In the era of cyber crimes and internet frauds, many of us are concerned about sharing banking information with a third party. It is important to ensure security to financial details at the same time it is essential to understand why your bank statements are required by the banks to provide you credit.
As you chat with MoneyTap and go forward, step by step, suddenly you encounter a page asking to login to your bank account. You pause for a while. Some of you proceed further, while some conduct a bit of online research and come back. However, there are a few, who just let go the opportunity of having their own personal line of credit and drop off.
As you must be concerned about protecting your financial information, but with MoneyTap you should be least bothered about any fraud.
Why You Need To Share Bank Statements
When you apply for a loan to a bank, it verifies the authenticity of the information provided by you against certain parameters. Most of the bank loans also require a guarantor or collateral for approval. However, for an app-based line of credit like MoneyTap that enables you to access credit without a collateral, it becomes essential to collect your details and provide it to the bank for validation to help you receive the appropriate amount against your eligibility.
Here’s why MoneyTap asks you to login to your bank account:
- MoneyTap asks you to login to your bank account so it can provide your financial details to the bank. The bank cannot approve your loan unless it verifies your income and existing EMIs.
- As you login to your bank account, MoneyTap pulls out your bank statements automatically, using the statement download functionality enabled by your bank. It’s a read-only operation, wherein past 3 months’ statements are downloaded and the security is controlled by the bank itself.
- MoneyTap submits the downloaded statements directly to the bank, which are then verified for final approval. This ensures a secure submission of documents at the same time making it faster.
Why You Should Not Be Worried
MoneyTap has tied up with leading banks to make credit accessible to the majority of the population in India. At MoneyTap, your security is our top most concern. MoneyTap complies with the industry standard security protocols mandated by the banks to ensure a quick and safe application process.
Still, if you are concerned about logging into your bank account via our app, here are the reasons which would relieve you from all the worries:
- MoneyTap follows the security protocols mandated by the banks. We are put through rigorous security testing by the banks.
- The app establishes a read-only connection with your bank to pick the last 3 months’ bank statements, as required by our partner bank to approve your application.
- The details are directly passed onto the bank barring access to any one else.
- There is no way anyone can tamper or manipulate your bank account.
- If you are still unsure, you can always change the password after you’re done with the application!
You can consider it as safe as using internet banking for shopping online! So leave your worries to us and access hassle-free credit.