In the digital age, we can’t get away from online interactions. However, these interactions no longer apply to social connectivity alone – they have crossed over into the business world. Financial services are just one example of this, and we now see more and more online transactional interactions happening in the digital realm. Technology and technological advances have become more and more prevalent across business sectors. Banks and traditional lenders no longer hold a monopoly on providing access to personal and business finance.

Individuals can shop online at various retailers for clothing, groceries and entertainment, or use mobile apps like SnapScan to pay for something without even reaching for their wallet. FNB’s eWallet lets you transfer money to someone but so does Snapcash from Snapchat or even Gmail thanks to Google Wallet integration. Online banking is no longer the only option for transferring money to friends or family.

These digital transactions aren’t limited to individuals alone. Businesses are taking advantage of apps like Square Cash – a mobile card payment service, as well as online lenders like Lulalend who make applying for finance a fast, easy process. Because of Lulalend’s scoring technology an evaluation of the real-time performance of a business is possible so that they can receive the best possible funding.

These opportunities are all great news, aren’t they? Well, one of the biggest hurdles with any online transactional interactions is how safe they are and whether personal data is secure. Many consumers are skeptical about the safety of online lending, particularly when it comes to their data. This is why Lulalend follows data security best practices and also partners with the likes of Yodlee.

What is Yodlee?

Yodlee is a leading data aggregation and data analytics platform powering dynamic, cloud-based innovation for digital financial services. This advanced technology makes it easy for clients to upload documents, knowing that their information is protected.

Advanced security with Lulalend and Yodlee

Lulalend understands that security is a key concern when sharing personal and business information online. This is why we have partnered with Yodlee, to put strong security measures in place. These measures include regular security and compliance audits specifically designed to protect your data. Yodlee undergoes strict examinations by U.S. Banking regulators, the Federal Financial Institutions Council and the Office of the Controller of the Currency, and they are certified as a Payment Cards Industry (PCI) Level 1 Service Provider. The security team at Yodlee manages an all-inclusive program of risk-driven policies and procedures to maximize the Information Security Program (ISP) which includes guidelines and frequent audits. With extensive experience meeting the highest standards in data security, privacy, and regulatory compliance, Yodlee is a platform that’s highly safe and secure. High profile agencies such as 12 of the 20 largest banks in the U.S and even the U.S military have trusted Yodlee to manage their financial services and protect highly confidential data.

How Yodlee works

It’s pretty simple really. Yodlee collects data on Lulalend’s site through screen scraping: a technique which collects data and sorts them into categories. After entering the details into Lulalend’s site, it gets encrypted from that point, to ensure that your details cannot be viewed by third parties. Your credentials are securely stored on Yodlee’s system and cannot be accessed by Lulalend

You might be asking yourself: how does Lulalend use my online banking profile? Both Yodlee and Lulalend can’t perform any payments, transfers or any other transactions using your information. Yodlee simply uses your securely stored login details for one purpose only: to retrieve transactions from your banking site. Lulalend uses your financial data for the sole purpose of assessing whether you qualify for a loan.

Easy Application Process = Quick Results

With Lulalend and our integration with Yodlee, the application process is made easy. When applying for funding you can choose to link your bank account/s to Yodlee. This dynamic process makes it easy for our credit analysts at Lulalend to get a read only view of the necessary information to make a quick, accurate decision on whether or not the applicant qualifies for funding, and how much.

Since Lulalend has taken the hassle out of every part of the application process, we are able to get back to you almost immediately, get your funding approved and give you access within about 24 hours.

If you’re skeptical about online lenders, do your own due diligence and choose a secure lending platform like Lulalend; you’re likely to be satisfied with your decision and feel a lot more at ease.

If you want to find out more about Lulalend and how we’ve helped other businesses, download our Case Study with Cape Coffee Beans.

 

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