effectively through tools which can tackle inefficient processes, reduce manual effort and deliver a better experience for customers.

It recently launched MV Solar, ‘A bank in a box’, which provides loans origination, underwriting, servicing, savings origination, and facilitates the management of arrears, workflow, documents, AGMs, payments, and deeds, alongside regulatory reporting, online banking and mobile banking.

Tim Bowen, CEO of Mutual Vision, said:

“Mutual Vision wants to offer cutting-edge, next-generation technology. So, we built MV Solar on Mambu’s lending engine while Microsoft is our cloud partner. We always aim to work with best-in-class providers, and we adopt or recommend partners where relevant. Sikoia are, therefore, a natural fit for Mutual Vision. They're offering best in breed solutions, and we want to work in partnership with them.”

Alexis Rog, founder and CEO of Sikoia, commented:

“We are thrilled to be working with Mutual Vision. Customer verification and checks are a core part of the mortgage process, but for years have been a manual job for lenders to undertake. Our products leverage technology so that these tasks are carried out faster, more accurately and more reliably, and the Mutual Vision partnership means that far greater numbers of lenders - and by extension their customers - will benefit.”