Experian has teamed up with Sikoia to provide automated income and employment verification solutions.
Leveraging Sikoia’s AI-driven document processing technology, Experian can now automate the extraction and verification of customer data directly from submitted documents.
Enhanced Verification Solutions
Experian offers a range of verification services, including access to payroll data, automated document processing, digitization of payslips, bank statements, and tax returns, as well as connections to Open Banking and HMRC open data. These tools are particularly important in financial services, where manual checks are still prevalent in processes such as mortgage and credit applications. Such manual checks can take up to 30 minutes per case.
By partnering with Sikoia, Experian aims to address the issue of time-consuming verification procedures. The partnership is expected to deliver faster, consistent, and automated verification, which will improve decision-making and enhance the overall experience for lenders, intermediaries, and customers alike.
In cases like mortgages, where detailed document proofs are necessary, service providers can use Sikoia’s technology to extract relevant data and complete an accurate picture of an applicant’s financial standing. This is especially valuable in situations requiring additional information beyond traditional sources. Additionally, Sikoia provides built-in document integrity checks and tamper detection features, along with advanced business logic to assess readiness, generating real-time alerts that support swift data verification.
Sikoia’s offerings are designed to cater to varying customer preferences, ensuring flexibility in their solutions. In instances where customers provide documents but automated verification isn’t possible, Sikoia’s AI-driven technology can automate traditionally manual tasks, improving efficiency and verification across the industry as a whole.
By integrating these advanced technologies, Experian is driving benefits for both employers and employees, making income and employment records more accessible and reliable. The partnership with Sikoia helps to reduce friction in financial services processes, enhancing financial inclusion for individuals seeking to verify their income and employment details quickly.
