Luminor in cooperation with Nordigen automates the loan assessment process | Luminor

To automate processes even further, Luminor has started cooperation with Nordigen. By starting cooperation with developed solutions shall enable significantly optimise the loan assessment process. Automated analysis of the account statements implies less time spent on assessment of retail loan applications.

Luminor in conjunction with Nordigen has launched an automated bank account statement analysis to speed up the lending decisions. Over the last six months Luminor has received more than 55,000 various funding application over the Baltics, where one fifth required analysis of the account statements. Digital transformation applies to all types of financing that require the assessment of the customer’s account statements, i.e. consumer, mortgage, and credit card loans.  
 
“Luminor, following the technology market trends and innovations, is delighted to join forces with Nordigen – one of the fastest growing FinTech companies in the region. Nowadays, the customers are looking for high-quality and fast services. Demand for various financing solutions is growing, and therefore faster decision-making is of utmost importance to our clients. With support of Nordigen we shall streamline the process and become one of the fastest decision-makers in retail funding area,” says Mārtiņš Slišāns, Luminor Senior Lending Product Manager in the Baltics.
 
Luminor shall rely on Nordigen transaction classification systems over the Baltics, thus creating a unified analytical process for the entire bank. Automated process shall reduce the number of human mistakes, like overlooking of potentially adverse indications during assessment of the customer’s creditworthiness – quick loans, gambling habits, etc. The system will technical capability in making more accurate and faster lending decisions. 
 
“We appreciate an opportunity to cooperate with Luminor: the fact that our solutions are used by the industry’s leading professionals is highly satisfactory. We are glad to support aim of Luminor to become the leading independent financial service provider in the Baltics,” says Rolands Mesters, Nordigen co-founder and member of the Board of Directors.

Luminor: Luminor is the third-largest provider of financial services in the Baltics, with approximately 1 million clients, 2500 employees, and market share of 16.8% in deposits and 19.5% in lending as at the end of the third quarter of 2019. Total shareholders’ equity amounts to EUR 1.6 billion and Luminor is capitalised with a CET1 ratio of 18.7%.
Nordigen:  Nordigen is the account information analytics solution provider to banks, lenders and FinTech companies. Nordigen was established in 2016 and currently offers its analytics services in 17 countries in Europe, U.S., and Australia.