The process of granting property loans can be digitalised and significantly accelerated

Checking the creditworthiness for construction and property financing is one of the standard processes at banks and normally involves considerable effort for the borrower. Younger generations’ changing expectations in particular require processes to be made more user-friendly and digital – for example, with a digital credit check. VR Bank HessenLand eG uses finAPI’s KreditCheck as part of its lending process. We spoke to Marc Schilhabl (Construction and Housing Consultant at VR Bank HessenLand) and Peter Hiekmann (VP Sales at finAPI) about this.

Peter Hiekmann, VP Sales bei finAPI
Peter Hiekmann

Peter Hiekmann is VP Sales at finAPI and an expert in Open Banking & Open Finance.

Marc Schilhabl, Fachberater Bauen und Wohnen VR Bank HessenLand
Marc Schilhabl

Marc Schilhabl is a specialist consultant for construction and housing at VR Bank HessenLand eG.

Mr Schilhabl, why did VR Bank HessenLand decide to use the KreditCheck for credit checks?

Schilhabl: We looked at the entire lending process from the customer’s perspective. The result was that it is very time-consuming for our customers who are interested in a construction and property loan to bring all the documents to the branch. With digital account access, we can offer a mostly paperless credit check. A significant step forward – for us and for our customers.

Mr Hiekmann, finAPI has developed the KreditCheck, what are the advantages apart from the customer friendliness you mentioned?

Hiekmann: The online account view significantly simplifies and accelerates the digitalisation of banks. The biggest obstacle to digitalisation is time-consuming and cost-intensive changes to the backend system, which are often uneconomical. The KreditCheck is designed as a “zero-integration solution” for credit checks and is quickly integrated into the website or app via a URL. In addition, there are significant efficiency gains, better risk management and a lower risk of errors – all in all, a great relief for bank advisors.

Herr Schilhabl, können Sie diese Punkte im täglichen Einsatz bestätigen?Mr Schilhabl, can you confirm these points in daily use?

Schilhabl: Yes, definitely! For example, we no longer have to sift through bank statements. And the time-consuming and error-prone manual checking of negative features is no longer necessary or is now automated. We also work together with brokers. Thanks to the KreditCheck, we can decide within a very short time whether we can grant a loan and can pass this information on to the brokers.

How is this service accepted by customers? Are there any reservations?

Schilhabl: No, not at all. We have been using KreditCheck since June 2023 and have issued numerous property and construction loans since then. Without any exception, all of our customers have chosen the quick digital account view for their application in order to save time and effort. The feedback from our customers has been very good, with the simple and fast process being praised by everyone.

Mr Hiekmann, you mentioned the simple technical integration, how exactly does the integration of the KreditCheck work?

Hiekmann: KreditCheck is designed as a web-based application; the bank does not have to spend any time and money on integration, maintenance, or hosting – finAPI takes care of that. The bank – in our case VR Bank HessenLand – then sends the link to the application to the potential borrower by e-mail. KreditCheck then checks the customer’s creditworthiness using a fully automated set of rules. Together with the optional LoanValidator, this results in an automated credit check including a complete household statement and increased fraud prevention.–

The LoanValidator is a supplement to the KreditCheck. What exactly does it do?

Hiekmann: The LoanValidator was developed for an automated comparison of the loan agreements identified during the account inspection with loans reported to Schufa. This gives banks more precise information about the actual instalment amount of external loans and if, for example, more loans are found at Schufa than were identified in the account, they can ask the customer to include additional accounts in the process. This solution is unique on the market and significantly improves the bank’s risk management.

More info and contact

Would you like to find out more about the digitalisation of lending? Get in touch with us.

Peter Hiekmann, VP Sales bei finAPI

Peter Hiekmann

VP Sales, finAPI GmbH

Please fill in all mandatory fields marked with *.

Just to prove you are a human, please answer the following math challenge.