Boost Efficiency by Automating Income Verification in HubSpot

Boost Efficiency by Automating Income Verification in HubSpot

Verifying income is a critical step in many business processes, from mortgage lending to qualifying buyers for financing to property management. But manual verification methods like requesting pay stubs or calling employers are time-consuming and prone to human error. By automating income verification with RapidVerify in HubSpot, companies can save significant time, reduce workload, and approve applicants faster while minimizing risk.

According to J.D. Power research, 65% of financial services customers prioritize speed in the lending process. With HubSpot, you can rapidly verify applicant incomes without sacrificing accuracy or security. Read on to learn how automating this vital process drives efficiency.

Instantly Verify Global Income Sources

HubSpot integrates with RapidVerify to connect directly with over 90% of U.S. payroll providers to validate incomes. Applicants securely link their payroll accounts, allowing RapidVerify to instantly generate a detailed income report.

This consolidated report verifies all household payroll deposits from multiple employers, side gigs, pensions, and investments. You gain a complete view of the applicant's reliable income streams without them having to manually gather piles of pay stubs.

According to the Bureau of Labor Statistics, 7.9 million U.S. workers hold more than one job. Automated reporting aggregates income data by source for today's common multi-income households.

Cut Verification Time by 80%

Research by major credit reporting agency Experian found that automating verification can reduce processing time by up to 80% compared to traditional manual methods. Imagine slashing income confirmation from taking several days to just hours or minutes.

According to Mortgage News Daily, over 90% of mortgage lenders continue using time-consuming manual verification methods. This causes delays that frustrate applicants. By leveraging automated income verification through HubSpot, you can deliver radically faster processing times to please customers and seize competitive advantage.

Minimize Human Error

Manual verification relies on collecting physical documents from applicants, then contacting each employer individually to confirm earnings—a process prone to human error at every step. Staff may misread paystub details, miscalculate totals, fail to identify forged documents, or neglect to cross-check employer-provided income data.

RapidVerify in HubSpot integration extracts applicant income details directly from verified sources, eliminating reliance on fallible manual calculations and record reviews. Automating this process upholds data accuracy by removing opportunities for staff oversight or applicant fraud.

Gain Analytics for Data-Driven Decisions

RapidVerify also provides powerful reporting tools to unlock insights from applicant income data. Analyze trends and sources of household income to inform your verification policies and lending decisions with real data.

Identity higher-risk income situations, like heavy reliance on bonuses or commissions, that may warrant further scrutiny. Or set internal thresholds for required income levels from applicants based on actual historical data rather than guesstimates.

According to Gartner Research, data-driven organizations are 23% more likely to acquire customers and 38% more likely to retain them than competitors. Harness income analytics from RapidVerify to build data-backed applicant strategies.

Ensure Compliance & Data Security

RapidVerify utilizes bank-level encryption, data access controls, and compliance standards like PCI and GDPR to keep applicant data secure and private. RapidVerify incorporates identity checks, multi-factor authentication, audit controls, and role-based access into its workflows to prevent breaches and unauthorized access.

A recent Ponemon Institute study on data security reported that 60% of companies lack full visibility into where sensitive data resides across their systems. RapidVerify strictly regulates and logs data access while integrating with verification services that adhere to the most stringent financial data security regulations. This combination ensures you remain compliant while efficiently verifying applicant incomes.

Get More Done with Automated Income Verification

Verifying income is essential, but antiquated manual processes waste hours of productivity. Leverage RapidVerify's seamless integration with direct income verification services to free up your staff and accelerate applicant approval.

By automating this critical step, you can improve both the customer experience through faster processing and your business performance through increased efficiency. Contact us today to learn more about modernizing income verification with RapidVerify.