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If a borrower applies for a new loan and there is already an active loan in the System, then the System won't carry out Bank Verification to make sure you don't spend extra.
You can easily specify bank providers whose data you're going to be using in System → Integrations → Bank Providers.
Verification Expiry (days) - specify the period after which you consider Bank Account Verification to de expired
Accounts are Valid Until (days) - set the period when recurring Bank Account Verification is not required
Verification Reminder (days) - specify intervals for the Bank Account Verification reminders (which you can also edit).
Once a borrower verifies their bank account, the System retrieves Bank Account information from the Verification service and adds it to the list of the borrower's Payment Options. Then the System prompts the borrower to select a default payment method
In case Bank Verification is set to Do not use, the borrower should be able to add payment options manually from his personal account
Custom notifications for bank account verification request, reminder, and eexpiration.
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Negative balance
Debit transactions
Credit transactionsNumber of ATM Withdrawals
These data points and other behavioral data has proved to be sufficient to evaluate with high accuracy whether or not the borrower will return the loan, what risk group they are in, and what interest they need to be assigned. The System does all that automatically. And if at some point, you'd like to fully customize the scorecard to your needs, feel free to talk to your Account manager to see how we can proceed.