Sikoia, a customer verification platform, has established a strategic partnership with Finova to streamline the process of reviewing broker-submitted documents for UK lenders.

Goals and Objectives

By integrating Sikoia’s AI-driven document intelligence into Finova’s lending platform, the collaboration aims to tackle common challenges that increase costs, delay decision-making, and create friction. The partnership focuses on automating crucial checks, such as validating documents against application criteria and facilitating more intricate income and affordability assessments.

This integration is expected to cut down processing times, minimize document-related errors, and allow underwriters to focus on high-value tasks. Additionally, structured data, like income evidence, will be automatically collected and presented in an accessible format, aiding in faster and more informed decision-making by the underwriters.

Strategic Alignment with Finova’s Vision

This partnership is part of Finova’s wider strategy to incorporate AI and LLM technologies across its platform, enhancing speed, accuracy, and user experience in the mortgage and savings processes. The initial phase will concentrate on improving document handling, data quality, and streamlining communications between brokers and underwriters.

Broader Impact

The collaboration builds upon Sikoia’s growing presence in the financial services sector, with recent integrations including Experian and Tandem Bank. This move supports the company’s expansion of its AI-powered verification solutions across the industry.

Looking ahead, both companies plan to extend these capabilities to Finova’s Broker CRM, enhancing document quality and compliance early in the mortgage journey. The aim is to mitigate the challenges associated with manual document validation, a critical bottleneck for lenders. By integrating AI into the lending process, Sikoia and Finova intend to improve the overall experience for both underwriters and customers.