Open Banking vs Uploading a Statement: Which Should You Choose?

When you apply, you can verify your income two ways: connect your bank account via open banking (instant, automatic, and the fastest path to assessment) or upload a bank statement (familiar, works for all banks, but reviewed manually so it takes longer). If your bank is supported, open banking is the quicker option.

Open Banking vs Uploading a Statement

When applying for a loan, you need to verify your income. We give you two options:

Option 1: Connect Your Bank Account (Open Banking)

• Instant — takes under 2 minutes
• Automatic — no documents to find or scan
• More accurate — reduces errors and speeds up approval
• Powered by Gathr, a trusted Fincheck product

Option 2: Upload a Bank Statement

• Familiar — upload a PDF or photo of your statement
• Works for all banks, even those not yet on open banking
• Takes longer — our team needs to review it manually

Our recommendation: If your bank is supported, use open banking. It's the fastest path to getting your loan assessed. You'll see a 'Recommended' badge on the option if it's available for your bank.

Not sure which banks are supported? When you reach the bank verification step, the app will show you which options are available for your specific bank.

For details, read What is Open Banking and Is Open Banking Safe?