Ikano Bank Streamlines Credit Checks with Neobits API

The Challenge: Friction in the Loan Application Process

Ikano Bank's Norwegian branch faced inefficiencies in its loan application process. Christian Gagnum, the bank's Head of Retail Partners & Direct to Consumer, explained the specific issues: "Previously, we had challenges with customers uploading incorrect documentation and eventually dropping off during the loan application process". This friction created operational hurdles and negatively impacted the potential customer's experience.

The Solution: Enabling Automation with Neobits API

To address these challenges, Ikano Bank integrated the API provided by Norwegian fintech company Neobits. Neobits CEO, Fredrik Zeiner-Gundersen, highlights the API's purpose: "Our goal is to empower financial institutions with seamless access to verified, real-time data. By connecting disparate public data sources through a single API, we enable our clients to make faster, more accurate decisions and automate critical processes." This API fetches, verifies, and structures customer information, allowing Ikano Bank to automate its credit check processes more effectively.

The Results: Smoother Applications and Satisfied Customers

The integration proved successful. Gagnum confirmed the positive impact, stating, "We avoid that now", referring to the previous documentation and drop-off issues. By leveraging the structured data provided via the Neobits API, Ikano Bank streamlined its credit assessment. Zeiner-Gundersen adds, "Seeing clients like Ikano Bank transform their workflows and improve customer satisfaction is exactly why we built Neobits. It validates our approach to using smart technology to simplify complex financial data challenges." The core process for Ikano became significantly smoother.

Looking Ahead: Potential for Broader Application

The positive experience in Norway has prompted interest within the wider Ikano Bank group. Gagnum mentioned the potential for expansion, explaining, "Although the system cannot be directly transferred, the logic can be transferred. We are looking into how it can be implemented in other markets".

Conclusion

Ikano Bank's integration of the Neobits API demonstrates a successful resolution to prior inefficiencies in their loan application workflow. By utilizing the API to access structured, verified data from existing public sources, Ikano Bank achieved a smoother credit check process, reduced customer friction, and improved the overall customer journey.